Competitive Scenario: Mini LED Market Scope by Demand, Trends to Expand Significantly by 2027
Pune, New York, USA, November 25 2020 (Wiredrelease) Research Dive –:According to a study conducted by Research Dive, the global mini light emitting diode (LED) market forecast is expected to reach $3,342.6 million by the end of 2026, registering 85.6% CAGR over the forecast period.
The lower failure rate compared to traditional LEDs and the higher yield-rates compared to OLED’s is anticipated to drive the global mini LED market during the forecast period. However, the longer lifespan of the mini LED is another key factor that is expected to boost the global demand for mini LEDs over the forecasted timeframe.
The key factors hampering the growth of the mini LED market are the high cost associated with the Mini LEDs and the number of IC’s required to operate the mini LED’s are more in comparison to OLED and QLED; these factors are expected to restrain the market growth in the near future.
The growing demand of mini LEDs for applications such as in PC monitors, televisions and automotive industry is expected to create better growth opportunities in the near future. The growing demand is majorly due to the various properties exhibited by mini LEDs such as better contrast ratios and less power consumption.
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On the basis of application, the global mini LED market is categorized into television,consumer electronics, automotive, mobile phone, laptop/notebook, and others. Among these, the mini LED market for television application is expected to boost the global market reach to $585.0 million by 2026, growing at a CAGR of 86.3.This growth is majorly due to the various factors exhibited by the mini LED’s such as the enhanced display and better life span compared to other LEDs that are being used currently.
The global mini LED market has been classified regionally into North America, Europe, Asia-Pacific, and LAMEA. The North America region held the largest market value of $6.6 million in 2018,and is anticipated to reach $902.5 million by 2026, at a CAGR of 84.8% during the forecast period.The Asia-Pacific mini LED market is expected to experience a swift growth during the forecast period growing at a CAGR of 86.1%.
Top gaining participants of global mini LED market are AU Optronics Corp., BOE Technology Group Co., Ltd., Unity Opto Technology Co., Ltd., EPISTAR Corporation, Foshan Nation Star Optoelectronics Co. Ltd., Everlight Electronics Co. Ltd., Harvatek Corporation, Japan Display, Inc., Innolux Corporation, Tianma Microel ectronics Co., Ltd., among others. These key participants are concentrating on product improvements, mergers & acquisitions, collaborations and new product launches to gain majority of the market share in the overall mini LED industry.
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Porter’s Five Forces Analysis for Mini LED Market:
– Bargaining power of suppliers: The key players present in this market are limited and the demand for the mini LED is growing at a rapid pace; thus the supplier’s power is high.
– Bargaining power of consumers: The number of consumers is very high,due to which the bargaining power of consumers will also be high.
– Threat of new entrants: The threat for new entrants is low as the manufacturing price of mini LED is low.
– Threat of substitutes: There are many alternatives for Mini LED, and thus the threat of substitutes High.
– Competitive rivalry in the industry: This market includes many market participants. These key players are following similar strategies for the improvement of technologies. The competitive rivalry in the industry is high.
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