The global mini-LED market is expected to grow at a compound annual growth rate of 73.28% over the forecast period to reach a market size of US$ 1,063.574 million in 2026 from US$39.290 million in 2020. Mini-LEDs, as the name implies, are smaller diodes with dimensions less than 0.2mm, though these dimensions are not strictly enforced in consumer electronics. A TV, for instance, has an LCD panel, has an LED backlighting installed, and the panel is used to regulate in which area the light is displayed on the screen. Depending on what's on the screen, the LEDs are either fully lit or dimmed for dark scenes, for instance. Installing more smaller LEDs behind the LCD enables the projection of brighter images. Backlighting control can thus be more precise. It offers more control, resulting in less backlight bleed and higher contrasts.
To put it simply, mini-LEDs are a more efficient technique for backlighting an LCD panel. The concept behind Mini LED, as mentioned above, is to achieve the level of black depth that OLED panels can provide while also delivering high levels of contrast, color accuracy, and brightness. While traditional LEDs are used for lighting and as a backlight system for the display screens, Mini LEDs are used for backlight applications in displays for power savings and thinner HDR displays. When the size of an LED is reduced, it, naturally, becomes dimmer. This implies that the Mini LED can produce the same amount of light while using less energy. The Mini LED display has better control over local brightness and can thus brighten and darken specific areas of the screen at the same time.
The burgeoning global mini-led market landscape is segmented by technology, application, and geographical regions.
Analysts anticipate that the growing demand for micro-LEDs in consumer electronics and automotive industries will propel the market forward.
As of late, mini-LEDs are gaining much traction due to their appealing features. Mini LEDs have a lot more to offer than conventional ones. For starters, Mini LED panels improve contrast ratios. The increase in contrast ratio is entirely due to the tremendous increase in overall dimming zones. Local dimming is essential in LED LCD panels for it makes blacks appear deeper, resulting in a higher contrast ratio. LG's 86-inch Mini LED 8K TV launched in 2021, for instance, boasts a tenfold increase in contrast ratio over conventional LCD TVs. The advancing technologies have further made the market more competitive. Different manufacturers are employing innovative technologies to offer a better offering in the market. For instance, in March 2022, Samsung launched NEO QLED 8K and 4K TVs. The Quantum Mini LED light source now has 14-bit HDR mapping to add more detail in extremely bright or dark scenes. To improve image quality, even more, Shape Adaptive Light is added to the Quantum Matrix technology that regulates the Mini LEDs. Similarly, in May 2022, TCL launched 3rd gen Mini-LED TVs. TCL X925 Pro, a member of TCL's new XL Collection, features an 85-inch 8K OLED panel with OD Zero mini-LED backlight technology. According to the company, this new television will provide smoother and more precise image quality. Its thickness is less than 10mm, making it one of the thinnest TVs on the market. That makes a massive difference in the streaming experience! Furthermore, the mini-LEDs can be mass-produced efficiently and quickly than traditional LEDs, but they also cost 70-80 percent cheaper than that OLED panels. They offer a dynamic range, providing significant potential when coupled with LCDs.
Although Mini LED is found in many of today's newest TVs, it is also found in other devices with screens. Apple has employed Mini LED technology in its all-new MacBook Pro 14-inch, launched in 2021, and iPad Pro, with reports indicating that it may be included in Apple's MacBook Air 2022 and new MacBook Pros as well. With Apple actively incorporating Mini LED into its latest offerings, these diodes can be seen in the future, in addition to TVs from other brands.
Furthermore, with the rapid penetration of innovative technologies like IoT and AI, the demand for micro-LEDs in the automotive segment is also expected to witness significant growth, owing to the increasing adoption of LED panels in automotive vehicles. Additionally, many automobile manufacturers are also incorporating local dimming and HDR technologies for the displays to offer high contrast ratio.
The Asia Pacific and North America are expected to occupy a significant market share in the forecasted period.
By geography, the global mini-LED market landscape is segmented as follows: The Americas, Europe Middle East and Africa, and the Asia Pacific. Analysts anticipate North America to have a significant market share. This growth could be attributed to well-developed economies and the increased spending of the consumers in the regions on mini-LEDs Televisions. According to the statistics derived from the Global Smart TV Report by 'Indian Television Dot Com,' smart television penetration is expected to increase by 51% by 2026, with smart television ownership reaching approximately 1.1 billion homes across the 88 countries included in the report. At the same time, Asia Pacific is expected to witness the fastest growth in the upcoming years for the micro-LEDs market. The countries like India, China, and South Korea, among many others residing in the regions, are expected to occupy a dominant market share. With the presence of major players like Apple, Samsung, TCS, General Motors, AUO, and many others actively installing micro-LEDs in their offerings, the market size is expected to an upward trend in the coming years.
The global pandemic had a significant impact on the global mini-LED market. The mandated lockdowns and social distancing led to the closure of many production facilities. The rapid surge of active infected cases had affected the staffing among many companies, further slowing down the productivity. Consequently, due to the economic recession observed across the period owing to the pandemic, many firms were forced to briefly halt or postpone many of their strategic plans. The international travel restriction, too, negatively affected the import and export of several nations, creating a gap in the supply and demand chain. Furthermore, mini-LED end-user industries like automotive, consumer electronics, and advertisement industries too took a heavy toll amid the pandemic.