Mini LED Display Market Expected to Expand at a Steady 2022-2030

The global mini LED display market size was USD 20.4 million in 2020 and is estimated to reach USD 1,904.1 million by 2027, at a CAGR of 91.1from 2021 to 2027Mini lightemitting diode displays use very small LEDs to produce the displays lightTraditional backlit LCD technology is referenced in the new microLED technologyInstead of a single big or several smaller locally dimmed backlight, this technique employs thousands of tiny LED backlights to provide excellent local dimming characteristicsBecause there is no practical restriction on the size and density of the backlights, Mini LEDs may grow from tiny to large panel sizesThey are, however, limited by the size of the LCD matrix that turns the white backlight into colors.

The factor that drives the mini LED display market growth includes increased demand for mini LED backlights in the electronics industryThe mini LED backlight for displays is rapidly gaining attention in the electronics marketMajor brands in consumer electronics, such as Samsung, AUO, LG, and others, plan to launch products featuring mini LED technologyAUO has launched a series of displays with mini LED backlight technology, including various gaming devices from largesized monitors and desktop monitors to laptops and even highend applications such as smart vehicles.

Additionally, there is a rise in demand for mini LED displays in the automotive industryThe penetration of mini LED screens is expected to increase in the coming years and become popular for automotive applicationsMini LED technology has been adopted as a backlight for automotive displays such as dashboards, invehicle infotainment systems, rearview mirror displays, and HUDsSome LED producers also introduced conceptual applications of external automotive lighting with mini LED technologyHowever, one of the major restraints is the high cost of mini LED displays.

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COVID19 Impact on the Global Mini LED Display Market

Coronavirus is claimed to be originated from a part of China and rapidly got spread across the globe, which ultimately resulted in a global crisisAs per the reports from the WHO, on December 31st, 2019, its office received a diagnostic report of 29 pneumonia cases in China from an unknown virus in the city of Wuhan in Hubei province, Central ChinaIn a week, it was declared that the initial cases were associated with a wet marketThe virus infected almost 66of the staff in the wet marketOn January 30th, 2020, the outbreak of this disease on a global scale was acknowledged as a Public Health Emergency of International ConcernOn February 6th, 2020, a total of 28,276 confirmed cases with 565 deaths globally were accounted for by WHO, involving at least 25 countriesOn February 11th, 2020, WHO announced the new coronavirus as 2019 novel coronavirus (2019nCoVand the disease as 2019 coronavirus disease (COVID19caused due to coronavirus SARSCov2.

The COVID19 outbreak has caused a significant and protracted drop in manufacturing facilitiesIn contrast, travel bans & facility closures kept workers out of their factories, which led to a slowdown in the growth of the mini LED display market in 2020Asia is the largest producer and exporter of various products widely used in electronics, automotive, and other industriesThe impact of COVID19 on this market is temporary as only production and supply chain were stalled in 2020Currently, the situation has improved; therefore, production, supply chains, and the demand for these products are expected to increase in 2021 gradually.

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Global Mini LED Display Market Dynamics

DriversIncrease in demand for mini LED backlights in the electronics industry

Mini LED backlight for displays is rapidly gaining attention in the electronics marketMajor brands in consumer electronics, such as Samsung, AUO, LG, and others, plan to launch products featuring mini LED technologyAUO has launched a series of displays with mini LED backlight technology, including various gaming devices from largesized monitors and desktop monitors to laptops and highend applications such as VR headsets and smart vehiclesThese initiatives help to capture new growth opportunities for mini LED display technologyMoreover, many players in the LED supply chain are now actively exploring applications related to mini and microLED technologies.

RestraintsHigh cost of mini LED display

The cost of mini LED components, such as LED chips, PCB backplanes, and driver ICs takes up a large portion of the devices’ overall manufacturing costThese components’ costs combined with necessary technologies involved in manufacturing, such as testing, sorting, and SMT, also increase the cost of mini LED displaysIn addition, the manufacturing cost of Mini LED backlight displays is currently higher than that of traditional LCD and OLED displays, which is expected to hamper the growth of the mini LED display market.

OpportunitiesIncreasing investment in mini LED display technologies

Some leading companies have invested in display technologies to expand the capacity for new display technologies such as mini LED display technologyFor instance, Dicolor added $146.28 million to build a mini LED display production center in Chuzhou; Focus Lightings planned to expand the capacity for a mini LED chip with an investment of $511.99 million.

In addition, Epistar, a Taiwanbased LED chip maker, has also increased its capital expenditure to over $200.6 millionAround 90of the capital expenditure is for expanding mini LED capacity, with most of the investment used to buy new facilitiesHigh investment from the leading players and an increase in demand for mini LED technologies are expected to create lucrative growth opportunities for the mini LED display market during the forecast period.

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Scope of the Report

The study categorizes the mini LED display market based on application and type at the regional and global levels.

By Application Outlook (Revenue, USD Million, 20172027)

  • Automotive Display
  • Television
  • Smartphones
  • Notebook/Laptop
  • Others

By EndUse Outlook (Revenue, USD Million, 20172027)

  • Consumer Electronics
  • Automotive
  • Other

By Region Outlook (Revenue, USD Million, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The television segment is projected to account for the largest market share, by application

By application, the mini LED display market is divided into the automotive display, television, smartphones, notebook/laptop, and othersThe television segment was the highest contributor to the market, with 27.4of the market share. A surge in demand for television across the globe and an increase in advancement in this segment is expected to create growth opportunities for the mini LED display marketThese TVs can also have up to 3,000 local dimming zones, which increase the overall contrast ratio of the panel while also reducing the halo effectFor instance, TCL Electronics, one of the dominant players in the global TV industry and a leading consumer electronics company, has launched OD ZeroTM Mini LED technologyThis technology combines TCL’s 3rd generation mini LED backlight technology, driven by its skilled inhouse technology development and deployed with its powerful vertical integration to deliver an ultraslim profile, which has never been achieved with LED LCD TVsThese factors are expected to create lucrative opportunities for the mini LED display market.

Asia Pacific accounts for the highest CAGR during the forecast period

The global mini LED display market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & Africa based on the regionsGlobally, Europe is projected to hold the highest CAGR of 100.2in the global mini LED display market during the forecast periodMajor countries included in Europe are Germany, the UK, France, and the rest of EuropeAn increase in the adoption of mini LED technology in the consumer electronics segment is expected to boost the mini LED display market growth during the forecast period.

Moreover, this region has technologically advanced countries, out of which most are developed or are in the developing phaseTherefore, technical advancement is one of the major factors expected to boost market growth in EuropeThe mini LED display market is expected to witness strong growth in the coming years due to growing smart TV popularity in EuropeThe increase in the adoption of advanced technologies has provided several growth opportunities for the mini LED display market in EuropeHigh investment in the display industry is expected to provide growth opportunities for the marketAmong all European countries, Germany accounts for the largest market share, owing to proactive government initiatives in the form of subsidiaries, acquisition of smaller companies, and rise in adoption of mini LED.

Key Market Players

Corporation, AU Optronics Corp, Innolux Corporation, Japan Display, Inc., Everlight Electronics CoLtd., EPISTAR BOE Technology Group Co, Harvatek Corporation, San’an Optoelectronics, Lextar Electronics Corporation, Harvatek Corporation, and VerLASE Technologies LLC are among the prominent firms highlighted in the researchMarket players have adopted various strategies, such as collaboration & partnership, product launch, and agreement, to expand their foothold in the mini LED display market.

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