Micro-LED Market Share Report, Growth Analysis & Forecast 2030

Coverage: Micro LED Market covers analysis by Application (Display and Lighting); End-user (Consumer Electronics, Aerospace & Defense, Advertisement, and Automotive), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00003166
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
Inquire Before Buy

PRICING

$5190

$4671

[Research Report] The Micro-LED market size is expected to grow from US$ 1.95 billion in 2022 to US$ 150.14 billion by 2030. The Micro-LED market is estimated to grow at a CAGR of 72.1% from 2022 to 2030.

Analyst Perspective:

The Micro-LED market has witnessed significant growth in recent years, driven by technological advancements and the huge adoption of displays among various end users such as consumer electronics, aerospace & defense, entertainment and sports, automotive and others, driving the Micro-LED market growth. Growing adoption of Micro-LED displays in smartphones and an increasing need for brighter and power-efficient display panels are anticipated to drive the Micro-LED market growth over the forecast period. Moreover, the rapid adoption of wearable devices amongst consumers is influencing Micro-LEDs adoption in a big way. In addition, the Micro-LED market witnessed a sharp increase in demand for brighter and more energy-efficient display panels for devices such as smartwatches, TVs, laptops, mobile phones, and AR and VR devices.

According to Enterprise Apps Today, in 2016, half of the world’s population had smartphones, which has increased to nearly 85% of the population owning smartphones. Companies shipped 1.43 billion smartphones worldwide, reaching US$409 billion worldwide. In recent years, smartphone sales reached 1.5 billion smartphones yearly. Such an increase in the sale of smartphones increases the need for HD displays and hence contributes to the Micro-LED market growth.

However, the Micro-LED technology is at an early and developing stage. Key Micro-LED market players such as Sony Corporation, SAMSUNG, LG Electronics and others were engaged in offering ultra-large microLED TVs and other premium devices. Micro-LED market players were increasingly engaging themselves to produce Micro-LED microdisplays and are trying to gain a significant market share in the near future.

Micro-LED Market Overview:

Micro-LED is a display technology based on Micro-LED devices that directly generate color pixels. Micro-LEDs are also known as mLED or μLED. These LEDs utilize inorganic materials such as Gallium Nitrate and others, which do not need backlight for their operation and are self-emitting. Micro-LEDs are used for various applications such as smart watches, wearable handsets, augmented reality (AR) and virtual reality (VR) products, smartphones, 8K UHD televisions, laptops and tablets, large video displays and many others. Micro-LED provides various benefits, such as superior image quality, energy efficiency, and greater durability. There are various benefits of using microLED displays, and Micro-LEDs offer superior image quality, microLED displays achieve brighter whites, deeper blacks, and more vibrant colors than traditional displays because each LED can be controlled independently. Also, microLED displays can be made much thinner than traditional displays because each LED is so small, making them ideal for smartphone devices and other applications where space is critical. Micro-LEDs provide a wide color gamut, low power consumption, high luminance, wide view angle, fast refresh rate, excellent stability and long lifetime, high dynamic range, high contrast, transparency, seamless connection, and sensor integration capability.

Micro-LED Market Driver:

Growing Adoption of Brighter and Power-Efficient Display Panels to Drive Growth of the Micro-LED Market

Brighter and power-efficient displays are becoming increasingly popular among consumers due to their widespread applications in tablets, desktops, televisions, projectors and other devices. Nowadays, micro-LEDs have emerged as an effective solution for consumers requiring brighter and power-efficient displays. Micro-LED displays utilize self-emissive red, blue, and green sub-pixels; hence, they do not require a color filter. This display technology offers OLED-level contrast and dynamic range using inorganic rather than organic LEDs. Micro-LED displays offer up to 10 times more brightness when compared to an OLED panel and are more power efficient, making it idle for smartphones, wearables and other devices. In recent years, most manufacturers are also leveraging the benefits of Micro-LED displays to achieve color conversion. For instance, in June 2023, Mojo Vision, the high-performance micro-LED company, announced the launch of the highest-density (14K ppi) red micro-LED microdisplay. Mojo Vision used their proprietary Quantum Dot (QD) process to display visually vibrant, red micro-LEDs, measuring 1.37um in diameter and set on a 1.87um pitch.  In addition, with the adoption of quantum dot color conversion films, Micro-LED displays are expected to offer the best color accuracy and efficiency, making them a promising technology for displays in the near future. Micro-LEDs have the potential to become the next-generation technology and are revolutionizing the TV and display industry. Thus, the growing adoption of brighter and power-efficient display panels drives the Micro-LED market growth.

Micro-LED Market Report Segmentation and Scope:

The " Micro-LED Market" is segmented based on application, end user, and geography. Based on application, the Micro-LED market is segmented into display and lighting. Based on end users, the Micro-LED market is segmented into consumer electronics, aerospace & defense, entertainment and sports, and automotive. The Micro-LED market, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Micro-LED Market Report Segmentation and Scope:

Micro-LED Market Segmental Analysis:

Based on application, the Micro-LED market is segmented into display and lighting. The display segment held the largest share of the Micro-LED market. The increasing requirement for displays in smartwatches, near-to-eye devices (AR and VR), television, smartphones and tablets, monitors and laptops, head-up displays, digital signage and other devices is contributing to the segment's growth in the Micro-LED market.

Micro-LED Market Regional Analysis:

The North American Micro-LED Market was valued at US$ XX billion in 2022 and is projected to reach US$ XX billion by 2030; it is expected to grow at a CAGR of XX% during the forecast period. North America holds one of the largest global Micro-LED market shares. High technology adoption trends in various industries in the North American region have fueled North America's Micro-LED market growth. Furthermore, the huge presence of major manufacturers such as Apple Inc. contributes to the growth of the Micro-LED Market in North America. Moreover, the North American region has the most significant smartphone adoption rate and has the fastest adoption of technology. The US is the second-most technologically advanced nation. According to statistics, the smartphone adoption rate in the region will reach 85% by 2025. Thus, such increasing smartphone adoption provides lucrative growth opportunities for the North American Micro-LED market growth.

Micro-LED Market Regional Analysis:

Micro-LED Market Key Player Analysis:

The Micro-LED Market analysis consists of players such as Aledia, Apple Inc.; eLux Inc.; Glo AB, LG Display, PlayNitride Inc.; Rohinni LLC; Samsung Electronics Co. Ltd.; Sony Corporation; and VueReal, among others, are the key Micro-LED Market players profiled in the report.

Micro-LED Market Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the Micro-LED Market. A few recent key Micro-LED market developments are listed below: 

  • In August 2023, Samsung announced the launch of ultra-luxurious Micro-LED in India. This Micro-LED is available in a display size of 110 inches. The Micro-LED will be available at select retail stores in India and on Samsung.com for INR 1,14,99,000.
  • In January 2023, Apple announced its plan to build MicroLED displays into future Apple Watch models either in 2024 or 2025. Through this, the company aimed to have greater control over future products with less risk of delays and setbacks that are out of the company’s control.
  • In May 2023, Apple announced the mass production of its own microLED displays to lessen its reliance on Samsung and increase its control over supply. Under this, Apple has spent at least US$ 1 billion on microLED research and development over the past decade. Once production starts, Apple will perform the manufacturing process's critical "mass transfer" step, which involves placing at least tens of thousands of tiny microLED chips onto substrates.
  • In August 2023, LG Electronics (LG) announced the launch of a new Micro-LED signage solution, the LG MAGNIT All-in-One (model LAAA). This new 136-inch Micro-LED signage combines a premium screen featuring LG’s advanced Micro-LED technology and a 1.56-millimeter pixel pitch with a built-in controller and speaker and is ideal for corporate meeting rooms. Along with outstanding picture quality, LG MAGNIT All-in-One offers a convenient user experience with the webOS platform, seamless compatibility with AV control systems and easy installation.

RD Image
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
REGIONAL FRAMEWORK
World Geography

Have a question?

Analyst

Naveen

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst   Speak to Analyst
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
MARKET PLAYERS
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Application, End-user, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. Allos Semiconductors
2. Cree, Inc.
3. Epistar Corporation
4. JBD Inc.
5. LG Display Co. Ltd
6. Lumens
7. OSRAM Licht Group
8. Philips Lighting N.V.
9. Samsung Electronics Co. Ltd
10. Sony Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Micro LED Market