Mini LED Market – Global Industry Analysis and Forecast (2023-2029)

Mini LED market was worth US$ 150.5  Mn in 2022, and overall revenue is anticipated to rise at a rate of 85.20% from 2023 to 2029, reaching almost US$ 11250 Mn In 2029.
Mini LED Market Overview:
The global mini LED market was worth USD 23.7 million in 2022 and it is expected to grow at a significant CAGR of 85.2 % over the forecast period. By the end of 2029, overall exports are anticipated to exceed 370 thousand units. Miniature light-emitting diodes are the next-generation display technology, with high contrast ratio, increased brightness, a broader color gamut, low power consumption, and fast reaction times. Because they are considered to have superior contrast and brightness than organic light-emitting diodes (OLEDs), are expected to progressively reduce the other's market share over the next several years. Furthermore, to ensure trouble-free production, manufacturers just need to modify the driver ICs and invest in manufacturing equipment in the existing standard LCD production setup. As a result, tiny LED technology gives a chance for conventional LCD manufacturers to enhance product characteristics and compete with existing OLED technology.

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COVID-19 Impact on the Global Mini LED Market:

Coronavirus has caused the entire globe. Lockdowns and stringent social distancing measures have been implemented in nearly every country. As a result, supply networks have been disrupted. During this epidemic, these variables have had a major negative influence on mini LED demand. The COVID-19 epidemic has had a significant impact on North America, resulting in a drop in consumer electronics consumption and, as a result, a fall in demand for mini LEDs. Currently, European nations such as Germany, Italy and the United Kingdom are among the worst-affected, with significant fatality rates. In the short term, this has a detrimental impact on the region's market growth.
Mini LED Market Dynamics:
Mini LEDs with a size of 100-200 micrometers have been commercialized, and several companies are developing 50-micrometer versions. Televisions, automobile displays, and smartphones are just a few of the applications that are starting to gain interest in the next years.

One of the main reasons for the market's expected growth is that micro light-emitting diode technology—another successful next-generation display technology.

Furthermore, the increasing use of LED screens in the automotive and military industries has created new market prospects for mini LEDs. The introduction of the NGN (Next Generation Network) and the increasing popularity of the IoT (Internet of Things) are projected to increase demand for smartphones, smartwatches, laptops, projectors, and other smart gadgets. During the projected period, this increase in demand for smart gadgets would finally boost the Mini LED market size during the forecast period.

Mini LED Market are currently facing a number of technical challenges, including the need to improve wavelength and thickness uniformity during the Atomic Layer Deposition (ALD) process during chip manufacturing, and the need for a suitable adsorbent. These obstacles have limited the commercialization of mini LEDs because the necessary breakthroughs to overcome them have yet to be made.
Mini LED Market Segment Analysis:
Based on Application, the Mini LEDs sub-segmented into Consumer electronics, Automotive, Advertisement, Aerospace and Defense, and Others. The consumer electronics industry held the largest share of xx% in 2022. Factors attributing to the growth of the segment are increasing demand for OLED (Organic Light Emitting Diode), smart televisions, and the increasing popularity of smart screen devices and LED projectors. Furthermore, the recent development of the mini LED market has been rising demand for smartphones as a result of improvements in the telecommunications industry. By 2029, the consumer electronics market for mini LEDs is expected to generate a USD$1 billion economic value. However, the market for mini LEDs in the automotive sector is expected to grow at a CAGR of 21% from 2022 to 2029. The use of digital displays and lighting environments is driving this rapid expansion in the automobile sector.

Based on Type the global Mini LEDs are sub-segmented into Standard LED, Low current LED and Ultra high output LED. Mini LEDs are becoming common in display units such as televisions, cell phones, and other electronic devices. Rising demand for consumer electrical goods with greater performance and efficiency is expected to drive demand for ultra-high output micro LEDs. By the end of 2030, the market for ultra-high output tiny LEDs is expected to account for more than 1/3 of the overall market share. On the other hand, the market for standard mini LEDs is expected to remain the most profitable, with a valuable opportunity of US$ 490 million during the projection period.
Mini LED Market Regional Insights:
East Asia is considered the most profitable market for mini LEDs, due to the region's strong semiconductor industry's expansion, particularly in the area of smart displays with longer lifespans and higher efficiency. China and South Korea are major players in the manufacturing and distribution of mini LEDs, owing to their economies of scale in terms of production facilities. The small LED market in South Asia, in particular, is expected to grow at a CAGR of 16 percent, generating a total potential of US$ 130 million during the projected period. This growth is fuelled by improvements in the region's consumer electronics industry.

North America had the highest market share of xx% in 2022. Consumer electronics and automobile companies in the United States are eager to try out new technology and hence early adopters of a variety of innovative goods. Furthermore, throughout the forecast period, strong regional demand for high-end gaming monitors and laptops in the nation is likely to drive market growth. At SID Display Week 2019, Rohinni LLC, a U.S.-based start-ups, displayed a variety of products, including tiny LED lights and panels. In the year 2019, Company has launched its first mini light-emitting diode product on the market.
Recent Developments:
In 2019 TCL Corporation's Shenzhen China Star Optoelectronics Technology Co., Ltd. (CSOT) exhibited an 8-inch flexible display. The display features a 60% transparency rate and a 0.55mm panel size.

At the 2019 Consumer Electronics Innolux Corporation displayed a 10.1-inch AM mini LED car display with 1000 local dimming zones and a 65-inch 8K micro-LED display.

The objective of the report is to present a comprehensive analysis of the global Mini LED Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Mini LED Market dynamics, structure by analyzing the market segments and project the global Mini LED Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Mini LED Market make the report investor’s guide.
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Global Mini LED Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 150.5 Mn.


Forecast Period 2023 to 2029 CAGR:
85.20%
Market Size in 2029:
US$ 11250 Mn.


 Segments Covered:
by Application
Consumer Electronics
Automotive
Advertisement
Aerospace and Defense
Others


by Type
Standard LED
Low current LED
Ultra high o/p LED


by Technology Type
Mini Display
Lighting



Mini LED Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Mini LED Market Key Players are:
1 Acuity Brands
2 Cree
3 Eaton
4 GE Lighting
5 Philips Lighting
6 Osram
7 Nichia Corporation
8 Seoul Semiconductor
9 Zumtobel Group
10 Everlight Electronics
11 Mouser Electronics
12 EGL Company
13 Bisco Industries
14 JKL Component Corporation
15 Core Electronics

Frequently Asked Questions:

1. Which region has the largest share in Global Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Global  Market?
Ans: The Global Mini LED Market is growing at a CAGR of 85.20% during forecasting period 2023-2029.

3. What is scope of the Global market report?
Ans: Global Mini LED Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global market?
Ans: The important key players in the Global Mini LED Market are – Acuity Brands, Cree, Eaton, GE Lighting, Philips Lighting, Osram, Nichia Corporation, Seoul Semiconductor, Zumtobel Group, Everlight Electronics, Mouser Electronics, EGL Company, Bisco Industries, JKL Component Corporation, and Core Electronics

5. What is the study period of this market?
Ans: The Global Mini LED Market is studied from 2022 to 2029.