Mini LED Market Size, Share, Growth Analysis, By Type(Standard LEDs, Low-current LEDs, Ultra-high Output LEDs), By End-Use Industry(Consumer, Automotive Electronics), By Region - Industry Forecast 2024-2031

Mini LED Market size was valued at USD 411.2 million in 2019 and is poised to grow from USD 594.1 million in 2023 to USD 16297.85 million by 2031, growing at a CAGR of 44.48% in the forecast period (2024-2031).

One of the well-known businesses developing this technology and its related products is AU Optronics Corp. (AUO), along with Innolux Corporation, Japan Display, Inc., Everlight Electronics Co. Ltd., and EPISTAR Corporation. Mini LED backlight devices for high-end uses, like gaming notebooks and monitors, have been shipped by a number of LED manufacturers since 2018, including Lextar and EPISTAR Corporation. As the market has a significant potential in a wide range of applications across several verticals, the companies are eager to increase their efforts in the development of small and micro light-emitting diodes. The Guangzhou International Lighting Exhibition (GILE) 2019 featured a 65-inch micro LED display from Shenzhen Refond Optoelectronics Co., Ltd. At the Integrated Systems Europe (ISE) 2019 trade show in Amsterdam, Unilumin Group displayed a 0.9 mm miniature LED display. For high-end applications, the business is mass-producing 0.9 mm modules. Four separate small light-emitting diode product types with varying pixel pitches—1.5 mm, 1.2 mm, 0.78 mm, and 0.9 mm—have been created by AOTO Electronics Co., Ltd., and each has begun mass production. 'Samsung Electronics Co. Ltd.', 'LG Electronics Inc.', 'Sony Corporation', 'Innolux Corporation', 'Osram Licht AG', 'Lextar Electronics Corporation', 'AU Optronics Corp.', 'Epistar Corporation', 'Everlight Electronics Co., Ltd.', 'Nationstar Optoelectronics Co., Ltd.', 'Unilumin Group Co., Ltd.', 'Harvatek Corporation', 'ROHM Semiconductor', 'Beijing Jiuzhou Qinghua Technology Co. Ltd.', 'Radiant Opto-Electronics Corporation', 'Lite-On Technology Corporation', 'Nichia Corporation', 'Lumileds Holding B.V.', 'Cree, Inc.', 'Plessey Semiconductors Ltd.', 'In March 2021, SMART Holdings, Inc completed its acquisition of Cree, Inc’s Cree LED Products business unit. Cree LED will operate as the Cree LED business unit of SGH', 'In January 2022, Orion Energy Systems, a provider of LED lighting and management, is expanding its service business portfolio by purchasing Stay-Lite Lighting, a company that offers lighting and electrical maintenance and repair.'

Increased demand for micro LED backlight in the electronics industry is a key driver fueling the mini LED display market expansion. Major consumer electronics companies including LG, Samsung, AUO, and others aim to release goods with micro LED technology, which is quickly gaining interest in the electronics market. The small LED backlight technology has been introduced by AUO in a number of displays that span a range of gaming devices, from huge desktop and laptop monitors to laptops, as well as high-end products like VR headsets and intelligent automobiles. The expansion of the tiny LED display market is expected to benefit greatly from the rise in smartphone usage and the deeper integration of its many capabilities into daily life.

Emergence of cutting edge display technologies is pushing the key players in the mini LED market to bring enhanced technologies in the mini LED market. For example, the advancement of cutting-edge display technologies is something that AU Optronics (AUO) is still working on. At SID Display Week 2022, AUO will present the application scenarios of the next-generation Micro LED display technology integrated smart cockpit, numerous world-first AmLED gaming display panels, as well as top-notch sensing technologies that highlight AUO's powerful integration capabilities. All of these products were jointly developed with partners from the technology ecosphere. With display technology platforms that focus on the display as the core to realise numerous imaging applications, AUO meets the evolving needs of verticals and exemplifies what "Display Everywhere 2.0" entails. In this exhibit, AUO is showcasing its K-zone Mini LED series, which has over 1000 dimming zones and complies with the highest VESA Display HDR1000 specification. It can display strong contrast and a high refresh rate to offer gaming visuals a more realistic feel. The 240Hz refresh rate can currently provide the images with fine details and flow with exceptional precision.

The mini LED market is expected to be dominated by Europe, followed by Asia Pacific and North America.