PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438060
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438060
Micro LED Market Forecasts to 2030 - Global Analysis By Display Size (Large Display, Small & Medium Display and Micro Display), Lighting (Automotive Lighting and General Lighting), Application, End User and By Geography
According to Stratistics MRC, the Global Micro LED Market is accounted for $626 million in 2023 and is expected to reach $31972 million by 2030 growing at a CAGR of 75.4% during the forecast period. Micro LED is an advanced display technology that uses tiny individual light-emitting diodes as pixels to create images. Micro LEDs provide high brightness levels, making them suitable for applications where a bright and vibrant display is crucial, such as outdoor signage and large displays. Micro LEDs have a long operational life, providing durable and reliable performance over time.
According to the Ministry of Electronics & Information Technology, Government of India, the electronics manufacturing sector in the country is expected to grow from the current US$ 75.0 Bn in 2020-21 to US$ 300.0 Bn by 2025-26.
Market Dynamics:
Driver:
Rising demand for brighter and more power-efficient display panels
The increasing demand for brighter and more power-efficient display panels is a key driver in the market. As consumers and industries seek higher-quality visual experiences, there is a growing preference for display technologies that offer superior brightness and energy efficiency. Additionally, micro LED technology addresses these demands by providing brighter and more vibrant displays compared to traditional LED and LCD technologies.
Restraint:
High cost
Micro LED displays involve complex manufacturing processes, including the placement of millions of tiny individual LEDs on a substrate. This intricate fabrication process, along with the use of premium materials such as gallium nitride, contributes to the elevated production costs of micro-LED displays. This cost differential can act as a deterrent for widespread consumer adoption, limiting market penetration.
Opportunity:
Energy-efficient
Micro LEDs are inherently energy-efficient due to their unique self-emissive properties. Each micro LED pixel emits its own light, allowing for precise control over individual pixels and minimizing unnecessary energy consumption. Moreover, the energy efficiency of micro LEDs contributes to sustainability efforts, aligning with global initiatives to reduce power consumption and minimize environmental impact. Improved energy efficiency continues to be a key driver in shaping the future of micro LED technology.
Threat:
Integration challenges
The microscopic size of Micro LEDs and the intricacies of integrating them into existing devices pose significant hurdles. Compatibility issues with established technologies, such as driver circuits and control systems, may necessitate adaptations for successful integration. Moreover, integration challenges may lead to delays, increased production costs, and hindered market penetration.
Covid-19 Impact
The COVID-19 pandemic has significantly impacted the market. Lockdowns, travel restrictions, and workforce challenges have led to delays in production, affecting the timely launch of micro LED products. Moreover, the increased reliance on remote work and online activities has boosted demand for high-quality displays and created opportunities for the micro LED market.
The micro display segment is expected to be the largest during the forecast period
The micro display segment is estimated to hold the largest share. Micro displays play a pivotal role as they incorporate arrays of tiny micro LEDs to generate images or information. These displays are characterized by their small form factor, making them suitable for integration into a diverse range of applications, including augmented reality (AR) and virtual reality (VR) headsets, smart glasses, cameras, and other wearable devices. As technology advances and applications expand, micro displays continue to be a key driver in the growth and innovation in the market.
The automotive segment is expected to have the highest CAGR during the forecast period
The automotive segment is anticipated to have lucrative growth during the forecast period. Micro LEDs offer several advantages in automotive applications, including high brightness, energy efficiency, and the ability to create sleek and customizable displays. Moreover, the self-emissive nature of micro LEDs allows for precise control over individual pixels, enabling the creation of high-resolution and visually striking displays within the limited space of a vehicle interior.
Region with largest share:
North America commanded the largest market share during the extrapolated period owing to the technological advancements and a robust consumer electronics industry. With a high level of technological adoption and consumer demand for cutting-edge displays, the region has emerged as a key player in the Micro LED market. Additionally, the region's strong ecosystem of technology enthusiasts and early adopters further accelerates the adoption of Micro LED displays.
Region with highest CAGR:
Asia Pacific region is expected to witness profitable growth over the projection period. Countries like China, South Korea, and Japan are at the forefront, driving the adoption of micro LED technology in various applications, including consumer electronics, automotive displays, and large-scale digital signage. Furthermore, the diversification of micro LED applications creates new market prospects, contributing to the region's rapid growth rate.
Key players in the market
Some of the key players in the Micro LED Market include Genesis Photonics Inc., Samsung Electronics Co., Ltd., Lumileds Holding B.V, Signify Holding, Nichia Corporation, Wolfspeed, Inc., Nanosys, LG Electronics Co., Ltd., Sony Corporation, Apple Inc. and LG Display Co Ltd.
Key Developments:
In June 2023, Qualcomm Technologies announced an extended collaboration with Sony Corporation to power the next generation of smartphones. The agreement between the two companies will focus on delivering "unparalleled user experiences" across premium, high-tier, and mid-tier smartphones.
In May 2023, Sony Corporation and Astellas Pharma Inc. announced that they have entered into a collaborative research agreement to discover a novel Antibody-Drug Conjugate (ADC)*1 platform in oncology based on Sony's unique polymeric material, "KIRAVIA™*2 Backbone*3."
In September 2022, LG Display Collaborates with Royal College of Art to Host 'Luminous' Exhibition at the Old Street Gallery in London. Through its collaboration with the RCA, the world's leading art and design university, LG Display plans to foster future experts in the media arts space.
In January 2022, LG Display and Brelyon announced a strategic cooperation under which Brelyon will integrate LG Display's P-OLED technology into its ultra-immersive, virtual monitors.
Display Sizes Covered:
- Large Display
- Small & Medium Display
- Micro Display
Lightings Covered:
- Automotive Lighting
- General Lighting
Applications Covered:
- Smartphones
- Monitors
- Tablets
- Laptops
- Smartwatches
- Other Applications
End Users Covered:
- Automotive
- Consumer Electronics
- BFSI
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Micro LED Market, By Display Size
- 5.1 Introduction
- 5.2 Large Display
- 5.3 Small & Medium Display
- 5.4 Micro Display
6 Global Micro LED Market, By Lighting
- 6.1 Introduction
- 6.2 Automotive Lighting
- 6.3 General Lighting
7 Global Micro LED Market, By Application
- 7.1 Introduction
- 7.2 Smartphones
- 7.3 Monitors
- 7.4 Tablets
- 7.5 Laptops
- 7.6 Smartwatches
- 7.7 Other Applications
8 Global Micro LED Market, By End User
- 8.1 Introduction
- 8.2 Automotive
- 8.3 Consumer Electronics
- 8.4 BFSI
- 8.5 Other End Users
9 Global Micro LED Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Genesis Photonics Inc.
- 11.2 Samsung Electronics Co., Ltd.
- 11.3 Lumileds Holding B.V
- 11.4 Signify Holding
- 11.5 Nichia Corporation
- 11.6 Wolfspeed, Inc.
- 11.7 Nanosys
- 11.8 LG Electronics Co., Ltd.
- 11.9 Sony Corporation
- 11.10 Apple Inc.
- 11.11 LG Display Co Ltd
List of Tables
- Table 1 Global Micro LED Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Micro LED Market Outlook, By Display Size (2021-2030) ($MN)
- Table 3 Global Micro LED Market Outlook, By Large Display (2021-2030) ($MN)
- Table 4 Global Micro LED Market Outlook, By Small & Medium Display (2021-2030) ($MN)
- Table 5 Global Micro LED Market Outlook, By Micro Display (2021-2030) ($MN)
- Table 6 Global Micro LED Market Outlook, By Lighting (2021-2030) ($MN)
- Table 7 Global Micro LED Market Outlook, By Automotive Lighting (2021-2030) ($MN)
- Table 8 Global Micro LED Market Outlook, By General Lighting (2021-2030) ($MN)
- Table 9 Global Micro LED Market Outlook, By Application (2021-2030) ($MN)
- Table 10 Global Micro LED Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 11 Global Micro LED Market Outlook, By Monitors (2021-2030) ($MN)
- Table 12 Global Micro LED Market Outlook, By Tablets (2021-2030) ($MN)
- Table 13 Global Micro LED Market Outlook, By Laptops (2021-2030) ($MN)
- Table 14 Global Micro LED Market Outlook, By Smartwatches (2021-2030) ($MN)
- Table 15 Global Micro LED Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 16 Global Micro LED Market Outlook, By End User (2021-2030) ($MN)
- Table 17 Global Micro LED Market Outlook, By Automotive (2021-2030) ($MN)
- Table 18 Global Micro LED Market Outlook, By Consumer Electronics (2021-2030) ($MN)
- Table 19 Global Micro LED Market Outlook, By BFSI (2021-2030) ($MN)
- Table 20 Global Micro LED Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 21 North America Micro LED Market Outlook, By Country (2021-2030) ($MN)
- Table 22 North America Micro LED Market Outlook, By Display Size (2021-2030) ($MN)
- Table 23 North America Micro LED Market Outlook, By Large Display (2021-2030) ($MN)
- Table 24 North America Micro LED Market Outlook, By Small & Medium Display (2021-2030) ($MN)
- Table 25 North America Micro LED Market Outlook, By Micro Display (2021-2030) ($MN)
- Table 26 North America Micro LED Market Outlook, By Lighting (2021-2030) ($MN)
- Table 27 North America Micro LED Market Outlook, By Automotive Lighting (2021-2030) ($MN)
- Table 28 North America Micro LED Market Outlook, By General Lighting (2021-2030) ($MN)
- Table 29 North America Micro LED Market Outlook, By Application (2021-2030) ($MN)
- Table 30 North America Micro LED Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 31 North America Micro LED Market Outlook, By Monitors (2021-2030) ($MN)
- Table 32 North America Micro LED Market Outlook, By Tablets (2021-2030) ($MN)
- Table 33 North America Micro LED Market Outlook, By Laptops (2021-2030) ($MN)
- Table 34 North America Micro LED Market Outlook, By Smartwatches (2021-2030) ($MN)
- Table 35 North America Micro LED Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 36 North America Micro LED Market Outlook, By End User (2021-2030) ($MN)
- Table 37 North America Micro LED Market Outlook, By Automotive (2021-2030) ($MN)
- Table 38 North America Micro LED Market Outlook, By Consumer Electronics (2021-2030) ($MN)
- Table 39 North America Micro LED Market Outlook, By BFSI (2021-2030) ($MN)
- Table 40 North America Micro LED Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 41 Europe Micro LED Market Outlook, By Country (2021-2030) ($MN)
- Table 42 Europe Micro LED Market Outlook, By Display Size (2021-2030) ($MN)
- Table 43 Europe Micro LED Market Outlook, By Large Display (2021-2030) ($MN)
- Table 44 Europe Micro LED Market Outlook, By Small & Medium Display (2021-2030) ($MN)
- Table 45 Europe Micro LED Market Outlook, By Micro Display (2021-2030) ($MN)
- Table 46 Europe Micro LED Market Outlook, By Lighting (2021-2030) ($MN)
- Table 47 Europe Micro LED Market Outlook, By Automotive Lighting (2021-2030) ($MN)
- Table 48 Europe Micro LED Market Outlook, By General Lighting (2021-2030) ($MN)
- Table 49 Europe Micro LED Market Outlook, By Application (2021-2030) ($MN)
- Table 50 Europe Micro LED Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 51 Europe Micro LED Market Outlook, By Monitors (2021-2030) ($MN)
- Table 52 Europe Micro LED Market Outlook, By Tablets (2021-2030) ($MN)
- Table 53 Europe Micro LED Market Outlook, By Laptops (2021-2030) ($MN)
- Table 54 Europe Micro LED Market Outlook, By Smartwatches (2021-2030) ($MN)
- Table 55 Europe Micro LED Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 56 Europe Micro LED Market Outlook, By End User (2021-2030) ($MN)
- Table 57 Europe Micro LED Market Outlook, By Automotive (2021-2030) ($MN)
- Table 58 Europe Micro LED Market Outlook, By Consumer Electronics (2021-2030) ($MN)
- Table 59 Europe Micro LED Market Outlook, By BFSI (2021-2030) ($MN)
- Table 60 Europe Micro LED Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 61 Asia Pacific Micro LED Market Outlook, By Country (2021-2030) ($MN)
- Table 62 Asia Pacific Micro LED Market Outlook, By Display Size (2021-2030) ($MN)
- Table 63 Asia Pacific Micro LED Market Outlook, By Large Display (2021-2030) ($MN)
- Table 64 Asia Pacific Micro LED Market Outlook, By Small & Medium Display (2021-2030) ($MN)
- Table 65 Asia Pacific Micro LED Market Outlook, By Micro Display (2021-2030) ($MN)
- Table 66 Asia Pacific Micro LED Market Outlook, By Lighting (2021-2030) ($MN)
- Table 67 Asia Pacific Micro LED Market Outlook, By Automotive Lighting (2021-2030) ($MN)
- Table 68 Asia Pacific Micro LED Market Outlook, By General Lighting (2021-2030) ($MN)
- Table 69 Asia Pacific Micro LED Market Outlook, By Application (2021-2030) ($MN)
- Table 70 Asia Pacific Micro LED Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 71 Asia Pacific Micro LED Market Outlook, By Monitors (2021-2030) ($MN)
- Table 72 Asia Pacific Micro LED Market Outlook, By Tablets (2021-2030) ($MN)
- Table 73 Asia Pacific Micro LED Market Outlook, By Laptops (2021-2030) ($MN)
- Table 74 Asia Pacific Micro LED Market Outlook, By Smartwatches (2021-2030) ($MN)
- Table 75 Asia Pacific Micro LED Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 76 Asia Pacific Micro LED Market Outlook, By End User (2021-2030) ($MN)
- Table 77 Asia Pacific Micro LED Market Outlook, By Automotive (2021-2030) ($MN)
- Table 78 Asia Pacific Micro LED Market Outlook, By Consumer Electronics (2021-2030) ($MN)
- Table 79 Asia Pacific Micro LED Market Outlook, By BFSI (2021-2030) ($MN)
- Table 80 Asia Pacific Micro LED Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 81 South America Micro LED Market Outlook, By Country (2021-2030) ($MN)
- Table 82 South America Micro LED Market Outlook, By Display Size (2021-2030) ($MN)
- Table 83 South America Micro LED Market Outlook, By Large Display (2021-2030) ($MN)
- Table 84 South America Micro LED Market Outlook, By Small & Medium Display (2021-2030) ($MN)
- Table 85 South America Micro LED Market Outlook, By Micro Display (2021-2030) ($MN)
- Table 86 South America Micro LED Market Outlook, By Lighting (2021-2030) ($MN)
- Table 87 South America Micro LED Market Outlook, By Automotive Lighting (2021-2030) ($MN)
- Table 88 South America Micro LED Market Outlook, By General Lighting (2021-2030) ($MN)
- Table 89 South America Micro LED Market Outlook, By Application (2021-2030) ($MN)
- Table 90 South America Micro LED Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 91 South America Micro LED Market Outlook, By Monitors (2021-2030) ($MN)
- Table 92 South America Micro LED Market Outlook, By Tablets (2021-2030) ($MN)
- Table 93 South America Micro LED Market Outlook, By Laptops (2021-2030) ($MN)
- Table 94 South America Micro LED Market Outlook, By Smartwatches (2021-2030) ($MN)
- Table 95 South America Micro LED Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 96 South America Micro LED Market Outlook, By End User (2021-2030) ($MN)
- Table 97 South America Micro LED Market Outlook, By Automotive (2021-2030) ($MN)
- Table 98 South America Micro LED Market Outlook, By Consumer Electronics (2021-2030) ($MN)
- Table 99 South America Micro LED Market Outlook, By BFSI (2021-2030) ($MN)
- Table 100 South America Micro LED Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 101 Middle East & Africa Micro LED Market Outlook, By Country (2021-2030) ($MN)
- Table 102 Middle East & Africa Micro LED Market Outlook, By Display Size (2021-2030) ($MN)
- Table 103 Middle East & Africa Micro LED Market Outlook, By Large Display (2021-2030) ($MN)
- Table 104 Middle East & Africa Micro LED Market Outlook, By Small & Medium Display (2021-2030) ($MN)
- Table 105 Middle East & Africa Micro LED Market Outlook, By Micro Display (2021-2030) ($MN)
- Table 106 Middle East & Africa Micro LED Market Outlook, By Lighting (2021-2030) ($MN)
- Table 107 Middle East & Africa Micro LED Market Outlook, By Automotive Lighting (2021-2030) ($MN)
- Table 108 Middle East & Africa Micro LED Market Outlook, By General Lighting (2021-2030) ($MN)
- Table 109 Middle East & Africa Micro LED Market Outlook, By Application (2021-2030) ($MN)
- Table 110 Middle East & Africa Micro LED Market Outlook, By Smartphones (2021-2030) ($MN)
- Table 111 Middle East & Africa Micro LED Market Outlook, By Monitors (2021-2030) ($MN)
- Table 112 Middle East & Africa Micro LED Market Outlook, By Tablets (2021-2030) ($MN)
- Table 113 Middle East & Africa Micro LED Market Outlook, By Laptops (2021-2030) ($MN)
- Table 114 Middle East & Africa Micro LED Market Outlook, By Smartwatches (2021-2030) ($MN)
- Table 115 Middle East & Africa Micro LED Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 116 Middle East & Africa Micro LED Market Outlook, By End User (2021-2030) ($MN)
- Table 117 Middle East & Africa Micro LED Market Outlook, By Automotive (2021-2030) ($MN)
- Table 118 Middle East & Africa Micro LED Market Outlook, By Consumer Electronics (2021-2030) ($MN)
- Table 119 Middle East & Africa Micro LED Market Outlook, By BFSI (2021-2030) ($MN)
- Table 120 Middle East & Africa Micro LED Market Outlook, By Other End Users (2021-2030) ($MN)
