PUBLISHER: Grand View Research | PRODUCT CODE: 1362963
PUBLISHER: Grand View Research | PRODUCT CODE: 1362963
The global mini LED market is projected to reach USD 38.49 billion by 2030, registering a CAGR of 54.3% from 2023 to 2030, according to a new study by Grand View Research, Inc.. Technological developments in LED lighting have resulted in improved manufacturing methods, more effective chip designs, and larger production volumes. Manufacturers have acquired economies of scale to cater to the growing demand for LED technology, which has allowed them to produce LED lights cost-effectively. The market has been constantly evolving in line with the improved accessibility to raw materials and the advances in manufacturing processes, which have contributed to lower production costs while improving the performance and efficiency of mini LEDs, thereby making mini LEDs a better choice for both manufacturers and consumers. The use of mini LEDs is no more limited only to televisions. Mini LEDs are also finding applications in monitors, laptops, computers, tablets, and mobile phones. As such, mini LED displays are turning out to be an appealing alternative for various use cases.
As the display market continues to evolve, display makers are trying aggressively to highlight specific attributes or innovations that can help in differentiating their products in the market. Mini LED displays with HDR and high-resolution capabilities can potentially enable display makers to provide more advanced and appealing attributes than conventional LCDs. The market is rapidly expanding in line with the traction of advanced display technologies, such as OLED, QLED, and micro-LED, are gaining.
Mini LED displays are poised to become more widely available in a variety of product categories, including smartphones, tablets, laptops, gaming monitors, vehicle displays, and commercial signs. This diversification is expected to open opportunities for wider adoption of mini LED displays in other industries and industry verticals, thereby prompting mini LED manufacturers to invest more aggressively in R&D activities, collaborative efforts, and strategic partnerships, which would further accelerate mini LED display adoption.