In recent years, increasing popularity of OLED TVs in China and India has been significantly influencing growth of the mini LED market. With an increase in disposable income of a majority of the population in these countries, the inclination towards smart screens with higher lifespan and better performance is expected to open up numerous growth opportunities for the mini LED market.
Moreover, aspiring and affluent households have increased their spending on consumer electronics products and smart gadgets, which is set to drive demand from end-use industries in the mini LED market.
As the focus on IoT and smart devices becomes strong, worldwide, market players are eyeing potential opportunities in unexplored markets. Highly populous Asian countries, in particular, offer a huge customer base for leading manufacturers of mini LEDs. High adoption of digitalization and surge in the number of end-use industry product manufacturers are opening up new avenues for the mini LED market. According to a new study, the mini LED market is poised to expand at an impressive value CAGR of 22% through 2030.
Key Takeaways from Mini LED Market Study
- Standard mini LEDs are estimated to account for 26% share of total market revenue in 2020, but lose 2000 BPS in their market share by 2030 over 2020.
- Consumer electronics, as an end-use industry for mini LEDs, continues to influence the growth strategies of market players, and are expected to contribute revenue worth $150m in 2020 and $1,150m by 2030, progressing at a CAGR of 23% during the forecast period.
- The automotive segment is expected to record a CAGR of 21.5% and create an absolute $ opportunity of $230m during the forecast period.
- The East Asia mini LED market is projected to hold a prominent share of the global market value.
- The mini LED market in North America is projected to resister the highest growth rate in terms of value during the forecast period.
- Demand for mini LEDs has been hit due to the COVID-19 outbreak, as a result of decreased production by end-use industries and dwindling demand from consumers.
“Collaboration with end-use industry players and vertical integration for gaining market share and increasing brand awareness are important to gain traction as competition increases in the mini LED market,” said an analyst.
Key players in the mini LED market are focusing on capacity expansion and vertical integration. Furthermore, companies are expanding their market reach with the help of e-Commerce and numerous digital platforms to reach their target customers.
In addition to the above strategies, companies are also collaborating with end-use industry players. Prominent players in the mini LED market include Cree. Vishay, Revolution Lighting Technologies, Inc., Orion Energy Systems, Inc, Deco Lighting, and Epistar.