Micro-LED Display Market Size, Industry Forecast 2023-2028

Micro-LED Display Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6401

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Market Overview:

The global micro-LED display market size reached US$ 248.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 8,825.3 Million by 2028, exhibiting a growth rate (CAGR) of 83.2% during 2023-2028.

A micro-light emitting diode (LED) display is a screen with microscopic LEDs of different colors arranged in an array. It is manufactured using gallium nitride, which allows the scattering of red, green, and blue (RGB) LED lights to glow brighter for a prolonged period. It offers high wavelength uniformity, increased brightness, ultra-high definition (UHD) picture quality, and improved color saturation. It also aids in reducing power consumption and offering a longer lifespan and better contrast and response time compared to other conventional technologies. As a result, micro-LED is widely used in smartwatches, micro-projectors, and ultra-high-definition (UHD) televisions (TVs).

Micro-LED Display Market Trends:

At present, improving standards of living and inflating disposable income levels of individuals represent one of the key factors positively influencing the market. In addition, the escalating demand for consumer electronics and shifting consumer preferences toward bright power-efficient display panels for high-quality lighting and minimal maintenance and energy cost are increasing the sales of micro-LED displays. Apart from this, favorable government initiatives to promote electronic manufacturing are currently supporting the market growth. In line with this, due to low power consumption characteristics, micro-LEDs are gaining immense attention in visible light communication (VLC) technology for marine exploration and underwater connectivity, which is offering lucrative growth opportunities to manufacturers. Besides this, leading manufacturers are extensively investing in research and development (R&D) activities to resolve the high-cost and complicated manufacturing processes. They are also focusing on miniaturizing size and minimizing inspection and repair time to enhance production yield. In addition, the adoption of highly efficient micro-LEDs suitable for augmented reality (AR) and virtual reality (VR) is anticipated to drive the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global micro-LED display market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, application and industry vertical.

Breakup by Product:

Micro Display
Large Scale Display
Small and Medium-sized Display

Breakup by Application:

Smartphone and Tablets
PC and Laptop
TV
Smartwatch
Others

Breakup by Industry Vertical:

Consumer Electronics
Entertainment and Sports
Automotive
Retail
Government and Defense
Others

Breakup by Region:

North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aledia, eLux Inc., Innolux Corporation, Jade Bird Display, LG Display Co. Ltd. (LG Electronics Inc.), Lumens Co. Ltd., Nanosys Inc., PlayNitride Inc., Plessey Semiconductors Ltd., Samsung Electronics Co. Ltd., Sony Group Corporation and VueReal.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Million
Segment Coverage	Product, Application, Industry Vertical, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Aledia, eLux Inc., Innolux Corporation, Jade Bird Display, LG Display Co. Ltd. (LG Electronics Inc.), Lumens Co. Ltd., Nanosys Inc., PlayNitride Inc., Plessey Semiconductors Ltd., Samsung Electronics Co. Ltd., Sony Group Corporation and VueReal.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global micro-LED display market was valued at US$ 248.5 Million in 2022.

We expect the global micro-LED display market to exhibit a CAGR of 83.2% during 2023-2028.

The rising demand for micro-LEDs in smartwatches, micro-projectors, Ultra-High-Definition (UHD) televisions, etc., as they aid in reducing power consumption and offering a longer lifespan with better contrast and response time, is primarily driving the global micro-LED display market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for micro-LEDs.

Based on the product, the global micro-LED display market can be segmented into micro display, large scale display, and small and medium-sized display. Currently, large scale display holds the majority of the total market share.

Based on the application, the global micro-LED display market has been divided into smartphone and tablets, PC and laptop, TV, smartwatch, and others. Among these, smartphone and tablets currently exhibit a clear dominance in the market.

Based on the industry vertical, the global micro-LED display market can be categorized into consumer electronics, entertainment and sports, automotive, retail, government and defense, and others. Currently, the consumer electronics industry accounts for the majority of the global market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global micro-LED display market include Aledia, eLux Inc., Innolux Corporation, Jade Bird Display, LG Display Co. Ltd. (LG Electronics Inc.), Lumens Co. Ltd., Nanosys Inc., PlayNitride Inc., Plessey Semiconductors Ltd., Samsung Electronics Co. Ltd., Sony Group Corporation, and VueReal.

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