DUBLIN, Feb. 29, 2024 /PRNewswire/ — The “Global Micro-LED Display Market – Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global micro-LED display market size was valued at USD 43.62 million in 2022 and is expected to grow at a CAGR of 135.88% during the forecast period, to reach USD 7.5 billion in 2028.
The global micro-LED display market is in its early stages of development but is witnessing rapid growth, with several companies competing to develop and commercialize this transformative technology. Major players in the global micro-LED display market, including industry giants like Samsung Electronics, Sony, LG Electronics, AU Optronics, Plessey Semiconductors, and JBD, are making significant investments in research and development. They focus on developing micro-LED displays tailored for various applications, ranging from smartphones, smartwatches, televisions, and laptops to augmented and virtual reality (AR/VR) headsets.
More than 20 companies are competing in this segment, and many large companies are entering this segment to capture the market share and reduce dependency on other companies. Bigger companies like Google are entering the micro-LED display market through inorganic growth, and some have invested mainly in research and development.
MARKET TRENDS & OPPORTUNITIES
Growing Popularity of Wearable Devices
Wearable devices, encompassing a wide range of products, including smartwatches and fitness trackers, have become increasingly prevalent in today’s tech-savvy society. These devices have revolutionized how we monitor and manage our health, stay connected, and access information on the go. One critical aspect that enables the functionality and appeal of these wearables is the display technology they employ. Small, lightweight, and energy-efficient displays are paramount to meet this market segment’s stringent demands. In this regard, the micro-LED display market has emerged as a highly suitable and promising solution, owing to their minuscule size and exceptionally low power consumption.
Rise in Adoption of Electronic Displays in Automotives
The increasing demand for automotive technology and features directly impacts the rising demand for Micro-LED displays. This surge in demand is driven by various factors that make Micro-LED displays a preferred choice for automotive applications. Moreover, as vehicles become more advanced and technologically sophisticated, the need for high-quality displays in automotive interiors has grown significantly. Consumers now expect modern vehicles to come equipped with state-of-the-art infotainment systems, digital cockpits, and advanced driver assistance systems (ADAS).
INDUSTRY RESTRAINTS
High Competition from Other Display Technologies
The micro-LED display market faces intense competition from well-established counterparts, notably OLED (Organic Light-Emitting Diode) and LCD (Liquid Crystal Display). This competitive environment presents various challenges and considerations within the display industry. For instance, LCD technology remains dominant due to its cost-effectiveness, scalability, and versatility. The high competition from OLED and LCD technologies exerts pressure on the micro-LED display market on multiple fronts, such as price sensitivity, market penetration, and many more.
INSIGHTS BY APPLICATIONS
The TV & home cinema applications segment dominated the global micro-LED display market in 2022. The burgeoning popularity of TV and home cinema systems, driven by the widespread adoption of streaming services like Netflix, Amazon Prime, Hulu, and others, has led to a significant surge in demand for Micro LED displays. These advanced displays offer exceptional image quality, durability, and versatility, making them ideal for consumers seeking an immersive viewing experience. As technology evolves and becomes more affordable, Micro LED displays are poised to play a pivotal role in shaping the future of home entertainment and commercial applications. Furthermore, the heightened awareness and exposure to technology in tier 1 and tier 2 cities contribute significantly to adopting micro-LED. Residents in these areas are more attuned to technological advancements and are thus more receptive to innovative displays like micro-LED.
INSIGHTS BY PANEL SIZE
The global micro-LED display market by panel size is segmented into large, small, and medium. The large panel segment holds the most significant market share in 2022, attributed to the rising popularity of large-screen displays in various applications, including televisions, digital signage, and consumer electronics. The heightened demand for large panels can be attributed to the active participation of prominent manufacturers, including industry leaders such as Samsung, LG Electronics, SNA Displays, and several others. Moreover, the small segment has the highest CAGR due to the rising popularity of wearable devices like smartwatches and AR glasses. This has driven the demand for small, high-resolution displays that can fit comfortably on these devices.
GEOGRAPHICAL ANALYSIS
The APAC region held the largest market share in the global micro-LED display market in 2022, driven by increasing demand for smartphones, automobiles, government support, and other factors. China, South Korea, and Japan are anticipated to play pivotal roles as significant growth drivers within the APAC region. The North American region contributed over 21% of the total revenue, primarily attributed to the presence of key manufacturers such as Samsung Electronics and Sony Corporation, along with a well-developed technological infrastructure. Moreover, Europe has several prominent micro-LED display manufacturers, including LG Electronics, Innolux Corporation, and AU Optronics Corporation.
Market Opportunities & Trends
Growing Popularity of Wearable DevicesAdoption of Gan-On Silicon on Micro Led DisplayMiniaturization and Flexibility
Market Growth Enablers
Adoption of Electronic Displays in AutomotivesGrowing Demand for Brighter and Power-Efficient Display PanelsIncreased Demand for Electronic Products
Market Restraints
High Manufacturing CostHigh Competition from Other Display TechnologiesProduction & Commercialization Issues
KEY QUESTIONS ANSWERED:
How big is the micro-LED display market?What is the growth rate of the global micro-LED display market?Which region dominates the global micro-LED display market share?What are the significant trends in the micro-LED display industry?Who are the key players in the global micro-LED display market?
Segmentation by Applications
TV & Home CinemaDigital Signage & Video WallsWearableSmartphone & TabletsMonitors & LaptopsOthers
Segmentation by Panel Size
LargeSmallMedium
Key Company Profiles
AlediaAUOLG ElectronicsNanosysPlayNitridePlesseyPRP OptoelectronicsSaphluxSamsung ElectronicsSony CorporationJBD
Other Prominent Vendors
ams-OSRAMEPISTAR CorporationeLuxLED WorksInnolux CorporationKONKALumiledsLumensLEYARD VTEAMLedman OptoelectronicMojo VisionMICLEDI MicrodisplaysOstendo TechnologiesPorotechRohinniRaxiumSeoul ViosysTianma EuropeVuzixVueRealXiaomiXDC
For more information about this report visit https://www.researchandmarkets.com/r/6e9lhz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/global-micro-led-display-market-forecast-to-2028-with-profiles-of-aledia-auo-lg-electronics-nanosys-playnitride-plessey-prp-optoelectronics-saphlux-samsung-electronics-sony-and-jbd-302076220.html
SOURCE Research and Markets
