MicroLED Display Market is Set to Reach a Valuation of US$ 1.1 Billion by 2031, Transparency Market Research, Inc.

By GlobeNewswire On Sep 21, 2023

An increase in demand for power-efficient and bright displays is expected to propel the global microLED display market

Wilmington, Delaware, United States, Sept. 21, 2023 (GLOBE NEWSWIRE) — The global microLED display market is projected to flourish at a CAGR of 26.4% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 1.1 billion is anticipated for the market in 2031. As of 2023, the market for microLED displays is expected to close at US$181.1 million.

Increasing demand for microLED over OLED as microLEDs provide the stability of LCD along with the long lifespan and high brightness of non-organic LEDs. These factors are anticipated to fuel the demand for microLED displays over their counterparts.

An increase in the adoption of smart wearables, smartphones, automotive head-up displays, AR/VR, and micro projectors is anticipated to drive the demand for small and medium size microLED displays in the next few years.

The increasing use of microLED displays in the automotive industry in vehicles for instrument clusters, infotainment systems, and heads-up displays (HUDs) due to their high visibility, durability, and resistance to temperature variations, drive the market demand.

Expansion in the consumer electronics sector is projected to augment market statistics during the forecast period. Smart wearables are gaining traction among the populace. This is likely to boost the demand for microLED displays in the near future.

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Market Snapshot:

Report Coverage	Details
Market Revenue	US$ 113.4 Mn
Estimated Value	US$ 1.1 Bn
Growth Rate – CAGR	26.4%
Forecast Period	2022-2031
No. of Pages	196 Pages
Market Segmentation	By Product Type, Application and End-user Industry
Regions Covered	North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered	AET Displays Limited, AUO Corporation, JBD, LG Electronics, Micledi, Plessey, PRP Optoelectronics Ltd., Samsung Electronics Co., Ltd., Sony Corporation, Tianma Microelectronics Co., Ltd.

Key Takeaways from the Market Study

As of 2022, the microLED display market was valued at US$ 143.3 million
By application, the smart wearable segment to enjoy high demand, accumulating a high revenue share during the forecast period.
Based on the end-use industry, the consumer electronics segment is expected to hold the largest share of the microLED display market during the forecast period.
Based on product type, the small and medium-sized display segment is projected to dominate the business during the forecast period.

MicroLED Display Market: Key Trends and Opportunistic Frontiers

Significant investments by technology giants and research institutions in MicroLED technology research and development have accelerated its commercialization and market growth.
New and emerging applications, such as MicroLED-based microdisplays for AR glasses, transparent displays, and smart home devices, are expanding the market’s growth potential.
MicroLED displays offer superior image quality, brightness, contrast, and color accuracy compared to traditional display technologies. Consumers and industries are increasingly seeking high-quality display solutions, driving the demand for microLEDs.

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MicroLED Display Market – Regional Analysis

North America is anticipated to constitute the largest share of the microLED display market during the forecast period. The rise in the adoption of digital signage, automotive displays, and televisions is boosting market expansion in North America. The region has a strong presence of key technology companies and research institutions. It has witnessed the early adoption of MicroLED displays in premium consumer electronics and automotive applications
Asia Pacific is expected to grow at the fastest rate during the forecast period. The presence of key vendors and an increase in investment in R&D activities are likely to augment market progress in the region in the near future. The market is expected to grow with increasing demand for advanced displays.

Competitive Landscape

The global industry is fragmented, with several large-scale vendors controlling substantial market share. Prominent microLED display manufacturers are focused on the development and launch of new products to broaden their revenue streams.

AET Displays Limited
AUO Corporation
JBD
LG Electronics
Micledi
Plessey
PRP Optoelectronics Ltd.
Samsung Electronics Co., Ltd.
Sony Corporation
Tianma Microelectronics Co., Ltd.

Key Developments in the MicroLED Display Market

AUO has been exploring MicroLED display solutions for various applications, including consumer electronics, automotive displays, and AR/VR devices. They focus on addressing the challenges of mass production and improving yield rates.
Samsung has made significant investments in MicroLED technology, including the launch of “The Wall,” a modular MicroLED TV. They are continuously working on improving the manufacturing process and expanding the range of MicroLED display products.
Apple has been exploring MicroLED technology for its future devices, including Apple Watch and augmented reality (AR) glasses. The company is known for its investments in research and development to enhance MicroLED displays’ brightness and energy efficiency.
Sony has ventured into the MicroLED display market with innovative products like the Crystal LED, targeting high-end home theaters and professional applications such as broadcasting studios.
LG Display is actively researching MicroLED technology and its potential applications. They have showcased prototypes and are exploring opportunities in the gaming and automotive industries.

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MicroLED Display Market – Key Segments

Product Type

Micro Display
Small and Medium Size Display
Large Display

Application

Television
Digital Signage
Smartphone & Tablet
Laptop & Monitor
Smart Wearables
Others (Optical Devices, AR Glasses, etc.)

End-use Industry

Consumer Electronics
Automotive
Retail
Healthcare
Government
Aerospace & Defense
Others (Hospitality, Media & Entertainment, etc.)

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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