Press release
Mini LED Market Expected to Grow Steadily with a CAGR of 22% Until 2030
Mini LED Market
The global mini LED (light emitting diode) market is set to witness mounting growth in the coming years, as a result of increasing popularity of LED TVs and the emergence of new market opportunities in the Asia Pacific region. The mini LED market is more consolidated in East Asia and South Asia.
The market is primarily driven by trends in the consumer electronics industry - increasing demand for LED-based TVs, laptops, and smartphones. The ability of providing higher contrast ratio, higher brightness, enhanced power efficiency, and less prone to burn-in is facilitating numerous growth opportunities for mini LEDs.
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Mini LED Market - Key Takeaways
By LED type, the ultra-high output mini LEDs will be gaining traction, holding 1/3rd of the overall market through 2030.
Based on the end-use industry, the consumer electronic segment will remain lucrative, recording a CAGR of 23% throughout 2020-2030.
In terms of regions, East Asia will lead the mini LEDs owing to the robust growth of the semiconductor industry in the region.
Europe will be generating an absolute $ prospect of US$ 90 Million through 2030-end.
Mini LED Market - Driving Factors
The capability of offering higher brightness, higher contrast ratio, less prone to burn-in and enhanced power efficiency is enabling tremendous growth prospects.
The growing adoption of LED screens in the defense and automotive sectors will open up growth prospects.
The escalating popularity of IoT (Internet of Things) and the launch of NGN (Next Generation Network) will drive the demand for smartwatches, smartphones, projectors, laptops, and several other smart devices consecutively promoting the market growth.
Mini LED Market - Constraints
Higher manufacturing cost in contrast to other technologies hinders the market growth
THE Mini LED market is currently encountering several technical barriers impacting the commercialization of mini LED market, since desired breakthroughs are yet not achieved.
Anticipated Market Impact by Coronavirus Outbreak
The COVID-19 outbreak has crippled the worldwide economy as the majority of nations have imposed lockdowns and social distancing measures. The mini LED market is foreseeing a slump in the demand for consumer electronics, and consequently, witnessing a decrease in demand for mini LEDs.
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Competition Landscape
Major companies in the mini LED market are focusing on vertical integration and capacity expansion. With the assistance of e-Commerce along with several digital platforms, companies are extending their market reach and to satiate customers' requirements. Along with the above strategies, market players are also partnering with end-use industry players.
Major companies identified in the global mini LED market is Revolution Lighting Technologies, Inc., Cree. Vishay, Orion Energy Systems, Inc, Epistar, and Deco Lighting.
Mini LED Market: Segmentation
By LED Type :
Standard LEDs
Low-current LEDs
Ultra-high Output LEDs
By End-use Industry :
Consumer Electronics
Mobile Phones
Laptops/Notebooks
Televisions
Others
Automotive
Aerospace & Defense
Others
By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
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