The micro-LED market offers products with minimal sizes, high intensity and energy efficiency. Micro-LEDs are a type of LEDs with dimensions less than 100 micrometers requiring complex microfabrication techniques for production. They are self-emissive displays with high dynamic ranges, high resolutions and faster response times compared to OLED and LCD displays. Micro-LED can be used to develop smart watches, AR/VR headsets, smartphones and large displays. The global microsizing of electronics and growing demand for power-efficient displays are driving advances in micro-LED technology.
The Global Micro-LED Market is estimated to be valued at US$ 314.67 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Micro-LED market are AptarGroup, Inc., Axilone USA, ShyaHsin Packaging (China) Co., Ltd., Lumson SpA, Toly Group, Cosmopak Corp., Yoshida Industries Co., Ltd., Mitani Valve Co Ltd., HCP Packaging (Shanghai) Co. Ltd., Quadpack Industries, S.A., Kolmar Laboratories, Inc., and others. Mini LED and micro LED technologies offer significant advantages over traditional LED and OLED solutions including higher resolution, better contrast, lower power consumption, and wider viewing angles. The growing demand for energy efficient and high-performance displays from consumer electronics and automotive industries is expected to drive the micro-LED market.
The increased investments in micro-LED R&D by companies and rising sales of smart devices, AR/VR headsets and large video walls are resulting in the global expansion of the micro-LED market. Major players are focusing on partnerships, mergers and acquisitions to gain ground in micro-LED display production.
Major trends in the micro-LED market include the development of Micro-LED walls and large luminous surfaces. Manufacturers are developing giant micro-LED display walls by seamlessly stitching thousands of microscopic LED chips together. Such ultra-high definition large format micro-LED displays can be used in digital signage, control rooms and entertainment destinations.
Market key trends
One of the major trends in The Micro-LED Market is the development of transparent and flexible micro-LED displays. Companies are innovating in micro-LED-on-glass and micro-LED-on-polymer technologies to enable transparent and flexible displays. Such new-age micro-LED displays can enable innovative form factors like head-up displays, foldable screens and near-eye mixed reality devices. Transparent and flexible micro-LEDs will drive the next generation of wearables and consumer electronics.
Porter’s Analysis
Threat of new entrants: New entrants face high costs for R&D to develop micro-LED technology as well as expensive equipment needed for manufacturing.
Bargaining power of buyers: Individual buyers have low bargaining power as they purchase in smaller quantities. However, large electronics manufacturers wield significant power as bulk buyers.
Bargaining power of suppliers: Few suppliers exist for micro-LED materials and production equipment, giving them strong bargaining leverage over prices.
Threat of new substitutes: OLED remains the main competition but micro-LED offers improvements in brightness, resolution and energy efficiency that may outweigh OLED’s advantages over time.
Competitive rivalry: Intense competition exists among existing players to mass produce high-quality micro-LEDs at lower costs and introduce new applications in various product segments.
In terms of value, North America accounts for the largest share of the micro-LED market currently owing to the presence of major players and growing demand for large-sized displays. Asia Pacific is expected to be the fastest growing region between 2024-2030 due to government initiatives and increasing manufacturing capabilities in countries like China and South Korea.
The micro-LED market in Europe is concentrated in Western countries like Germany, France and the UK. The demand is driven by applications in automotive displays and large video walls. In terms of value, Japan accounts for a noteworthy share and ranks among the top consumers of micro-LED displays globally. However, recent investments have made China an emerging manufacturing hub for these kinds of advanced displays.
