The global mini LED display market size was valued at $0.20 billion in 2019, and is expected to reach $1.90 billion by 2027, growing at a CAGR of 91.10% from 2020 to 2027.
Mini light-emitting diode (LED) displays use very small LEDs to produce the display’s light. The new mini LED technology touches its roots back to traditional backlit LCD technology. This technology uses thousands of tiny LED backlights to offer vastly superior local dimming characteristics, instead of using a single large or multiple smaller locally dimmed backlights. Mini LED also scales from small to huge panel sizes as there is no meaningful limit on the size and density of the backlights. However, they are still bound by the size limitations of the LCD matrix, which convert the white backlight into colors.
The adoption of mini LED technology is expected to gain significant impetus in 2021 as Samsung and several Chinese brands are launching LCD TVs with mini LED backlight technology. Low-end mini LED backlit LCD TVs will have advantage over organic light-emitting diode (OLED) TVs and will be able to penetrate into the quantum dot liquid-crystal display (QD LCD) market. In addition, Apple’s suppliers have also started to manufacture a mini LED backlight for the new iPad Pro, which is expected to be launched in 2021.
The prominent factor that drives the mini LED display market growth includes increase in demand for mini LED backlight in the electronics industry. The mini LED backlight for displays is rapidly gaining attention in the electronics market as major brands in consumer electronics, such as LG, Samsung, AUO, and others, plan to launch products featuring mini LED technology. AUO has launched series of displays with mini LED backlight technology, which include various sizes of gaming devices from large-sized monitors and desktop monitors to laptops, and even high-end applications such as VR headsets and smart vehicles. Rise in usage of smartphone and increase in penetration of its numerous features in day-to-day lifestyle are anticipated to provide lucrative opportunity for the mini LED display market growth.
Moreover, there is rise in demand for mini LED display in the automotive industry. The penetration of mini LED screen is expected to increase in the coming years and become popular for automotive applications. Mini LED technology has been adopted as backlight for automotive displays such as HUDs, dashboards, in-vehicle infotainment systems, and rearview mirror displays. Some LED producers also introduced conceptual applications of external automotive lighting with mini LED technology. However, one of the major restraints is the high cost of mini LED display. On the contrary, increasing investment in mini LED display technologies in Asia-Pacific is anticipated to provide lucrative opportunities for the expansion of the mini LED display industry during the forecast period.
By Application
Television segment is projected as one of the most lucrative segments.
The global mini LED display market is segmented into application, end use, and region. On the basis of application, the market is classified into automotive display, television, smartphones, notebook/laptop, and others. Depending on end use, the market is fragmented into consumer electronics, automotive, and other.
By End Use
Consumer Electronics segment is expected to secure leading position during forecast period.
Region-wise, the mini LED display market trends are analyzed across North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, and rest of Asia-Pacific), and LAMEA (Latin America and Middle East & Africa). North America accounted for the highest market share, owing to the expansion of the electronics market and rise in adoption of mini LED technology in the U.S.
By Region
Europe region would exhibit the highest CAGR of 6.70% during 2020-2027
Top Impacting Factors
The prominent factors that drive the growth of the mini LED display market size include increase in demand for mini LED backlight in the electronics industry, rise in adoption of smartphones, and increase in demand for mini LED display in the automotive industry. However, high cost of mini LED display restricts the market growth. Conversely, increasing investment in mini LED display technologies in Asia-Pacific creates lucrative opportunities for the mini LED display industry.
Competition Analysis
Competitive analysis and profiles of the major market players, such as Japan Display, Inc., Everlight Electronics Co. Ltd., EPISTAR Corporation, AU Optronics Corp, Innolux Corporation, BOE Technology Group Co, San’an Optoelectronics, Lextar Electronics Corporation, Harvatek Corporation, and VerLASE Technologies LLC., are provided in this report.
Covid-19 Impact Analysis
The global mini LED display market has been significantly impacted by the COVID-19 outbreak. Production facilities of the mini LED display have been halted, owing to the slowdown and unavailability of workforce across the globe. The COVID-19 outbreak has caused significant and protracted drop in manufacturing utilization while travel bans & facility closures kept workers out of their factories, which led to slowdown in the growth of the mini LED display market in 2020. Asia is the largest producer and exporter of various products that are widely used in automotive, electronics, and other industries. The impact of COVID-19 on this market is temporary as only production and supply chain were stalled in 2020. Currently, the situation has improved; therefore, production, supply chains, and demand for these products are expected to gradually increase in 2021. The current scenario is expected to provide opportunities for companies to think about ways to increase their production, research about technologies, and improve current products.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global mini LED display market share along with current trends and future estimations to depict the imminent investment pockets.
- The overall mini LED display market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and mini LED display market opportunities of the market with a detailed impact analysis.
- The current mini LED display market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers of the mini LED display market.
- The report includes the mini LED display market share of key vendors.
Mini LED Display Market Report Highlights
| Aspects | Details |
 By Application |
|
 By End Use |
|
 By Region |
|
 Key Market Players | Epistar Corporation, Harvatek Corporation, AU Optronics Corp, San’an Optoelectronics, VerLASE Technologies LLC, Innolux Corporation, BOE Technology Group Co., JAPAN DISPLAY, Everlight Electronics Co., Ltd., Lextar |
Analyst Review
Increase in demand for mini LED backlight in the electronics industry, growth in adoption of smartphones, and rise in demand for mini LED display in the automotive industry drive the mini LED display market growth. However, high cost of mini LED display restricts the market growth. Conversely, increasing investment in mini LED display technologies in Asia-Pacific is expected to create lucrative opportunities for the mini LED display market.
Furthermore, the demand for mini LED display technology has increased in the consumer electronics and automotive industry. The penetration of mini LED display is expected to increase in the coming years and become popular for automotive applications. Mini LED technology has been adopted as a backlight for automotive displays such as HUDs, dashboards, in-vehicle infotainment systems, and rearview mirror displays. Some LED producers also introduced conceptual applications of external automotive lighting with mini LED technology.
The report focuses on the growth prospects, restraints, and trends of the mini LED display market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, in the mini LED display market.
Loading Table Of Content...
