New York, USA, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global mini LED market is envisioned to garner a revenue of $10,931.10 million and grow at a CAGR of 44.48% during the estimated timeframe from 2022 to 2030.
As per our analysts, the average replacement cycle of monitors for gamers is only two-three years, prompting computer manufacturers to actively deploy desktop monitors, which is expected to bolster the growth of the mini LED market over the analysis timeframe. Besides, the growing popularity of smart screen products and rising demand for OLED smart televisions and smartphones are further expected to upsurge the growth of the market during the forecast period. Moreover, the increasing use of mini LED in higher-tech applications such as laptops and television panels' to satisfy various market demands is expected to fortify the growth of the market over the estimated period. However, the mini LEDs require much higher precision in the substrate than traditional LEDs which may hinder the growth of the market throughout the forecast period.
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Segments of the Mini LED Market
The report has divided the mini LED market into segments based on application, and region.
Application: Television Sub-Segment to be Most Productive
The television sub-segment is predicted to generate a revenue of $2,709.60 million during the estimated period. The continuous evolution in the panel technology is expected to boost the growth of the market sub-segment over the forecast period.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the mini LED market is projected to rise at a CAGR of 45.34% during the analysis timeframe. This is mainly due to the strong expansion of the semiconductor industry in this region. Furthermore, the presence of leading players in the manufacturing and distribution of mini LEDs in this region and growing improvements in the consumer electronics industry are expected to drive the regional growth of the market throughout the forecast period.
Broader Insights Pertaining of Specific Segments or Regions of Mini LED Market & Avail 10%OFF
Covid-19 Impact on the Mini LED Market
The outbreak of the Covid-19 pandemic has had a negative impact on the mini LED market. The government-enforced lockdowns and strict social distancing measures have disrupted the supply chains of mini LEDs. Moreover, the production of mini LEDs has been halted during the pandemic period due to the shortage of workforce and global slowdown. All these factors have declined the growth of the market over the period of crisis.
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Key Players of the Mini LED Market
The major players of the mini LED market include
- Harvatek Corporation
- EVERLIGHT ELECTRONICS CO. LTD.
- Japan Display, Inc.
- BOE Technology Group Co., Ltd.
- Innolux Optoelectronics Co., Ltd.
- AUO Corporation
- Unity Opto
- Tianma Microelectronics Co., Ltd., and many more.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry. – Inquire here to get access to the Key Companies’ Development Strategic Report
For instance, in March 2022, AOC, a multinational electronics company, announced its partnership with Porsche Design, a German product design studio and brand to expand its portfolio into the gaming monitor marketplace. The companies developed AGON Pro gaming monitors having high-end gaming specs that include a 4K UHD screen resolution, a quoted 1ms response time, and a speedy 144Hz refresh rate.
Further, the report also presents other important aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
More about Mini LED Market:
- Global Mini LED Market’s Growth to Propel with Rising Implementation of Mini LEDs in Consumer Electronic Products
- What are Mini LEDs and Why are They So Popular Among Top-tier TV Brands?
