Mini LED Market

Mini LED Market Outlook (2024 to 2034)

Revenue from the global mini LED market is estimated to reach US$ 572.4 million in 2024. The market has been analyzed to climb to a size of US$ 24.51 billion by the end of 2034, expanding at a CAGR of 45.6% between 2024 and 2034.

Mini LED (light emitting diode) technology enhances display capabilities by achieving higher contrast ratios, deeper blacks, and brighter colors by cramming multiple mini LEDs onto a single backlight unit. This technology is used by many industries, such as consumer electronics, signage, transportation, and medicine.

Demand for high-quality displays is rising, and new backlighting technologies are being employed more often. In addition, the popularity of small LED-based products such as smartphones, TVs, and monitors is rising. The growing popularity of energy-efficient and ecologically friendly display options is driving up demand for small LED technology.

Key Market Growth Drivers

• Global mini LED market growth is being driven by the increasing popularity of LED TVs and the emergence of new market opportunities in the Asia Pacific region. The market for mini LEDs is more consolidated in the East and South Asian regions.
• The consumer electronics market is predominantly influenced by trends such as rising preference for LED-based TVs, laptops, and smartphones.
• Mini LEDs are creating significant growth opportunities due to their ability to offer higher contrast ratios, brightness, power efficiency, and resistance to burn-in.
• The popularity of mini LEDs is increasing in devices like TVs and smartphones, driven by the growing demand for consumer electronics with improved performance and efficiency.
• The automotive and defense sectors are also embracing LED screens in a big way, opening up new growth avenues for mini LED producers.
• The advent of NGN (Next Generation Network) and the expanding IoT (Internet of Things) landscape are poised to bolster demand for smartphones, smart watches, laptops, projectors, and other smart devices, thereby expanding the mini LED market in the forecast period.

Report Attribute	Details
Mini LED Market Size (2024 E)	US$ 572.4 Million
Projected Market Value (2034 F)	US$ 24.51 Billion
Global Market Growth Rate (2024 to 2034)	45.6% CAGR
East Asia Market Growth Rate (2024 to 2034)	47.5% CAGR
North America Market Growth Rate (2034)	44.4% CAGR
Standard LEDs Segment Value (2024)	US$ 332 Million
Consumer Electronics Segment Value(2024)	US$ 354.9 Million
Key Companies Profiled	Epistar Corporation; Osram Licht AG; Nichia Corporation; Seoul Semiconductor Co., Ltd.; Apple Inc.; Samsung Electronics Co., Ltd.; LG Display Co., Ltd.; BOE Technology Group Co., Ltd.; AU Optronics Corp.; Innolux Corporation; Xiaomi.

How are Market Players Benefitting from Surging Popularity of Mini LED Technology?

“Mini-LED Technology Enhancing Image Quality and Pixel Density”

Mini LED technology significantly enhances display performance, delivering higher contrast ratios, deeper blacks, and improved color accuracy. This advancement is driving the demand for mini LED displays across diverse applications such as gaming monitors, televisions, and smartphones.

Mini LED displays offer lower power consumption compared to standard LCDs, making them appealing to users seeking environmentally friendly options and longer battery life in portable devices. This feature is further supported by energy-saving regulations and initiatives, promoting the adoption of mini LED displays.

Continuous advancements in mini LED manufacturing, including enhanced mass transfer and chip manufacturing processes, are reducing production costs. This improved efficiency is making mini LED displays more affordable and accessible to a broader audience.

The huge popularity of 4K and 8K entertainment is boosting demand for high-resolution monitors. Mini LED technology, with its capability for high pixel density and superior image quality, is facilitating the integration of mini LED displays in professional monitors, televisions, and digital signage.

What is Impacting Mini LED Market Growth Slightly?

“High Manufacturing Costs Due to Specialized Materials and Advanced Production Techniques”

Manufacturing expenses associated with mini LED displays surpass those of standard LED displays, primarily due to the necessity for specialized materials and advanced production techniques. This results in a significant initial investment for adopting mini LED technology, thereby restricting its widespread adoption across various industries.

Competing in the market are alternative display technologies such as OLED (organic light-emitting diode) and microLED. While mini LED technology holds promise with its potential for smaller pixel sizes and potentially superior performance compared to OLED, OLED displays excel in areas like color reproduction, flexibility, and compact form factors. The integration of mini LED displays in specific applications also poses challenges to the market presence of competing technologies. All of these factors are impeding the expansion of the mini LED market size.

Country-wise Insights

The market for mini LEDs in Europe is growing at a significant pace due to the rising demand for advanced display technologies. The consumer electronics, automotive, and healthcare sectors are just a few of the industries that have found great success with mini LED technology. It is known for having better brightness, clarity, and energy efficiency in pictures.

How is the Market for Mini LEDs Shaping Up in the United States?

“Huge Demand for High-Quality Displays across Various Industries”

Attribute	United States
Market Value (2024E)	US$ 156.6 Million
Growth Rate (2024 to 2034)	44% CAGR
Projected Value (2034F)	US$ 6 Billion

The market for mini LEDs in the United States is projected to expand at a noteworthy pace over the next 10 years. Mini LED technology combines the advantages of regular LEDs and OLEDs to provide improved brightness, contrast, and energy economy. The market in the country is driven by the increasing demand for high-quality displays across multiple industries, such as consumer electronics, automotive, and healthcare. The country is also set to possess a market share of 72% in the North American market in 2024.

Numerous companies in the vicinity are actively sponsoring mini LED R&D to capitalize on the growing market potential. The expansion of the market is facilitated by North America's developed infrastructure and advancements in technology. Over the next few years, it is expected that the market in North America is set to grow due to its promising features and growing usage across various sectors.

Why is the Market in South Korea Expanding at a Significant Rate?

“Country is Hub for Developing Cutting-Edge Display Technologies”

Attribute	South Korea
Market Value (2024E)	US$ 28 Million
Growth Rate (2024 to 2034)	48.1% CAGR
Projected Value (2034F)	US$ 1.41 Billion

South Korea, renowned as a leading force in the global electronics industry with giants like Samsung and LG, is poised to exert significant influence in the Mini LED TV sector. Given their track record in pioneering advanced display technologies like OLED and LED, it is logical to expect Samsung and LG to explore or be actively engaged in the Mini LED TV market to maintain their competitive edge.

Mini LED market trends in South Korea are shaped by factors such as consumer preferences, competition from alternative display technologies like OLED, and the overall economic landscape.

Category-wise Insights

The market for mini LEDs is categorized into different types, such as standard LEDs, low-current LEDs, and ultra-high-output LEDs, of which the standard LEDs are set to capture 50% of the market share in 2024. In terms of end use, the consumer electronics segment is expected to hold a market share of 62% in 2024, and the automotive segment is expected to hold a 22% share in 2024.

Why Does the Consumer Electronics Segment Hold a Significant Share of the Market?

“Ever-increasing Popularity of Smart Screen Products”

Attribute	Consumer Electronics
Segment Value (2024E)	US$ 354.9 Million
Growth Rate (2024 to 2034)	44.9% CAGR
Projected Value (2034F)	US$ 14.45 Billion

Increasing demand for OLED smart televisions and the rising popularity of smart screen products and LED projectors are driving mini LED sales. Furthermore, the ascending demand for smartphones as an aftereffect of advancements in the telecommunication industry and the launch of LTE services have catalyzed the growth of the mini LED market in the recent past.

Why Do Standard LEDs Account for a Higher Market Share?

“Standard LEDs Offer Superior Picture Quality”

Attribute	Standard LEDs
Segment Value (2024E)	US$ 332 Million
Growth Rate (2024 to 2034)	44.8% CAGR
Projected Value (2034F)	US$ 13.47 Billion

For many years, standard LEDs-also referred to as traditional LEDs-have been extensively used in a variety of applications. They have advantages such as long lifespans, energy efficiency, and compact size. However, when it comes to displays, mini LEDs are becoming more and more popular because they can offer better color accuracy, higher brightness, and better contrast ratios than conventional LEDs.

Mini LEDs have some notable advantages that make them attractive for certain applications, especially in high-end TVs and displays where superior picture quality is desired. Standard LEDs are still used in many applications, such as backlighting for LCDs.

Competitive Landscape

There is fierce competition among key players in the mini LED industry. Companies are pursuing acquisitions, and collaboration with other companies in the supply chain, such as LED chip manufacturers, display panel makers, and device manufacturers, is crucial. These acquisitions and partnerships help in scaling production, optimizing supply chains, and integrating mini LED technology into various products.

• Japan Display Inc. announced in July 2023 that JOLED's OLED, an OLED display manufacturer, had been acquired by JDI Design and Development G.K. (JDIDD), a subsidiary of the company. Through this acquisition, JDI is advancing its METAGROWTH 2026 growth strategy and delivering revolutionary advantages to shareholders and customers.
• With the launch of the Redmi Max 100 2025 and Xiaomi TV S Mini LED series in China in April 2024, Xiaomi has updated its lineup of smart TVs. The Redmi Max 100 2025 is a 100-inch television featuring 4K resolution and a screen-to-body ratio of 98%.

Fact.MR provides detailed information about the price points of leading providers of mini LEDs positioned across the world, sales growth, production capacity, and technological advancements, in this recently updated market report.

Segmentation of Mini LED Market Research

• By LED Type :

  • Standard LEDs
  • Low-Current LEDs
  • Ultra-High Output LEDs

• By End-use Industry :

  • Consumer Electronics
  • Automotive
  • Aerospace & Defense

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Latin America
  • Middle East & Africa