Global Micro-LED Display Market Overview:
Micro-LED Display Market Size was valued at USD 0.27 Billion in 2023. The Micro-LED Display industry is projected to grow from USD 0.49167 Billion in 2024 to USD 33.03 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 69.20% during the forecast period (2024 - 2032). A significant rise in demand for bright and power-efficient display panels, a rise in demand for consumer electronics and a rise in investments in the development of smart cities are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Micro-LED Display Market Trends
-
Growing demand for wearable displays is driving the market growth
Market CAGR for micro-LED displays is being driven by the growing demand for wearable displays for smartwatches and head-mounted displays (HMDs). Many smart wearable manufacturers want to extend their product range by adding small devices with screens. Smart wearable manufacturers utilize small display panels in devices, including wristbands, watches, and smart glasses. Micro-LED technology is anticipated to be commercialized first for smart wearables, including NTE devices and smartwatches, and as the technology grows, it may increase the usage of smartphones and other larger application segments such as PC monitors, laptops, and TVs. Thus, the increasing market for smart wearables is anticipated to construct lucrative opportunities for display panel manufacturers such as LG, AU Optronics, Samsung, and Innolux. These firms are anticipated to consider investing in such applications by collaborating with micro-LED start-ups.
Major drivers influencing the growth of the microLED display market include the rising demand for cutting-edge audio and visual goods, brilliant and power-efficient display panels, and the growing preference of electronic behemoths like Sony and Apple for microLED displays. Manufacturers can outperform conventional production procedures thanks to microLED display technology. Conventional organic light emitting diode (OLED) and liquid crystal display (LCD) technologies, for instance, call for sizable glass substrates into which all other components are sequentially placed; the larger the substrate used, the more efficient the process is. This resulted in companies investing enormously in highly efficient production lines. In addition, owing to the elevated sensitivity of OLED materials and the high costs associated with the supply chain, companies opt for locations that enable them to operate globally.
Micro-LED is a cutting-edge display technology that guarantees exceptional brightness and contrast while consuming less electricity. To provide the finest visual experience, these elements are especially important for augmented reality (AR) and virtual reality (VR) apps. The rise in apps encourages a lot of businesses to work together to create and incorporate cutting-edge technology into their products and improve user experience. For instance, in October 2021, Chinese electronics company TCL unveiled its brand-new Thunderbird Smart Glasses Pioneer Edition, equipped with a full-color transparent micro-LED display driving the micro-led display market revenue.
Micro-LED Display Market Segment Insights:
Micro-LED Display Panel Size Insights
The Micro-LED Display Market segmentation, based on type, includes micro-display, small & medium-sized panels, and large panels. The small & medium-sized panels segment dominated the market, accounting for 35% of market revenue (0.09 Billion). In developing economies, category growth is driven by increasing demand for smart displays. A touchscreen device with voice assistance known as a "smart display" is typically used in conjunction with other Internet of Things (IoT)-enabled household equipment. However, large panels are the fastest-growing category as they have great wavelength regularity, making them suitable for fine pitch boards compared to other product types.
Figure 1: Micro-LED Display Market, by Panel Size, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Micro-LED Display Application Insights
The Micro-LED Display Market segmentation, based on application, includes smartwatches, NTE devices, televisions, heads-up displays, smartphones & tablets, monitors & laptops, and digital signage. The smartwatches category generated the most income (70.4%). Micro-LED constituents offer the lowest, lighter-weight alternatives to traditional LED or OLED panels in smartwatches. However, smartphones & tablets are the fastest-growing category due to growing investments in R&D activities and the rising disposable income of consumers globally.
Micro-LED Display Vertical Insights
The Micro-LED Display Market segmentation, based on vertical, includes consumer electronics, entertainment & advertisement, automotive, aerospace & defense, and others. The consumer electronics category generated the most income over the forecast period. This is due to the growing demand for electronic gadgets with eco-friendly LED backlights as these enhance display properties and devices are relatively more energy efficient. However, automotive is the fastest-growing category due to many start-ups with significant R&D investments.
Micro-LED Display Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia Pacific micro-LED display market will dominate this market, owing to rapid technological advancements in the electronics industry. Major electronics companies such as Samsung Electronics, LG Electronics, and others are investing in expanding their manufacturing capabilities, driving the market growth in this region. Moreover, China's micro-LED display market held the largest market share, and the Indian micro-LED display market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Micro-LED Display Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe micro-LED display market accounts for the second-largest market share due to the enhancing demand from the consumer electronics industry. Further, the German micro-LED display market held the largest market share, and the UK micro-LED display market was the fastest-growing market in the European region.
The North America micro-LED display market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the growing utilization of smartphones and rising consumer demand for innovative electronics products in this region. Moreover, the US micro-LED display market held the largest market share, and the Canada micro-LED display market was the fastest-growing market in the North America region.
Micro-LED Display Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the micro-LED display market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the micro-LED display industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global micro-LED display industry to benefit clients and increase the market sector. Major players in the micro-LED display market, including Apple Inc., Sony Corporation, Aledia, eLux, Inc., LG Electronics, EPISTAR Corporation, and others, are attempting to increase market demand by investing in research and development operations.
Apple Inc designs manufactures, and markets smartphones, tablets, personal computers, and wearable devices. The company also offers software applications, accessories, related services, and third-party digital content. Apple's product portfolio includes iPad, Mac, iPod, iPhone, Apple Watch, and Apple TV. It delivers various consumer and professional software applications such as iOS, macOS, iPadOS, iCloud, AppleCare, watchOS, and Apple Pay. Apple markets and delivers digital content and applications via App Store, Apple Card, Apple TV+, Apple Arcade, Apple News+, Apple Fitness+, and Apple Music. In October 2019, Apple set up a unique facility for developing micro-LED technology for Apple products in collaboration with local vendors in Taiwan; it was established next to Apple's Taoyuan plant.
Sony Group Corp manufactures electronic equipment, semiconductors, instruments, medical-related equipment, and devices. The firm's products include mobile phones, cameras, music systems, televisions, game consoles and software, batteries, semiconductors, and other electronic items. Sony produces, acquires, and distributes motion pictures, recorded music, and television programming; and manages television and digital networks. It also delivers banking and financial services, such as life and non-life insurance. The corporation markets products through distributors, sales subsidiaries, and direct sales through the Internet. It markets products under Sony, PlayStation, Walkman, Blu-ray, Cyber-shot, Bravia, Exmor, Experia, and Airpeak brands. In January 2021, In its premium direct view LED market, Sony Electronics introduced the modular Crystal LED C-series and B-series. P1.26mm and P1.58mm are the two pixel pitch sizes that are offered by the items to accommodate different installation needs. Both displays also have great contrast and brightness, which broadens Sony's selection of Crystal LED products for uses including corporate showrooms, lobbies, and productions.
Key Companies in the Micro-LED Display market include
-
Apple (US),
-
Oculus VR (US),
-
Sony (Japan),
-
Samsung Electronics (South Korea),
-
X-Celeprint (Ireland),
-
Nanosys (US),
-
Jade bird display (china),
-
aledia (European union),
-
mikro mesa (US),
-
verlase technologies (US), and
-
allos semiconductors (Germany)
Micro-LED Display Industry Developments
February 2022: Bolite Optoelectronics launched its new Bolite SW-L. It is a laser-based, automated side-wiring system that provides efficient management of wrap-around wires found on the sides of display panels, allowing for a smooth and efficient connection between micro LEDs and Integrated circuits (IC).
December 2021: MICLEDI Microdisplays announced the industry's first microLED arrays-for-AR built on a 300mm CMOS manufacturing platform. The unparalleled manufacturing precision, performance, and cost-efficiency offered by the 300mm product strategy distinguish MICLEDI as a display partner of choice for AR glasses manufacturers.
Micro-LED Display Market Segmentation:
Micro-LED Display Panel Size Outlook
Micro-LED Display Application Outlook
-
Smartwatches
-
NTE Devices
-
Televisions
-
Heads-Up Display
-
Smartphones & Tablets
-
Monitors & Laptops
-
Digital Signage
Micro-LED Display Vertical Outlook
Micro-LED Display Regional Outlook
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 0.27 Billion |
| Market Size 2024 |
USD 0.49167 Billion |
| Market Size 2032 |
USD 33.03 Billion |
| Compound Annual Growth Rate (CAGR) |
69.20% (2023-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Panel Size, Application, Vertical and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
LG Electronics Inc (South Korea), Sony Corporation (Japan), Samsung (South Korea), Epistar Corporation (Taiwan) and Plessey (Devon) |
| Key Market Opportunities |
Growing demand for power-efficient and brighter display panels for consumer electronic devices |
| Key Market Dynamics |
the high adoption rate of micro-LED display in premium smartphones |
Micro-LED Display Market Highlights:
Frequently Asked Questions (FAQ) :
The Micro-LED Display Market size was valued at USD 0.27 Billion in 2023.
The global market is projected to grow at a CAGR of 69.20% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the Micro-LED Display Market
The key players in the market are LG Electronics Inc (South Korea), Sony Corporation (Japan), Samsung (South Korea), Epistar Corporation (Taiwan) and Plessey (Devon).
The small and medium-sized panel category dominated the market in 2023.
Smartwatches had the largest share in the Micro-LED Display Market.
Consumer electronics had the largest share of the global market.
