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Mini LED Display Market Size Worth US$ 9,343 Million by 2027 | CAGR 78.30%

As per the study, the Global Mini LED Display Market Size is estimated to grow at a CAGR of 78.30% during the forecast period of 2021 to 2027. In 2020, the market was valued at US$ 174.5 Mn and is anticipated to cross US$ 9,343 Mn by the end of the year 2027. 

Increasing demand of mini-LEDs backlight in electronic industry, automotive industry, and the trending factors in adoption of LED based TVs, smartwatches, smartphones, and other smart devices drive the growth of the mini-LED display market across the globe. As per Samsung Electronics Co., ltd., in 2019, the demand for large-sized TVs grew approximately 88% Y-o-Y on the back of the efforts to create demand with innovative products. Demand for TVs increased continuously in the years 2017, 2018, and 2019 by 26.5%, 29.0%, and 30.9% respectively. 

Mini LED display have several advantages when compared to other display technologies, such as LEDs provide share contrast, high brightness, the technology has power saving capacity and low failure rate when compared to traditional LCDs. However, mini-LEDs includes high cost of equipment than LCDs and requires large number of IC (Integrated Circuit) to operate. Even so, with the technological advancements and yield rate, the cost of Mini LED backlight displays is expected to undergo 15-20% Y-o-Y decline and is anticipated to fall less than the price of OLEDs by the year end 2022, making it a cost competitive option in the market.

Many electronic companies use mini-LEDs as they provide high contrast, improved black light than OLEDs (Organic LED), manufactures get better control on dimming the light on devices using mini-LEDs, it is better in displaying HDR content and are less expensive when compared to OLEDs. Recently, Japan Display Inc. developed a flexible fingerprint sensor that is thin, light, and does not fracture when bent by integrating its capacitive-type glass-based fingerprint sensor technology and flexible display technology. Hence, with constant advancements by companies and increasing R&D expenditure create improved opportunities for the global mini-LED display market. 

Regardless of several growth factors, the global mini-LED display market faces challenges such as high-power consumption in mini-LEDs. Mini LEDs have a promising high screen resolution and better display capabilities. However, all these qualities have a direct impact on power consumption of these LEDs.

Mini-LED Displays Market Analysis, by Application

Mini-LEDs have major applications in televisions, smartphones, projectors; and can also be found in other consumer electronics devices, owing to power efficient and  high brightness offered by the technology. For instance, Apple's latest iPad Pro, employs mini-LED display technology and Apple's iPad and Mac notebook lineups are expected to switch to Mini-LED panels by the end of 2021.

Mini LED displays are used in various sectors such as in automotive display, consumer electronics (TVs, smartphones, laptops, gaming displays, and other devices), commercial (cinema display, Indoor/Outdoor Signages), industrial devices and other.

The rising usage of electronic devices like smartphones and tablets is likely to provide a lucrative opportunity for mini-LED display industry to thrive in the consumer electronics industry. Thus, consumer electronics in application segment contributes with the maximum share in the market and projected to grow at the highest CAGR of 80.4%. As laptop holds the highest CAGR 83.3% in consumer electronics, during the forecast period since by using much smaller LEDs as backlight.

Mini LED Display Regional Market Analysis

As per the study, Asia Pacific mini-LED display market records the highest market share of 60% in the global mini-LEDs display market in 2020. According to the researchers, China and Japan are the major countries in Asia Pacific, holding around 55% of share in manufacturing and distributing of mini-LEDs. Increasing trends in consumer electronics industry in the region and increasing demand for LED-based TVs, laptops, and smartphones drives the growth of the APAC region at the high growth rate of 80.7%. Furthermore, the region has one of the highest sales of mini-LED displays. 

Asia Pacific mini-LEDs display market is followed by North America in the growth opportunity with a CAGR of about 75% due to significant size of young population, increasing number of institutions, industries, and organizations with rising demand of consumer electronics such as cellphones, laptops, and monitors, particularly in industrialized countries.

COVID – 19 Impact on Mini LED Display Industry

Covid-19 pandemic adversely affected the mini-LEDs display market as the outbreak resulted in unavailability of employees and shutdown decreased in the production of mini-LEDs display. Shipment of products were ban by government which affected the supply chain.

APAC is the largest manufacturer of electronics, automotive and other applications which used mini-LED display; with manufacturing of major applications and key manufacturer of mini-LED displays in the region, the impact of COVID-19 was high on the regional market. However, researchers estimates that the APAC mini-LED display market will catch the pace during the forecast period of 2021 to 2027.

Key Players in the Market

The global mini-LED display market is observed to be monopolistic competition in nature, and it is projected to shift towards oligopoly nature over the forecast period. As for most industries, the intensity of competitive rivalry is the major determinant of overall competitiveness of the industry in question.

Key players in the global mini-LED display market are BOC Technology, Japan Display Inc., San’an Optoelectronics, AU Optronics Corp are some of the major key players holding 43% of the cumulative market share. As per the study, the data triangulation of global mini-LED display market shows that the bottom end of the pyramid consists of local players and small-scale players, whereas top of the pyramid includes the section of key players that includes EPISTAR Corporation, Inc., Everlight Electronics Co. Ltd., and Harvatek Corporation.

Segmentation Overview of Global Mini-LED Display Market

The Global Mini LED Display Market is segmented based on Form, Applications, and Panel Size.

In the form segment of mini-LED display market, backlight source hold approximately two times more market share as compared to self-emissive pixel emitters in the year 2020 and has the maximum compound annual growth rate during the forecast period. An LCD that employs mini-LED technology essentially uses LEDs about the size of 0.9 to 0.1 millimeters for backlighting. These individual LEDs can be turned on and off to enable more targeted dimming and allow the production of deeper blacks and better contrast ratio and presents a superior image quality that could rival OLED display technology.

By Form

  • Blacklist Source (for LCDs)
  • Self-emission Pixel Emitters

By Application

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

By Panel Size

  • <12”
  • 12”- 32”
  • 32” – 100”
  • >100

By Region

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

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