Opportunities and Challenges in the Global LED Display Market in 2024

The TrendForce report on the "2024 Global LED Video Wall Market Outlook and Price-Cost Analysis" indicates a recovery in the Chinese LED display market and growth trends in the overseas markets including North America, Asia, Africa, and Latin America in 2023. In terms of technology, COB displays are experiencing rapid development, while the demand for MiP LED displays is growing.

Overall, the global LED display market continued to grow in 2023, although the LED chip-making and LED packaging markets in the upstream showed mixed performance. Looking ahead to 2024, with the promotion of fine-pitch and Mini LED displays, the global LED display market is expected to continue growing.

In the upstream segment, the global LED chip market size dropped to $2.5 billion in 2023, down 9% from a year earlier, due to the decline in Mini LED backlight demand and the increase in the proportion of mid-to-low-end lighting chips, according to TrendForce’s initial estimation. Particularly, Taiwanese companies experienced a more significant decline in revenue.

Driven by the recovery in end-user demand and the rapid growth of Mini LED chips, the market size of LED display chips grew to $600 million, a 6% increase compared to the year earlier period. The LED display end market is expected to continue growing in 2024, with further growth expected in Mini LED display chip demand thanks to the advancement of COB and MiP, which is likely to sustain the growth of the LED display chip market.