The global mini LED market is projected to reach $5.9 billion by 2025, growing at a compound annual growth rate of 86.6% over the forecast period, according to a new report by Grand View Research, Inc.
Amidst rapid development of Organic Light-Emitting Diodes (OLEDs), mini LEDs have gradually forayed into the industry to bridge the application and technology gap between micro LEDs, which have not been able to overcome their inherent technical hurdles, and traditional LEDs. They are being integrated into backlight modules owing to their increased color gamut and brightness level, lower response time, and improved contrast ratio.
Increasing demand for miniaturized display in consumer electronics devices is expected to positively impact industry growth over the next few years. Mini light-emitting diodes are expected to aid chip makers in gaining market share and technology penetration. Chip sizes ranging from 100 to 200 µm were commercialized in late 2018. Consumer electronics, digital signage, and industrial displays have been the early adopters of this technology. High dynamic range and power-saving capability are features that make them suited for next-generation displays. Key players are expected to cash in on this opportunity by providing mini LED packages.
According to the report, the automotive display application segment is expected to exhibit the highest CAGR in mini LEDs over the forecast period. Mini light-emitting diodes have high contrast and brightness ratio, which provide clarity in automotive displays, thereby ensuring safety and security
North America is expected to be early adopters of this technology, owing to regional demand for premium gaming monitors and laptops.
Some companies developing mini LEDs include Innolux Corporation; Japan Display, Inc.; Everlight Electronics Co. Ltd.; and EPISTAR Corporation.