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The mini and micro LED market is expected to reach around $6 million by 2024NEW YORK, May 16, 2019 /PRNewswire/ -- The mini and micro LED market is expected to reach around $6 million by 2024, growing at a CAGR of around 147% during the forecast period. Mini and Micro LED Market: Segmentation This market research report includes a detailed market segmentation by type, application, end-user, and geography. The LED market comprises two major product types- micro LED and mini LED. The significant differences between the two are: pixel pitch, LED size, and end-user application. Micro LEDs are dominating the market and are expected to grow at a CAGR of around 146% during 2018–2024. High contrast and brightness features, low power consumption, and long life-span are major factors driving the increased demand for micro LEDs. Micro LED technology is most commonly adopted in applications such as wearable watches, mobile phones, automotive head-up displays, AR/VR, micro projectors, and high-end televisions. It is expected that the application of micro technology will include AR micro projections, automotive HUD projection applications, and ultra-large digital displays. Nowadays, vendors are focusing on the fabrication of the full-color display for micro-LEDs. The mini and micro LED market by application is segmented into display and lighting. The display segment is gaining more traction and is expected to growing at a CAGR of around 146% during 2018–2024. Display is an output screen, which is incorporated most electronic devices. Manufacturers and research institutions are developing display screens with high power efficiency and contrast brightness features. Further advancements in mini and micro LED technology have led to the introduction of several new lighting and display technologies such as QLED and indium gallium zinc-oxygen (IGZO). Consumer electronics, automotive, and others are the three primary end-users in the mini and micro LED market. Consumer electronics is the largest segment and has occupied more than half of market share. The growing consumer interest in mini and micro LED technology is driving major players to increase their investments in R&D activities. After the emergence of mini LED in 2007 as a transitional technology between traditional LED and LCD and OLED technology, developers are describing mini LED as a stepping stone to bridge manufacturing and commercial application gap between micro LED and traditional LED, thereby making them highly viable for consumer electronics applications. Market Segmentation by Types • Micro LED • Mini LED Market Segmentation by Applications • Display • Lighting Market Segmentation by End-users • Consumer Electronics • Automotive • Others Mini and Micro LED Market: Geography The global mini and micro LED market by geography is divided into North America, Europe, Latin America, MEA, and North America. North America and Europe dominate the mini and micro LED market due to a high adoption of innovative and smart products by consumers. The availability of anarray of luxury retail chains, corporate offices, affluent customers, and strict regulations, regarding energy efficiency, has boosting the mini and micro LED market share in the US. Europe is globally know for adoption of innovative and technological products. Micro LEDs constitute the largest market share. Whereas, the high cost of branded products, with high retail prices, remains a major growth inhibitor in APAC countries. However, there is low penetration of LED lights in countries like India, Thailand, and Vietnam due to the availability of low-cost models. Market Segmentation by Geography • North America o US o Canada • Europe o Germany o France o Italy • Latin America o Brazil • MEA o UAE • APAC o China o South Korea Key Vendor Analysis The global mini and micro LED market is highly concentrated, and key players are the major contributors to the market competition. Vendors in the market are competing in terms of sales, revenues, and innovations. Leading companies are offering competitive pricing and integrated services to sustain the competition in the market. Several vendors are entering into multi-year arrangements with manufacturers that offer services that include supply of displays, supply analytics, semiconductors to increase market share. Global players are likely to grow inorganically by acquiring regional or local players in the future. The market landscape has already witnessed several joint ventures and acquisition by smartphones manufacturing giants such as Apple and Samsung in order to develop mass transfer technologies and use new devices in their product portfolio, Leading Vendors in Mini and Micro LED Market • Epistar • Lextar • Innolux • Apple • Samsung • Sony • LG Other prominent vendors are AU Optronics, Osram, Plessey, Nichia, PlayNitride, Epileds Technologies, Rohinni, SemiLEDS, Elux, Glo, Xiamen Changelight, Optovate, JBD, Lumens, VueReal, Lumiode, Mirko Mesa. Key Market Insights • Offers market sizing and growth prospects of the mini and micro LED market for the forecast period 2019–2024 • Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the mini and micro LED market • Includes a detailed analysis of market growth drivers, challenges, and investment opportunities • Delivers a complete overview of market segments and the regional outlook of mini and micro LED market • Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the mini and micro LED market Read the full report: https://www.reportlinker.com/p05776135/?utm_source=PRN About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ Contact Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001 View original content:http://www.prnewswire.com/news-releases/the-mini-and-micro-led-market-is-expected-to-reach-around-6-million-by-2024-300852098.html SOURCE Reportlinker |