Mini LED Display Market is expected to reach $1.90 Billion by 2027—Allied Market Research

According to a new report published by Allied Market Research, titled, Mini LED Display Market by Application and End Use: Opportunity Analysis and Industry Forecast, 2020–2027” 

The global mini LED display market size was valued at $0.20 billion in 2019, and is projected to reach $1.90 billion by 2027, registering a CAGR of 91.10% during the forecast period. Asia-Pacific is expected to be the leading contributor to the global mini LED display market, followed by North America and Europe.

Display technology has become ubiquitous in daily life and is widely used in smartphones, tablets, desktop monitors, TVs, data projectors, and AR/VR devices. Recently, mini-LEDs have emerged by significantly enhancing the dynamic range of LCDs or as sunlight readable emissive displays. Mini LED display technology is a more efficient and effective way of backlighting an LCD screen, which allows LCD panels to get much closer to OLED levels of performance. Compared to conventional LED backlights, mini LED’s smaller diodes allow for numerous individual LEDs to be squeezed into a given panel size, which provide more local dimming zones and better control of lighting & contrast. Compared to OLED, mini LED also promises dramatically more punch and brightness. In addition, mini LED screen has the potential to provide better endurance than OLED.  

The prominent factor that drives the mini LED display market growth includes increase in demand for mini LED backlight in the electronics industry. 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. 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, rise in demand for mini LED display in the automotive industry also drives the market growth. However, one of the major restraints is the high cost of mini LED display. On the contrary, increase in 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.  

The consumer electronics segment was the largest revenue contributor in 2019, and is expected to grow at a CAGR of 91.80% from 2020 to 2027. High growth of the consumer electronics sector in emerging countries and rise in adoption of advanced technologies in the display industry are expected to create lucrative opportunities for the mini LED display market. The automotive segment was the second largest revenue contributor in 2019. Rise in adoption of advanced technologies in the automotive industry is one of the major factors for the market growth.   

By region, the mini LED display market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The analysis had identified that North America contributed maximum revenue in 2019. The mini LED display market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Moreover, increase in adoption of advanced technology in the electronics and automotive industry is expected to offer growth opportunities for the market. 

Covid-19 Impact Analysis

The global mini LED display market has been significantly impacted by the COVID-19 outbreak. Production facilities of mini LED display have been halted, owing to the slowdown and unavailability of workforce across the globe. However, the impact of COVID-19 on this market is temporary as only production and supply chain were stalled in 2020. As the situation has improved, 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 Findings Of The Study

• In 2019, the television segment accounted for maximum revenue and is projected to grow at the highest CAGR of 92.10% during the forecast period. 
• The consumer electronics segment accounted for more than 65.0% of the mini LED display market share in 2019.
• The automotive industry segment witnesses the highest growth rate during the forecast period.
• China was the major shareholder in the Asia-Pacific mini LED display market, accounting for approximately 45.0% share in 2019.

The key players profiled in the report include 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 Foshan NationStar Optoelectronics Co., Ltd VerLASE Technologies LLC. Market players have adopted various strategies, such as product launch, collaboration & partnership, and agreement, to expand their foothold in the mini LED display industry.