The Global Mini LED Market Size Projected to Grow at a CAGR of 44.48% and Generate a Revenue of $10,931.1 million by 2030Download Sample Reports Overview
The global mini LED market size is predicted to be valued at $10,931.1 million by 2030, surging from $411.2 million in 2021, at a noteworthy CAGR of 44.48%.
COVID-19 Impact on Mini LED Market
The global mini LED display market has been significantly impacted by the COVID-19 impact on mini LED market outbreak. Due to the global slowdown and lack of labor, the mini LED display production facilities had been halted. The COVID-19 outbreak resulted in a significant and prolonged drop in manufacturing utilization, while travel bans and facility closures and reduced labor, causing the mini LED display market share to diminished in 2020.
Asia is the world's leading producer and exporter of a wide variety of products used in the automotive, electronics, and other industries. The impact of COVID-19 on this market is temporary, as only production and supply chain operations were halted in 2020. Due to the improved situation, production, supply chains, and demand for these mini LED market share products increased gradually in 2021. The demand for mobiles, laptop, and others increased during the COVID-19 pandemic, due to shift to online education and work from home. Even after COVID-19 cases decreased, several companies such as Google, Microsoft, Facebook and others are providing employees working options like hybrid mode of work or work from home, which has increased the demand for laptops and workstations. Thus several manufacturer have increased the innovation and development in the screen panel to provide attractive features to the consumers. The current scenario is expected to provide opportunities for businesses to think about ways to increase production, conduct technological research, and improve existing products.
Global Mini LED Market Analysis
Mini Light-Emitting Diode (LED) display generates light from very small LEDs. The new mini LED market trend technology is based on traditional backlit LCD technology. Instead of a single large or multiple smaller locally dimmed backlights, this technology employs thousands of tiny LED backlights to provide vastly superior local dimming characteristics. Mini LED also scales from small to large panel sizes because the size and density of the backlights have no certain limit. The rising popularity of smart screen products and LED projectors, as well as rising demand for OLED smart televisions, will drive demand for mini LEDs in the consumer electronics market. Furthermore, rising demand for smartphones as a result of advancements in the telecommunications industry and the launch of LTE services since 2020 has agitated the mini LED market growth.
However, mini-LED is still approximately 20% more expensive to manufacture than conventional LED-backlit LCD. As 45-inch to 65-inch LCD panel will require 14,000 to 20,000 mini LEDs for backlighting which will increase the cost of the panel production, is further expected to hamper the mini LED market growth.
The mini LED market share manufacturer continue to develop flat panel display technologies, to improve their manufacturing capabilities, and optimize their existing production capacity so that panels can move toward larger sizes such as 120" inch and above, higher resolutions -16K, thinner and lighter, high color gamut, ultra-high contrast ratio, extreme borderlessness, and low power consumption. Major market players such AUO Corporation, Japan Display Inc., and others continue to invest in the development of integrated applications such as free-form and curved panel applications, Polar Black technology, under-screen fingerprint recognition, and naked-eye 3D technology in response to the rise of new display technologies. The global mini LED market demand opportunity rises as manufacturer continue to aim to reduce the spacing of active Mini LEDs in substrate and develop mass production of large-size Mini LEDs and Roll able panels.
Global Mini LED Market, Segmentation
The global mini LED market is segmented based on application and region.
The application segment is further classified into consumer electronics, mobile phone, laptop/notebook, television, automotive, and others. Among these, the television sub-segment is anticipated to have a dominant market share and shall surpass $2,709.60 million by 2030, with an increase from $105.20 million in 2021.Mini LED market size is expected to develop due to increasing demand for mini-LED television in consumer electronics industry. Mini-LED’s ability to provide higher contrast ratios, higher brightness, improved power efficiency, and less prone to burn-in is facilitating numerous growth opportunities for the key players in the market. This factor is expected to drive the growth of this sub-segment.
The Asia-Pacific mini LED market analysis is anticipated to have dominant market share and revenue $179.70 in 2021 and projected to reach $5,039.2 in 2030. Increased demand for mini LED backlight in the electronics industry, increased smartphone adoption, and increased demand for mini LED display in the automotive industry are the major factors driving revenue growth of the mini LED display market size. Not only car companies are offering infotainment touch screen but two wheeler companies such as OLA, Ather, and other leading electric scooter manufacturers in India, are providing touch screen on their scooters. Increasing investment in mini LED display technologies in Asia-Pacific, on the other hand, creates lucrative opportunities for the mini LED display industry.
Key Players in the Global Mini LED Market
Some of the leading mini LED market players are
- AUO Corporation
- BOE Technology Group Co., Ltd.
- EVER LIGHT ELECTRONICS CO. LTD.
- Japan Display, Inc.
- Harvatek Corporation
- Unity Opto, Innolux Optoelectronics Co., Ltd.
- Tianma Microelectronics Co., Ltd.
As Samsung and several Chinese brands launch LCD TVs with mini LED backlight technology, the adoption of mini LED technology is expected to accelerate significantly in 2022. Low-cost mini LED backlit LCD TVs will have an advantage over Organic Light-Emitting Diode (OLED) TVs in the Quantum Dot Liquid-Crystal Display (QD LCD) market. Furthermore, Apple's suppliers have begun production of a mini LED backlight for the new iPad Pro, which is expected to be released in at early 2023.