Rise in Number of Smartphones, and Automobiles to Drive Mini LED Display Market Growth
Mobile display technology has been pretty set in its ways for years now, with flexible technology as the obvious exception. OLED displays have all but replaced aging LCD tech, even in more affordable smartphones. However, high-end gadgets may soon be on the cutting edge once again with the move to mini LEDs that make use of thousands of tiny LED backlights to offer vastly superior local dimming characteristics (and increase the contrast ratio). This is likely to drive the growth of mini LED display market worldwide. With most of the major TV makers like Philips, TCL, LG, and Samsung have made mini LED TVs available to buy, global mini LED display market is expected to thrive at a promising pace. Although mini LED are predominantly found in many of today’s newest TVs, we can find it in other devices with a screen as well. For example, speculations suggest it might also be used in the upcoming Nintendo Switch 2. Apple also uses mini LED tech in its all-new MacBook Pro 14-inch (2021) and its new iPad Pro, with reports suggesting that it could be added to Apple's MacBook Air 2022, and new MacBook Pros as well.
Poor resolution hurts not only human health but also breaks the environment due to its hazardous radiation, increasing the need for a small and compact LED display market. Aside from technological advancement, the consumer electronics sector is constantly expanding. In recent years, this business has seen explosive innovations quickly. Many major players are investing heavily in building efficient micro LED screens during the forecast period. The market is primarily driven by rising demand for innovative consumer electronics with brighter, more energy-efficient display panels. Growing use of mini LEDs in cell phones presents a potential growth opportunity for mini LED display market. The use of mini LED will increase in smartphones due to better colour accuracy, especially when backlighting is involved, like super bright or super dark colours; increase in contrast; manufacturers may adjust the panel hardware better as it becomes more accurate, and more colourful. In 2022, the world's smartphone users will total 6.648 billion, or 83.72 percent of the global population. In total, 7.26 billion individuals own a smart or feature phone, accounting for 91.54 percent of the world's population. With the growing penetration of smartphones, mini LED display market will grow in the coming years.
The continuous demand for increased consumer convenience in automobiles will further increase the mini LED display market. Mini LEDs have been used as backlights for car displays such as head-up displays, dashboards, in-vehicle infotainment systems, and rear-view mirror displays. Some LED manufacturers also presented mini LED concept applications for external automobile illumination. Global car sales increased to roughly 66.7 million vehicles in 2021, up from around 63.8 million units in 2020. With the continual increase in automobiles, the demand for mini LED displays will also increase in the coming years.
Consumer Electronics Dominant in Mini LED Display Market with Increased Consumer Spending, and Greater Convenience
The consumer electronics segment is anticipated to hold the largest share in mini LED display market. The consumer electronics sector is heavily influenced by consumers' desire for more innovative and advanced technology that assists in meeting daily life necessities in less time-consuming ways. This factor has been crucial in accelerating innovation in the consumer electronics industry. The efforts of industry participants to promote their new products to gain a footing in the competitive environment are projected to show constant growth. The availability of gadgets that encourage the automation of daily chores shifted consumers' tastes away from generic single-purpose electronic products and toward multi-functional intelligent devices. As a result of the spike in demand for various wearable, smart home, and other consumer electronic products, consumer electronics manufacturing companies thrived.
North America Surges Ahead on the Back of Rocketing Demand Video Games, Monitors, and Consoles
North America dominates the mini LED display market due to an increasing number of younger people, institutions, industries, and organisations purchasing consumer electronics such as mobile phones, laptops, and monitors, particularly in the region's developed economies. Mini LED screen penetration is expected to expand in the future years, making them popular for automotive applications. Positive development in investment in mini LED display technologies in North America is expected to provide profitable prospects for the mini LED display industry's expansion over the study period. The region's demand for video games, gaming monitors, and consoles is expected to increase as the gaming craze continues. According to Consumer Technology Association estimates published in October 2020, the population in the United States is anticipated to spend approximately USD 528 on technology-based items like video gaming consoles, computers, smartwatches, and TVs during the 2020 holiday season. The growing use of consumer electronics in the region will increase the product demand.
Asia Pacific is predicted to increase significantly during the forecast period, owing to solid growth in the semiconductor industry and advancements in the consumer electronics industry within the region. Higher demand for Asian consumer electronics from Western countries has fuelled industry expansion even further. The region's increasing disposable income has led to the intense use of home appliances in countries such as India, China, and other Southeast Asian nations. During the projected period, this is expected to drive the regional market growth in the automotive industry and other related uses, as well as technological advances in digital displays. China had the most significant electric car sales in the Asia Pacific area in 2021, with over 3.33 million electric vehicles sold. With growing number of electric vehicle sales, demand for mini LED screens will also increase, thereby fuelling the growth of mini LED display market here.
Global Mini LED Display Market: Competitive Landscape
Market participants introduce new products and form alliances, collaborations, and partnership agreements. In January 2021, TCL Electronics, a well-known consumer electronics producer and one of the most dominant players in the worldwide television business, will exhibit OD ZeroTM mini LED technology at CES 2021. OD Zero is a technology that combines TCL's 3rd generation mini LED backlight technology with its powerful vertical integration to provide an ultra-slim profile never-before seen in LED LCD TVs. In October 2020, Cree, Inc. said that it had entered into a formal agreement to sell its LED Products business unit ("Cree LED") to SMART Global Holdings, Inc. (Nasdaq: SGH) for up to $300 million in cash and deferred payments, as well as contingent consideration.
A few of the players in the mini LED display market to include Cree LED (U.S.), NICHIA Corporation (Japan), OSRAM GmbH (Germany), Samsung (South Korea), EVERLIGHT Electronics Co., Ltd. (Taiwan), Lumileds Holding B.V. (Netherlands), LG Innotek (South Korea), EPISTAR Corporation (Taiwan), MLS (China), Broadcom (U.S.), Plessey (UK), Luckylight Electronics Co. Ltd (China), Seoul Semiconductor Co., Ltd. (South Korea), Effilux (France), Betlux Electronics Co., Ltd. (China), Vollong Electronics Co., LITE-ON Technology Corporation (Taiwan), and Stanley Electric Co., Ltd. (Switzerland).
Global Mini LED Display Market is Segmented as below:
By Technology Type
Key Elements Included In The Study: Global Mini LED Display Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology