The Mini LED market is expected to grow by 2030 due to rising demand for consumer electronics with improved efficiency. The television sub-segment is expected to be the most dominant. The market in Asia-Pacific is expected to be the most lucrative “Mini LED Market by Application and Regional Analysis: Global Opportunity Analysis and Industry Forecast, 2022–2030”.
As per the report, the global mini LED market is predicted to grow at a noteworthy CAGR of 44.48% in the 2022-2030 timeframe, thereby gathering $10,931.10 million by 2030.
Dynamics of the Mini LED Market
Drivers: Mini LEDs are increasingly being used in consumer electronic goods like TVs, smartphones, etc. due to various advantages over LCDs such as greater control over light, illuminating better contrast, etc. This growing adoption of mini LED in consumer electronics to improve their performance is predicted to be the primary growth driver of the mini LED market. Moreover, increasing demand for gaming desktop monitors is further expected to propel the market in the forecast period.
Opportunities: Increasing use of mini LEDs in high-tech applications in order to improve their efficiency and performance, and provide appliances with stylish designs is expected to offer numerous growth opportunities to the market. Additionally, the biggest boost to the market is anticipated to be provided by the growing demand for consumer electronic goods which give high performance.
Restraints: However, mini LEDs require higher precision in the substrate than traditional LEDs, which is anticipated to hamper the growth of the mini LED market.
Impact of Covid-19 on the Mini LED Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The mini LED market, too, faced a similar fate. Halting of manufacturing processes, closure of factories, and shortage of labor due to travel restrictions all contributed to a massive decline in the growth rate of the market in the forecast period.
Segments of the Mini LED Market
The report has fragmented the mini LED market into different segments based on application and region.
- By application, the television sub-segment is predicted to have the largest market share and garner a revenue of $2,709.60 million by 2030. Continuous evolution in panel technology and product launches by leading TV manufacturing companies are estimated to be the main factors behind the growth of this sub-segment.
- By regional analysis, the mini LED market in the Asia-Pacific region is expected to be the most dominant and is projected to grow with a CAGR of 45.34% by 2030. A massive expansion of the semiconductor industry in this region and the presence of leading mini LED manufacturing countries like China and South Korea are projected to become the two main factors behind the growth of the market in this region.
Significant Mini LED Market Players
The significant market players in the mini LED market are
- AUO Corporation
- Harvatek Corporation
- Innolux Optoelectronics Co., Ltd.
- Japan Display, Inc.
- BOE Technology Group Co., Ltd.
- Unity Opto
- Tianma Microelectronics Co., Ltd.
- EVER LIGHT ELECTRONICS CO. LTD., among others.
These key market players are developing different business strategies like product development, merger and acquisitions, partnerships and collaborations to gain a commanding position in the market. For instance, in February 2021, Kulicke and Soffa Industries, Inc., a leading semiconductor packaging and electronic assembly solutions provider, announced the acquisition of Uniqarta, Inc., a Massachusetts-based technology company. This acquisition is anticipated to help Kulicke and Soffa Industries, Inc. immensely as it will be able to cater to the demands of the consumer electronics industry in a much better way.
