Mini LED Display Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

The global mini-LED display market is expected to reach a valuation of US$ 9,343 Million by 2027, with an estimated yearly growth rate of 78.3% over the forecast period 2022-2027. The market had an estimated valuation of US$ 290.8 Million in 2021. The mini-LED display is an improved version of Liquid Crystal Display (LCD) screen technology and is finding increased adoption in consumer electronics such as laptops, smartphones, and televisions. 

Apple Inc., a U.S.-based manufacturer of consumer electronics, uses mini-LED displays for its iPads and MacBooks. These display panels are modest adaptations of conventional LEDs and utilize very small LED backlights to bring out better display light. 

The use of mini-LED display technology in electronic gadgets provides better control of the backlighting due to its small size, thus leading to better picture quality. In mini-LED backdrop lighting, every diode is under 0.2 mm in size, while the diodes in OLEDs can vary from several squared microns to tens of squared centimeters. Factors such rise in the adoption of advanced electronic devices are driving the demand for smart screens with high life expectancy and enhanced picture quality, resulting in mini-LED display marker growth as well.

MARKET DYNAMICS

Prominent factors expected to affect the growth of the mini-LED display market during the forecast period include:

Drivers

Rising demand for miniaturized displays in consumer electronics devices

The increasing global demand for small LEDs displays for use in compact consumer electronics devices, such as smartphones, watches, laptops, gaming consoles, and tablets, is expected to drive the mini-LED market. The use of miniature displays has empowered the use of electronic products in sectors such as automobile, residential, industrial, and commercial. Mini-LEDs find high demand in applications such as modern cars and satellite cameras due to space constraints, as well as good quality, high-definition TVs.

Power-saving capacity and the lower failure rate compared to conventional LEDs

The demand from consumers for high picture quality on their gadgets has favored the growth of the mini-LED display market. Reducing the energy consumption of electronic devices is one of the most important benefits of mini-LED displays. Mini-LEDs also offer better picture quality and color concentration than conventional LEDs. Moreover, leading manufacturers such as Canon Inc., Sony Corporation, and Panasonic Holdings Corporation are strongly associated with the continuous innovations and creation of HDR-based electronic gadgets like cameras, TV screens, and medical equipment. 

Restraints 

High cost of mini-LEDs

The high production cost of mini-LEDs is associated with the use of additional LED chips to achieve enhanced display performance. The high cost of mini-LEDs is also a direct result of the high cost of raw materials used to create the lighting solutions. Moreover, the cost of mini-LEDs also saw a notable increase amid the COVID-19 pandemic as the pandemic brought about a disruption in the global supply of raw materials and finished items. Various businesses and assembling units remained temporarily shut due to COVID-19 restrictions, significantly hampering the demand and supply of electronics items.

High power consumption in mini-LEDs

The use of a smaller number of LEDs requires a longer optical distance and also requires more LED chips, making the gadget thicker. On the other hand, the use of mini-LEDs can cause the gadget to heat up and can damage the product. Several characteristics of mini-LEDs, such as high screen resolution and better display quality, directly affect their power utilization.

Market Segmentation

Form Analysis

Based on form, the backlight source (for LCDs) segment held roughly twice the market share compared to the self-emissive pixel emitters segment in 2021. The backlight source segment is also expected to register the highest CAGR of 80.7% during the forecast period. 

An LCD that utilizes mini-LED technology uses LEDs about the size of 0.9 to 0.1 millimeters for backdrop lighting. Some of the producers in the market are combining mini-LED with different innovations to make the most advanced TVs. For instance, the latest LG mini-LED TV range of QNED combines LG's NanoCell LCD technology with mini-LED backlighting to provide a better display picture. 

Application Analysis

Mini-LED displays find applications in segments such as automotive display, commercial, industrial devices, and consumer electronics. The consumer electronics segment is anticipated to account for the dominant market share during the forecast period. The consumer electronics segment also dominated the market and accounted for a share of nearly 70% in 2021, with a valuation of US$ 206.4 million. The rising use of electronic gadgets like cell phones, laptops, and tablets is expected to offer a lucrative growth opportunity for the market segment. Within the consumer electronics segment, the notebook/laptop segment is expected to register the highest CAGR of 83.3% during the forecast period. The use of mini-LEDs for laptop screens offers more accuracy in the working of laptop in terms of high brightness, higher color range and enhanced local dimming over OLED panels in laptops.

Panel Size Analysis

In terms of panel size, the 12" - 32"display segment dominated the market in 2021 due to its growing popularity in gadgets such as televisions. The market for the 12-32 inches segment valued at around US$ 120.9 million in 2021 and is expected to register a CAGR of 83.8% over the forecast period. LED displays in the 12" - 32”-inch range give extreme brightness, more pixel range, and color accuracy. 

Regional Analysis:

In terms of region, Asia Pacific held the maximum share in the mini-LED display market in 2021. The region witnesses a high demand for mini-LED from its well-established consumer electronics industry. The region presents high demand for laptops, LED-based televisions, and smartphones using mini-LEDs owing to their benefits such as higher brightness, better picture quality, a lower failure rate in comparison to traditional LEDs, and power-saving capacity. 

Moreover, the Asia Pacific region is also expected to register the highest CAGR of about 80% during the forecast period. In terms of growth opportunity, APAC is followed by North America with a projected CAGR of 75.3%. The demand for mini-LEDs is growing in the region due to the rise in purchasing of consumer electronics such as cellphones, laptops, and monitors from various institutions, organizations, and the younger population.

Competitive Insight

The four key players in the market currently account for a share of nearly 43%. The mini-LED display market is highly competitive, with established as well as new players struggling to build their presence in the global market. Some of the major players in the market are Innolux Corporation, EPISTAR Corporation, EVERLIGHT Electronics Co., Harvatek Corporation, and Japan Display Inc. Other players analyzed in the report include Apple Inc, BOE Technology Group Co, San’an Optoelectronics, Unity Opto, AOC, VerLASE Technologies LLC, X-CELEPRINT, EPI LEDS Co., Ltd., HC Semitek Corporation, Lextar Electronics Corporation, Shenzhen MTC Co., HGC Technology Co., Ltd, Nationstar LED display screen co. LTD. (Foshan NationStar Optoelectronics Co. Ltd), SONY INDIA, AU Optronics Corp, Advanced Optoelectronic Technology Inc (AOT), Hongli Zhihui Group Co, Tianma Microelectronics Co., Ltd. and Xiamen Changelight Co., Ltd, among others. 

Segmentation Overview 

Global mini-LED display market is segmented based on form, application, panel size, and region. The global mini-LED display market is segmented into: 

By Form:

• Backlight Source (for LCDs)
• Self-emissive Pixel Emitters

By Application:

• Automotive Display
• Consumer Electronics
  • Television
  • Smartphones
  • Gaming Displays
  • Notebook/Laptop
  • Home Theatre Systems
  • Wearable Devices
  • Others
• Commercial
  • Indoor/Outdoor Signages
  • Cinema Displays
• Industrial Devices
• Others

By Panel Size:

• <12"
• 12" - 32"
• 32" - 100"
• >100"

By Region:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Poland
  • Russia
• Asia Pacific 
  • China
  • Taiwan
  • Japan
  • India
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America