Enjoy complimentary customisation on priority with our Enterprise License!
The micro LED display market size is forecast to increase by USD 719.57 billion, at a CAGR of 194.2% between 2023 and 2028. The market is experiencing significant growth due to the rising demand for bright and power-efficient display panels. This trend is particularly prominent in the consumer electronics industry, where high-quality visual experiences are increasingly important. Another growth factor is the increasing number of mergers and acquisitions and partnerships among companies, which is leading to innovation and technological advancements. However, the cyclical nature of the semiconductor industry poses a challenge to market stability. Companies must navigate this volatility while continuing to invest in research and development to stay competitive. Despite these challenges, the future of the market looks promising, with continued advancements in technology and increasing demand from various end-use industries.
Micro LED displays are revolutionizing the market for various electronic devices and applications. These displays offer high-quality images with superior brightness, contrast, and energy efficiency. Micro LED displays are finding significant applications in consumer electronics, including smartphones, tablets, NTE devices, televisions, monitors, laptops, and wearables such as smartwatches and heads-up displays. In the consumer electronics sector, micro LED displays provide an edge in terms of image quality and power consumption. Beyond consumer electronics, micro LED displays are making strides in the entertainment industry, digital signage, automotive screens, and wearable technology. The integration of micro LED displays in AR glasses is expected to bring about a new era in visual experiences. The manufacturing costs of large and medium-sized micro LED panels are gradually decreasing, making them increasingly accessible to various industries. Micro LED displays offer a viable alternative to traditional LED and OLED displays, providing superior image quality at lower power consumption. The market is expected to grow significantly due to their versatility and potential applications in entertainment, advertisement, automotive, and wearable technology.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The consumer electronics segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing demand for micro-displays in various consumer electronics, including smartphones, tablets, laptops, monitors, and televisions. These devices require displays that offer high contrast ratios, brightness, and color accuracy, which micro LEDs provide more efficiently than traditional LEDs. The consumer electronics segment holds a dominant position in the market, driven by the rising demand for energy-efficient, high-quality displays. The proliferation of smartphones, with an estimated 6 billion users in 2022, is a significant factor fueling the market's growth.
Get a glance at the market share of various segment Download the PDF Sample
The consumer electronics segment was valued at USD 209.40 million in 2018. Additionally, the market is expanding into new applications such as digital signage, smartwatches, heads-up displays, augmented reality and virtual reality. The aerospace, healthcare, and automotive industries are also adopting micro LEDs for their large and medium-sized panels. Despite the market's potential, limited production capacity and panel size insights are hindering its growth. However, the market's vertical insights include digital signage applications, automotive displays, and wearable technology, such as AR and VR glasses, fitness trackers, and high-end televisions. Micro LEDs offer longevity and durability, making them suitable for general lighting applications as well.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Micro LED displays have gained significant traction in various industries, including consumer electronics and aerospace, due to their superior features. These displays are utilized in smartphones, tablets, televisions, monitors, laptops, digital signage, smartwatches, heads-up displays, and wearable technology such as AR and VR glasses, fitness trackers, and automotive screens. The micro-displays offer high-quality images with excellent contrast ratios, brightness, and color accuracy, making them suitable for entertainment, advertisement, healthcare, and virtual reality applications. Moreover, micro LED displays boast energy efficiency, longevity, and durability, making them an attractive alternative to traditional displays. The market for large panels and medium-sized panels is expected to grow significantly, driven by the increasing demand for high-end televisions and digital signage. However, limited production capacity remains a challenge for the market's growth. Panel size insights and vertical insights are essential factors influencing the market's development. In the consumer electronics sector, micro LED displays are poised to revolutionize digital signage applications, offering improved brightness, contrast, and color accuracy, while in the automotive industry, they are set to enhance the driving experience with advanced heads-up displays. Overall, the market is expected to experience growth, driven by the increasing demand for high-quality displays across various industries.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in demand for bright and power-efficient display panels is notably driving market growth. Micro LED displays represent a cutting-edge technology in the field of display technology, characterized by the use of microscopic LEDs as individual pixel elements. This innovation offers enhanced contrast compared to traditional OLED and LCD displays, as well as reduced power consumption. The growing demand for consumer electronics with higher pixel density, brighter displays, and energy efficiency is driving the adoption of micro LED technology. Micro LEDs, which have a diameter measured in micrometers, enable the creation of self-emitting screens, eliminating the need for backlight panels.
As a result, micro LED displays offer superior visual precision and energy efficiency. Additionally, the integration of micro LED displays in various applications, such as Internet of Things devices, human-machine interfaces, and surgical navigation systems, is underway due to their potential for cost reduction and displays. Product development in this field is ongoing to further optimize the technology and expand its applications. Thus, such factors are driving the market's growth during the forecast period.
An increasing number of mergers and acquisitions and partnerships among companies is the key trend in the market. The market is witnessing significant growth due to the increasing demand for high pixel density displays in various applications, including consumer electronics, human-machine interfaces, surgical navigation systems, and displays. Companies in this market are actively pursuing strategic partnerships and acquisitions to expand their reach and diversify their product offerings.
For instance, in May 2021, Nanosys Inc. acquired glo, a leading micro LED display technology business, to strengthen its position in the market. This trend is expected to continue as vendors seek to reduce costs and enhance visual precision through advanced display technologies such as OLED, LCD, and quantum dot displays. The Internet of Things is also driving the adoption of micro LED displays in various industries, including healthcare, automotive, and advertising, further fueling market growth. Thus, such trends will shape the market's growth during the forecast period.
The cyclical nature of semiconductor industry is the major challenge that affects the growth of the market. The market is subject to the volatility of the semiconductor industry, with integrated chip (IC) manufacturers experiencing revenue fluctuations due to inconsistent demand for ICs. This instability in demand for electronic products, including consumer electronics and mobile devices, complicates forecasting in the semiconductor industry. Consequently, manufacturers must align their production capacity with market demands. Moreover, high capital investments are required for research and development activities, posing a challenge for market participants.
Micro LED displays, with their high pixel density and visual precision, offer potential applications in various sectors, such as consumer electronics, Internet of Things, human-machine interfaces, surgical navigation systems, and displays. Despite these opportunities, cost reduction remains a crucial factor for product development in the market. The adoption of advanced display technologies, such as OLED and quantum dot displays, adds to the competitive landscape. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aledia SA - The company offers micro LED display technology for smartwatches and laptops.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Micro LED displays are revolutionizing the market for various electronic devices and applications. These displays offer several advantages over traditional LCD and OLED technologies, including high-quality images, energy efficiency, and longevity and durability. Micro LED displays are finding significant applications in consumer electronics such as smartphones, tablets, televisions, monitors, laptops, and wearables like smartwatches, heads-up displays, AR and VR glasses, and fitness trackers. In the entertainment industry, micro LED displays are used for large panels in digital signage applications and high-end televisions.
Additionally, micro LED displays are making strides in the aerospace and healthcare industries for various applications. The market is driven by the demand for displays with superior contrast ratios, brightness, color accuracy, and energy efficiency. However, limited production capacity and high costs are challenges that need to be addressed to increase the market penetration of micro LED displays. Panel size insights and vertical insights are crucial for understanding the market trends and future growth opportunities in the market. Micro LED displays are also gaining popularity in automotive displays, digital signage, wearable technology, and virtual and augmented reality applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
137 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 194.2% |
Market Growth 2024-2028 |
USD 719.57 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
125.8 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 49% |
Key countries |
US, China, UK, India, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acer Inc., Aledia SA, Apple Inc., ASUSTeK Computer Inc., AUO Corp., eLux Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Innolux Corp., Japan Display Inc., JBD Inc., LG Electronics Inc., Lumens Co. Ltd., Nanosys Inc., Optovate Ltd., Panasonic Holdings Corp., PlayNitride Inc., Plessey Semiconductors Ltd., Rohinni LLC, Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Vivo Communication Technology, VueReal Inc., and Xiaomi Inc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.