The global micro-LED display market size was US$ 1041.0 million in 2021. The global micro-LED display market is forecast to grow to US$ 91384.2 million by 2030 by growing at a compound annual growth rate (CAGR) of 75.2% during the forecast period from 2022 to 2030.
Micro-LEDs are used to deliver high wavelength uniformity for fine pixel pitch display. Micro LED display consumes less power and offers ultrahigh definition picture quality. In addition, it also offers better colour saturation and increased brightness than other technology.
Factors Influencing the Market
The rising demand for bright and power-efficient display panels will surge the demand for micro-LED displays during the forecast period.
The benefits of micro-LEDs over conventional display technology will contribute to the growth of the market. For instance, micro-LEDs feature enhanced response time and require less power than LEDs and OLEDs. Moreover, demand for brighter and power-efficient devices is increasing from end-users, which will be opportunistic for the micro-LED display market during the analysis period.
The high cost of the micro-LED display may limit the growth of the market. On the contrary, growing developments in the consumer electronics sector will propel the micro-LED display market forward.
Prominent electronics brands, such as Apple and LG, are also unveiling new technology using the micro-LED display. For instance, Apple integrated micro-LED technology in its apple watch and iPhones in 2018. In the same year, LG introduced its smartphone named LG G7 ThinQ, incorporated with a 6.1-inch micro-LED full vision display. Thus, the growing popularity of micro-LEDs will escalate the growth of the market in the coming years.
COVID-19 Impact Analysis
The ongoing COVID-19 pandemic has halted the growth of the global micro-LED market due to many factors. Lockdown in countries like China and India lasted for a long time. Manufacturing units were closed as a result of that, which negatively impacted the global micro-LED display market. However, companies have adopted remote working practices, which upsurged the demand for laptops and other devices. Thus, it has been beneficial for the micro-LED display market.
Regional Analysis
On the basis of region, the European market for micro-LED displays is expected to emerge as the largest market. The demand for micro-LED displays has witnessed an increase in the region, which is attributed to the growing awareness related to energy-efficient technology across automotive, consumer electronics, retail, and other industries. Furthermore, trends like smart home infrastructure, together with the rising adoption of smart TV, will also propel the market forward.
Growing investment in the display industry will also contribute to the growth of the micro-LED display market.
Competitors in the Market
Market Segmentation
The global micro-LED display market segmentation focuses on Product, Industry Vertical, Application, and Region.
By Product Outlook
By Industry Vertical Outlook
By Application Outlook
By Regional Outlook
