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).

Global mini LED (light emitting diode) market is expected to experience escalating growth in the upcoming years due to the rising popularity of LED TVs and the introduction of fresh market prospects in the Asia Pacific region. East Asia and South Asia have more of a consolidated small LED market. Consumer electronics sector trends, including the rising demand for LED-based TVs, laptops, and smartphones, are the main factors driving the market. As per reports, Smart TVs hold 89% of the global TV market share. Numerous growth potential for tiny LEDs are being facilitated by their capacity to provide higher contrast ratios, higher brightness, improved power efficiency, and less proneness to burn-in. Additionally, the growing use of LED screens in the automotive and military industries has created new market potential for the small LED industry. It is anticipated that the launch of the NGN (Next Generation Network) and the growing acceptance of the Internet of Things (IoT) will increase demand for smartphones, smart watches, laptops, projectors, and other smart gadgets.

The mini LED market size will eventually increase during the forecast period due to the increase in demand for smart gadgets. As per data, by 2031, 370 thousand units were shipped overall. The next-generation display technology that supports high contrast ratio, higher brightness, wider colour gamut, low energy consumption, and quick response time is thought to be based on miniature light-emitting diodes. Over the next several years, it is projected that they would gradually reduce the market share of organic light-emitting diodes (OLEDs) because their contrast and brightness properties are thought to be superior. Furthermore, to assure hassle-free production, manufacturers only need to rebuild the driver ICs and invest in manufacturing equipment in the current traditional LCD production setup. Mini LED technology offers these established LCD producers a chance to improve product features and compete with current OLED technology.

US Mini LED Market is poised to grow at a sustainable CAGR for the next forecast year.