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The micro LED display market share is expected to increase by USD 11.50 billion from 2021 to 2026, at a CAGR of 78.61%.
This micro LED display market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers micro LED display market segmentation by end-user (consumer electronics, automotive, aerospace and defense, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The micro LED display market report also offers information on several market vendors, including ALEDia, Apple Inc., AU Optronics Corp., eLux Inc., Innolux Corp., Japan Display Inc., JBD, LG Electronics Inc., Lumens Co. Ltd., Nanosys Inc., Optovate Ltd., PlayNitride Inc., Plessey Semiconductors Ltd., Rohinni LLC, Samsung Electronics Co. Ltd., Sony Group Corp., and VueReal Inc. among others.
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The rise in demand for bright and power-efficient display panels is notably driving the micro LED display market growth, although factors such as the cyclical nature of the semiconductor industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the micro LED display industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Micro LED Display Market Driver
The rise in demand for bright and power-efficient display panels is one of the key drivers fueling the micro LED display market growth. A micro-LED display is a new technology that consists of a group of tiny LEDs, which make up a single pixel element. Furthermore, the power consumption of micro-LED displays is lower when compared to other technologies such as LEDs and OLEDs. There is a rising demand for brighter and more energy-efficient devices, which is leading to LED technology becoming widely adopted. Micro-LEDs, on the other hand, are LEDs that have a diameter of a few micrometers, which can be utilized to create self-emitting screens. As a result, micro-LEDs do not require a backlight panel, making them brighter and more energy-efficient. Thus, a rise in demand for such brighter and power-efficient devices fuels the growth of the market during the forecast period.
Key Micro LED Display Market Trend
The increasing number of M&A and partnerships among vendors is one of the key micro light-emitting diode (LED) display market trends propelling the market growth. Various local and global vendors operating in the global micro-LED display market are focusing on new acquisition and partnership deals. This will help the vendors penetrate regional and global markets easily, thereby increasing their customer base. This will also allow vendors in the market to diversify their product portfolios, thereby providing consumers with a wide range of options to choose from. Furthermore, the rise in the number of acquisitions by established and well-known regional and global players will result in their inorganic growth. Such factors will propel the market growth in the forecasted period.
Key Micro LED Display Market Challenge
The cyclical nature of the semiconductor industry is one of the factors limiting the micro LED display market growth. The fluctuations in demand for electronic products, such as consumer electronic devices and mobile devices, make forecasting in the global semiconductor industry extremely difficult. These fluctuations can also lead to the oversupply or undersupply of semiconductor ICs. Meanwhile, vendors might manufacture products based on the forecasts of customer demand, which may fluctuate significantly. Such fluctuations may lead to high inventory and manufacturing costs before actual sales. Hence, vendors would require high amounts of working capital to meet these costs. Also, incorrect forecasts or cancellations in orders for products can adversely affect the operating costs of vendors, which can be a huge discouragement for the vendors in the market.
This micro LED display market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global micro-light-emitting diode (LED) display market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the micro LED display market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the micro light-emitting diode display market encompasses successful business strategies deployed by the key vendors. The micro LED display market is fragmented and the vendors are deploying investing in R&D and product development activities to compete in the market.
To make the most of the opportunities and recover from post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The micro LED display market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the micro light emitting diode display market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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36% of the market’s growth will originate from APAC during the forecast period. China, India, and South Korea are the key markets for the micro LED display market in APAC. Market growth in this region will be slower than the growth of the market in South America.
The increased interest of electronic device manufacturers in adopting micro-LED technology will facilitate the micro LED display market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 had a negative impact on the regional market. However, in 2021, due to the availability of COVID-19 vaccines and the large-scale vaccination drives carried out by the governments of countries in APAC, operations in end-user industries gradually returned to normal. Therefore, the demand for micro-LED displays increased, which will lead to the growth of the market during the forecast period.
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The micro LED display market share growth in the consumer electronics segment will be significant during the forecast period. One of the primary reasons for the growth of consumer electronics is the increasing penetration of smartphones due to the growing investments in 4G or 5G telecommunication network infrastructure. In 2022, the number of smartphone users in the world is 6.6 billion, or 84% of the global population. Moreover, the smartphone industry is driven by innovations that compel users to upgrade their devices frequently. Thus, the increasing penetration of smart homes globally is also positively impacting the growth of the global micro-light emitting diode display market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the micro LED display market size and actionable market insights on post-COVID-19 impact on each segment.
Micro LED Display Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 78.61% |
Market growth 2022-2026 |
$ 11.50 billion |
Market structure |
Fragmented |
YoY growth (%) |
140.0 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key consumer countries |
US, China, India, South Korea, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ALEDia, Apple Inc., AU Optronics Corp., eLux Inc., Innolux Corp., Japan Display Inc., JBD, LG Electronics Inc., Lumens Co. Ltd., Nanosys Inc., Optovate Ltd., PlayNitride Inc., Plessey Semiconductors Ltd., Rohinni LLC, Samsung Electronics Co. Ltd., Sony Group Corp., and VueReal 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, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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