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Micro-LED Display Market size is projected to grow at a CAGR of 89.2% during the forecast period and is estimated to be USD 27384.2 million by 2027
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Global Micro-LED Display Market Segmentation
The micro-LED display market has been segmented into components, waste type, method, application, and region.
By Product (Large Display, Small & Medium Size Display, and Micro-Display)
By Industry Vertical (Consumer Electronics, Entertainment & Sports, Automotive, Retail, Government & Defense, and Others)
By Application (Smartphone & Tablet, PC & Laptop, TV, Smartwatch, and Others)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Consumer electronics, by industry vertical, is estimated to hold the largest market share during the forecast period
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By industry vertical, the global micro-LED display market is segmented into consumer electronics, entertainment & sports, automotive, retail, government & defense, and others. Consumer electronics generated the highest revenue of 25.9% of the global micro-LED display market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Consumer electronics include various products such as televisions, personal commuters, digital cameras, video game consoles, smartphones, etc. The rise in demand for consumer electronics boosts the adoption of micro-LED display technology, which fuels the market's growth. During the forecast period, South Korea and Africa are expected to witness significant growth rates at a CAGR of 89.9% and 88.3%, respectively.
The Asia Pacific accounts for the largest market share in the micro-LED display market 2020
Based on the regions, the global micro-LED display market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 34.2% in the global micro-LED display market and was anticipated to maintain its dominance throughout the forecast period. Asia-Pacific includes China, South Korea, India, Japan, and others. A rise in demand for consumer electronics in Asia-Pacific boosts the need for micro-LED displays. In addition, the benefits of micro-LED displays over OLED are the major factor driving the market's growth in this region. Countries like China, India, and Indonesia are expected to create massive demand for micro-LED displays for various applications. During the forecast period, South Korea and India are expected to witness considerably higher growth rates at a CAGR of 97.2% and 93.5%, respectively.
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In addition, the strong semiconductor industry in Asia is expected to offer growth opportunities for the market. A surge in demand for advanced technologies in China, Japan, Taiwan, and other Asian countries is expected to provide opportunities for the micro-LED display market during the forecast period. In addition, Asia-Pacific is one the main regions for adopting micro-LED display technology due to various properties exhibited by micro-LEDs, such as better contrast ratios and less power consumption.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the micro-LED display market. It also consists of leading companies such as Glo AB, LG Display, Aledia, PlayNitride Inc., Rohinni LLC, Apple Inc., eLux, Inc., Sony Corporation, Samsung Electronics Co. Ltd, and VueReal. These market players have focused on acquisitions and expansion to gain a larger market share in the micro-LED display market.
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