Mini LED Display Market Size Is Projected to Reach US$ 9,343 Mn By 2027

Mini LEDs (light-emitting diode) are gaining popularity in display units such as TVs, smartphones, and many other smart devices such as smart watches, laptops, etc.

Mounting demand for consumer electronic products with better performance, less power consumption, higher efficiency, and increase in popularity of LED TVs will drive the demand for mini-LEDs in the coming years.

The market growth is attributed to several factors such as increasing demand in customer LED base TVs, laptops, and smartphones. Providing sharp contrast ratio, high brightness and power efficiency is facilitating numerous growth opportunities in the global mini-LED display market.

As per Samsung Electronics Co., ltd., in the year 2019, demand for QLED increased by 105%, compared to 2018 - as companies are involved in improving product quality; and as per researchers, 145 million smartphones were sold in 2020 which is around 14% more compared to the units sold in the year 2019.

Hence, increasing demand of smart devices will eventually boost the size of the mini-LED display market. Furthermore, the rising demand for miniaturized display, high dynamic, power saving capability and lower failure rate compared to traditional LEDs attributes to the overall growth of the mini-LED display industry. However, high cost related with mini-LEDs and substantial number of IC's required to operate mini-LEDs will act as growth hindrance factors in the global marketplace.

Manufacturing cost of Mini LED displays are more than traditional display technologies- LCD and OLED display. Mini LED backlight cost was initially 30-50% higher than that of OLED, and is anticipated to be same as OLED, and even 10-20% cheaper in the future times, owing to rapid technological advancements and rising focus on research & development for the product.