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Micro-LED Market
The Micro-LED Market is estimated to expand at a significant CAGR over the forecast period (2020-2027).
The factors driving the growth of Micro-LED Market includes increasing application of micro-LED in the consumer electronic devices such as smartwatches and AR/VR devices and rising demand for power efficient display panels around the world. According to the report published by Bloomberg, the Global Smartwatch Market is expected to reach USD 72,520 million by the end of 2027, growing at a CAGR of 20.5% over the forecast period (2021-2027), which will boost the Global Micro-Led Market in the approaching years. Moreover, rising popularity of Head Mounted Display (HMD) systems, integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) with the wearable devices and technological innovations in the micro-LED, are some of the additional factors supplementing the Micro-Led Market size. In addition, the increasing investments by leading players on research and development, improvements in the living standards, rapid growth in the streaming services and rising emphasis by manufacturers on developing energy efficient display solutions, are further contributing to the market growth.
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However, the growth of Micro-LED Market is hindered due to availability of less expensive substitute products such as OLEDs and LCDs.
The leading players operating I the market are Glo AB, JBD Inc., Aledia, Epistar Corp, Sony Corporation, Apple Inc., Philips Lighting N.V., X-Celeprint, Samsung Electronics Co., Ltd and LG Electronics Co., Ltd, among others.
Application: Segment Analysis
Based on Application, the Lighting segment is estimated to capture the largest market share during the forecast period. The increasing use of LED solutions in the hallways, bathrooms, and kitchens along with Government initiatives to promote the use of LED products to conserve energy, are some of the factors responsible for the segment’s growth.
Vertical: Segment Analysis
Based on Vertical, the Automotive segment is predicted to grow at a significant CAGR over the forecast period. The Micro-LEDs are increasingly used in the manufacturing of automobiles to control light beam and providing better visibility to the driver, are some of the important factors augmenting the segment’s growth.
Regional: Segment Analysis
Based on Region, the Asia-Pacific region is projected to hold the highest market share during the forecast period. Strong presence of the leading players such as Samsung Electronics Co., Ltd, LG Electronics Co., Ltd and Sony Corporation, technological innovations in the LED display systems, rapid urbanization, increasing disposable incomes and high population density, are influencing the market growth in Asia-Pacific.
Market Segmentation
Global Micro-LED Market by Application
Display
Near-To-Eye (NTE) Devices
Smartwatch
Television
Head-Up Display (HUD)
Smartphone and Tablet
Monitor & Laptops
Digital signage
Lighting
General Lighting
Automotive Lighting
Global Micro-LED Market by Panel Size
Microdisplay
Small & Medium Sized Panel
Large Panel
Global Micro-LED Market by Vertical
Consumer Electronics
Advertisement
Automotive
Aerospace & Defense
Energy & Power
Architecture & Construction
Entertainment & Sports
Retail
Residential
Others
Global Micro-LED Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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