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Micro LED Display Market in Asia Pacific Region to Register a Commendable Growth from Increasing Demand for Low Cost and High-Quality Smartphones by 2024

Author : Ronak Bora | Published Date : 2019-03-26 

The Asia Pacific micro LED display market is expected to witness a significant growth due to the increasing demand for low cost and high-quality smartphones. The region is characterized by the increasing demand for smartphones due to the rapidly-penetrating network infrastructure. Furthermore, there are several manufacturers of displays and LEDs in the region due to the availability of resources. This allows the traditional manufacturers in the region to switch to the new technology and develop these components at a low cost.

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In recent times, micro LED display market has received quite a slew of investments from consumer industry giants. Apple is reported to have developed an advanced micro LED display technology for its next generation of smartwatches. Samsung too made its way to the headlines recently with its introduction of a micro LED TV at the 2018 Consumer Electronic Show. These aforementioned instances aptly underline the appreciable expansion of micro LED display industry over the recent years. Indeed, micro LED display industry is forecast to garner astounding proceeds from the sales of smartwatches, with a projected CAGR of 100% over 2018-2024, powered by their rising popularity.

The trend of electronics miniaturization is allowing manufacturers to reduce the size of the display panels that are used in several handheld devices such as tablets & smartphones, and near-to-eye devices including AR/VR headsets. The reduction in size between each pixel lowers the total cost of displays when compared with their traditional counterparts. This increases the usability of these components in small electronic devices, such as smartwatches and smartphones, thereby propelling the micro LED display market growth.

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Micro LED display market in digital signage applications is projected to grow significantly due to the increasing demand for the equipment in the retail sector. These components are suitable for digital signages due to their low cost and low power consumption. Digital signage demand is increasing in retail and advertising sectors. High demand from small retailers with low budgets is contributing towards the micro-LED display market growth.

Small panel size in micro LED display market is anticipated to grow rapidly to reach revenue share of over 30% by 2024 due to the surging demand for small devices such as smartphones, near-to-eye devices and smartwatches. These components have several advantages over currently used OLED technology such as high degree of luminance, powerful contrast, and low operating temperatures. Furthermore, these devices owing to their low power consumption run for longer a life-span as compared to the traditional components. This is encouraging the manufacturers of handheld devices to increasingly implement these components in the devices.

The key players in the micro LED display market include Samsung Electronics, Epistar, Sony Corporation, X-Celeprint, Aledia, Plessey Semiconductors, and VerLASE Technologies. The industry participants are investing in R&D due to the newness of the technology.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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