Global Mini LED Display Market Overview
The key driver impacting the mini LED display market is the rise in demand for mini LED backlights in the electronics industry. It is due to the advantages associated with the Mini Led display as compared to organic light-emitting diodes (OLEDs) for example, Mini-LED improves 'local dimming' via thousands of tiny backlight diodes, the affordably priced ad also mini LED enhanced contrast ratios and deeper blacks contrast to LCD panels that are lit with regular LEDs (light-emitting diodes). Moreover, the growing demand for miniaturized displays in consumer electronics devices contributes to the development of the mini LED display market in the coming years.
According to Value Market Research, the global mini LED display market size was valued at about USD 40 million in 2020 and is estimated to grow at a CAGR of around 90% during the forecast period 2021 to 2027.
The increase in demand for Mini LED displays in the automotive industry is likely to augment the market demand in the forecast period. Also, several companies are working on the development of Mini LED display technology products. For instance, in the Consumer Electronics Show (CES), LG announced QNED technology or the selection of 4K and 8K mini-LED TVs from TCL. Similarly, Sanan Optoelectronics Co., Ltd. presented mini LED and superior micro-LED chips at the Consumer Electronics Show (CES) in 2019. However, the high cost of manufacturing mini LEDs may hinder the market in the long run. Also, the large number of IC's required to operate the mini LEDs negatively impacts market development. On the other hand, the current industry trends, such as the rising investment in Mini LED display technologies, are expected to offer several beneficial market opportunities to key players.
The mini LED display market is vast, with the existence of several local and global players. The key player such as BOE Technology Group Co., Ltd., EPISTAR Corporation, AU Optronics Corp., Foshan NationStar Optoelectronics Co. Ltd., Tianma Microelectronics Co., Ltd, Harvatek Corporation, Unity Opto Technology Co., Ltd, Everlight Electronics Co. Ltd, Innolux Corporation, and Japan Display, Inc. are adopting numerous strategies to gain an aggressive edge over the market globally. The key players focus on intensifying the supply chain and commercializing services for pharmaceutical and medical supply manufacturers.
In this research report, the Mini LED display market is segmented by application and region.
Analysis by Application:
By application, the report is segmented into automotive, consumer electronics, and others. The consumer electronics segment dominates the application segment with the largest market share of 40% in 2020. It is due to the growing adoption of mini LED displays for applications in backlighting and digital displays. Moreover, the cost of using these chips for self-emitting displays is relatively high; they can be effectively used as a backlight in the television and notebooks/laptop displays, contributing to the growth of the industrial segment in the forecast period.
Analysis by Region:
In the regional outlook of the global mini LED display market, the North America region dominates globally with highest market share in the forecast period. It is due to the mounting number of industries, younger individuals, institutions, and organizations buying various consumer electronics products like laptops, mobile phones, and monitors, especially in developed countries. Moreover, the U.S. automotive and consumer electronics manufacturers are incredibly open to take advantage of new technologies and thereby early adopters for various innovative products in the region, contributes to the incredible market growth across North America.
Market Segmentation covered in the Report:
By Application
- Consumer Electronics
- Mobile Phones
- Laptop/Notebooks
- Television
- Automotive
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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