Micro-LED Display Market at a CAGR of 89.2% from 2021 to 2027

 The global micro-LED display market size is expected to grow from USD 597.0 million in 2020 to USD 27384.2 million by 2027, at a CAGR of 89.2% from 2021 to 2027. Micro-LEDs are a class of displays in which an array of microscopic light-emitting diodes forms individual pixels. The micro-LED display provides high wavelength uniformity for fine pixel pitch display. Additionally, it has less power consumption, ultrahigh definition picture quality, improved color saturation, increased brightness, and a faster response rate than LCDs and OLEDs.

The growth of the micro-LED market is driven by the rise in demand for bright and power-efficient display panels and the increase in preference of electronic giants such as Sony and Apple towards the micro-LED display. Though, the high cost of these displays is expected to restrain the market growth. On the contrary, the rise in demand for consumer electronics is anticipated to provide lucrative growth opportunities.

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The rise in demand for bright and power-efficient display panels, increase in preference of electronic giants towards micro-LED displays, high cost of the micro-LED display, and an upsurge in demand for consumer electronics are the significant factors that impact the growth of the global micro-LED display market. These factors are expected to either drive or hamper the market growth.

COVID-19 Impact on the Global Micro-LED Display

The micro-LED market has been witnessing significant growth over the years. The sudden outbreak of the COVID-19 pandemic has impacted the demand for micro-LED-based products, especially in 2020 and 2021. The pandemic has forced firms to adopt remote working practices. Lockdown in all the major countries to curb the spread of COVID-19 has disrupted the supply chain, halted manufacturing activities, and impacted research and development activities, resulting in delayed production.

Global Micro-LED Display Market Dynamics

Drivers: Increase in demand for bright and power-efficient display panels

The micro-LED display is an emerging technology, a collection of microscopic LEDs that form an individual pixel element. It offers enhanced contrast over the traditional LED and OLED display technologies. Moreover, it features enhanced response time. In addition, the consumption of power by the micro-LED display is less compared to other technologies such as LEDs and OLEDs. Thus, the rise in demand for such brighter and power-efficient devices fuels the growth of the micro-LED display market.

Restraints: High cost of micro-LED display

The micro-LED display is an emerging, fourth-generation display technology. It combines the best features of LCD and OLED, with superior brightness and increased power efficiency. However, the cost of the micro-LED display is much higher than the conventional display technologies, which is expected to impede the market growth. In addition, power leakage due to the miniaturization of the micro-LED display causes high power consumption, which results in increased electricity costs, thereby restraining the market growth.

Opportunities: Upsurge in demand for consumer electronics

A significant rise in demand for consumer electronics has been witnessed, especially in developing countries such as India, China, and others. Factors such as improved living standards and a rise in disposable income among the middle-class population propel the demand for consumer electronics. In addition, micro-LED display applications such as smartphones, TVs, laptops, smartwatches, and others in the consumer electronics segment are expected to rise during the forecast period. Thus, the emergence of such applications is projected to fuel the need for micro-LED displays in the future. Moreover, it is anticipated that smartphones and tablets will witness increased adoption in the upcoming years, which will provide lucrative opportunities for market expansion.

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Scope of the Report

The study categorizes the micro-LED display market based on product, industry vertical, and application at the regional and global levels.

By Product Outlook (Sales/Revenue, USD Million, 2017-2027)

• Large Display
• Small & Medium Size Display
• Micro-Display

By Industry Vertical Outlook (Sales/Revenue, USD Million, 2017-2027)

• Consumer Electronics
• Entertainment & Sports
• Automotive
• Retail
• Government & Defense
• Others

By Application Outlook (Sales/Revenue, USD Million, 2017-2027)

• Smartphone & Tablet
• PC & Laptop
• TV
• Smartwatch
• Others

By Region Outlook (Sales/Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

By product, the electric segmentis projected to account for the largest market share

The global micro-LED display market is segmented into large-scale, small and medium-sized, and micro-display by product. In 2020, the large-scale display segment accounted for the largest market share of 49.6% in the global micro-LED display market. A large-size display is a multi-display arrangement consisting of multiple displays, video projectors, or televisions tilted together to form one large screen, known as a video wall. These displays are found in control rooms, stadiums, and large public venues. Micro-LED large size display minimizes the energy consumption and provides high contrast & brightness, enhancing clarity of the information displayed. During the forecast period, South Korea and Africa are expected to witness significant growth rates at a CAGR of 94.3% and 93.1%, respectively.

Europe accounts for the highestCAGR during the forecast period

Region-Wise, the global micro-LED display market has segmented as North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Europe is estimated to hold the highest CAGR of 90.4% in the global micro-LED display market during the forecast period. The market in Europe is analyzed across the UK, France, Germany, Russia, and the rest of Europe. The adoption of micro-LED displays is increasing in the European region, owing to an upsurge in demand for energy-efficient technology among various industry verticals such as consumer electronics, retail, automotive, and others.

The micro-LED display market is expected to witness strong growth in the coming years due to growing smart TV popularity in Europe. The increase in the adoption of advanced technologies has provided several growth opportunities for the micro-LED display market in Europe. High investment in the display industry is expected to provide growth opportunities for the market. Among all European countries, Germany accounts for the largest market share, owing to proactive government initiatives in the form of subsidiaries, acquisition of smaller companies, and rise in adoption of micro-LED.

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Key Market Players

The companies covered in the micro-LED market are Apple Inc., eLux, Inc., Glo AB, LG Display, Aledia, PlayNitride Inc., Rohinni LLC, Sony Corporation, VueReal, and Samsung Electronics Co. Ltd. Market players have adopted various strategies, such as collaboration & partnership, product launch, and agreement, to expand their foothold in the micro-LED display market.