The growing popularity of OLED TVs in China and India has had a significant impact on the growth of the small LED industry in recent years. The trend towards smart screens with longer lifespans and better performance is predicted to open up multiple potential prospects for the tiny LED market as a result of an increase in disposable income for the majority of the population in these nations. Furthermore, aspirational and affluent households have boosted their spending on consumer goods and smart gadgets, which is expected to drive demand for Standard Mini LED market from end-use industries.
Market players are looking for possible prospects in untapped markets as the focus on IoT and smart devices grows. Leading makers of tiny LEDs can find a large consumer base in Asia’s densely populated countries. The small LED market is seeing new opportunities thanks to widespread acceptance of digitalization and an increase in the number of end-use sector product makers. According to a new Fact.MR report, the micro LED market is expected to grow at a 22 percent compound annual growth rate (CAGR) through 2030.
Key Takeaways: Standard Mini LED Market
- Mini LEDs are expected to account for 26% of overall market revenue in 2020, but their market share will decline by 2000 BPS by 2030, compared to 2020.
- As an end-use industry for micro LEDs, consumer electronics is estimated to produce revenue worth US$ 150 million in 2020 and US$ 1,150 million by 2030, growing at a CAGR of 23% during the projection period.
- During the projected period, the automobile segment is expected to grow at a rate of 21.5 percent, with a total opportunity of US$ 230 million.
- East Asia’s tiny LED market is expected to account for a significant portion of the worldwide market value.
During the forecast period, the small LED market in North America is expected to develop at the fastest rate in terms of value.
- As a result of decreasing production by end-use businesses and dwindling demand from consumers, demand for micro LEDs has been affected as a result of the COVID-19 outbreak.
“As competition in the micro LED market grows, collaboration with end-use industry players and vertical integration for acquiring market share and improving brand recognition are vital to achieve traction,” says a Fact.MR analyst.
Vertical Integration Stands as Prime Strategy
The micro LED market’s major players are concentrating on capacity growth and vertical integration. Furthermore, businesses are using e-Commerce and a variety of digital channels to broaden their market reach and reach their target clients. Companies are also cooperating with end-use industry participants in addition to the aforementioned tactics. Cree, Vishay, Revolution Lighting Technologies, Inc., Orion Energy Systems, Inc., Deco Lighting, and Epistar are all major participants in the small LED industry.
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