The mini LED market is projected to record at a dexterous CAGR of 22.5% through the period of forecasting between 2020 and 2030. The growth of the market is primarily attributed to the growing popularity of OLED TVs and preference towards smart screens with better performance and increased lifecycle.
However, the market demand is hugely impacted by the COVID-19 pandemic, on account of diminished manufacturing by end-use sectors and a slump in demand from consumers.
The mini LED market will foresee strong growth in the approaching years, due to growing smart TV popularity in Europe, North America, and also rising new markets in the APAC region.
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 $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.
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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.
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.