LED display market outlook and price-cost analysis

 

According to the regional market performance of LED display in 2024, the LED outdoor display market in Europe and the United States continues to grow, but the growth of the LED indoor display market is slowing down, coupled with the fierce competition in product prices, overall, the market demand for LED displays in Europe and the United States is expected to remain stable in 2024.

 

However, China's market demand is sluggish, the government budget is shrinking, the intention of social investment is weakening, and the price competition of LED display is more intense, and it is expected that the output value of China's LED display market will decline in 2024. The Asian market includes the Middle East, Southeast Asia, etc., and the demand for LED displays continues to grow rapidly, becoming the best performing region in 2024. Other markets, such as Africa, Latin America, Oceania and other regions, have maintained growth, but the overall market size is small.

Overall, with the gradual increase in the application scenarios of LED displays, LED displays gradually cover more markets around the world, coupled with high-resolution display requirements, etc., it is expected that the global LED display market size will have the opportunity to reach 7.991 billion US dollars in 2025. Indoor/outdoor LED small-pitch displays will continue to be the main driving force for market size growth in the future, with a compound growth rate of 10% and 4% from 2023 to 2028, respectively.

 

Indoor displays: The corporate meeting and education spaces, virtual production, home theaters, and cinema markets are growing steadily, benefiting from the demand for high-resolution and high-dynamic contrast range (HDR). All-in-One LED Display (LED Display) is oriented to 135-146 inches of 2K 16:9, in addition, 21:9 is suitable for video conferencing or 32:9 is used for lecture halls, which is gradually increasing in the market demand in Europe and the United States. In addition to the growing development of virtual filming in Southeast Asian countries, concert cinematization (such as Taylor Swift concert films) is also driving the high-end virtual shooting market. After the launch of Micro LED TVs, they were introduced into the home theater, exhibition and corporate conference and education space markets; Micro LED transparent displays are well suited for use in retail department stores, art and cultural spaces (art galleries, museums, aquariums), and hospitality industry, and will be used as a display product to support the introduction, both of which will shine in 2025.

 

Outdoor displays: Benefiting from live events and sports/education applications, the market demand for outdoor displays has grown steadily. In addition, creative displays such as spheres and glasses-free 3D have successfully enhanced the urban landscape and attracted the attention of passers-by, bringing visual stunning. LED outdoor small-pitch display is mainly used in Street Furniture and Bus Shelter Display, and the market demand has expanded to the United States and Europe (UK).

 

 

 

 

Micro/Mini LED display market

 

In 2025, with the steady growth of Samsung, LG Micro LED TV shipments, BOE, Chenxian, Tianma, and Hisense plan to enter the Micro LED TV market, and the output value of the Micro LED TV market is expected to reach 185 million US dollars in 2025, with a compound growth rate of 119% from 2023 to 2028.

 

Benefiting from market demand and brand promotion, the market size of Mini LED displays will have the opportunity to reach $676 million in 2024, with P1.2 being the mainstream product, accounting for >55%; ≤P0.625 is based on Samsung's 110-inch The Wall. With the maturity of Mini LED technology and the expansion of production capacity, P1.2 Mini LED display has been expanded to ≥ P1.5-P1.6 and ≤P0.625 products.

 

 

Global LED small pitch display market

 

In 2024, with the decline in the price of LED small-pitch displays, in addition to the European and American markets, the penetration rate of LED small-pitch displays in Asia, Africa and Latin America will increase year by year. Overall, demand in China was sluggish, but overseas markets continued to grow. Looking forward to 2025, it is estimated that the penetration rate of LED small-pitch displays in overseas markets will continue to increase, especially the performance of the Asian market, which is expected to promote the growth of the global LED small-pitch display market output value to 4.866 billion US dollars in 2025. According to TrendForce's analysis, the top 10 LED small-pitch display revenues in 2023 are Unilumin, Leyard, Absen, Qiangli Jucai, Hikvision, Samsung, Haijia Cailiang, Shanxi Hi-Tech, LG, and Dahua.

 

 

≤ P1.0 ultra-fine pitch display market

 

According to the analysis≤ P1.0 ultra-fine pitch display market, in 2024≤ the penetration rate of P0.625 and P0.7-P0.8 LED displays will have the opportunity to reach 20% and 25% respectively. With the maturity of Micro/Mini LED technology year by year and the continuous expansion of application scenarios, the market output value of ≤P0.625 LED display will have the opportunity to reach 334 million US dollars in 2028, with a compound growth rate of 66% from 2023 to 2028.

 

 

Virtual Shooting Market Trends

 

According to the survey, the LED display market size will have the opportunity to grow to 18% in 2024 when applied to entertainment and cinema. Entertainment and theater applications include virtual production, home theaters, and cinemas, emphasizing high-resolution, high-grayscale, high-refresh rate and high-dynamic range images, which are the application markets for LED display manufacturers.

 

Looking ahead to 2024, the development of virtual filming in Southeast Asian countries is expected to become more and more prosperous with the Thai government's announcement of the rebate for foreign film production companies to conduct location shooting activities in Thailand. In addition, concert cinematization (e.g., Taylor Swift concert films) has also driven high-end virtual shooting market opportunities, and the overall industry has extended to film, television, drama, music, and advertising shooting. As a result, TrendForce estimates that the market value of virtual shooting LED displays will reach $311 million in 2024.

 

Considering the budget, the mainstream specifications of the general background display are concentrated in > P2.1, such as P2.3, P2.6 and P2.8, while high-end film and television shooting requires brightness and display effect, and P1.2-P1.6 Mini LED display is used under the requirements of close-up close-up. The floor tile screen specifications are P2-P4, and Mini LED display is gradually introduced in response to the immersion requirements; The ceiling screen specification is P3.9-P6, which emphasizes high brightness. The use of Mini LED display and common cathode driver IC can improve brightness (+30-40%), display effect (wide viewing angle, high contrast, no moiré phenomenon), and bring energy saving advantages of up to 50-60%.

 

 

All-in-One LED Display Market Trends 

 

All-in-One LED Display is a standardized product integrated with a controller, which is mainly used in corporate meeting and education spaces, events, retail & exhibitions, lecture halls, control rooms, gaming events, and even home theaters. According to the analysis, in 2023, LED all-in-one machine manufacturers will increase their promotion efforts in overseas markets, and in addition to the Chinese market, shipments in Europe, America, Asia and other markets will also continue to increase. On the whole, the global LED all-in-one shipment growth rate in 2023 will be as high as 34%, and the shipments of Leyard and Samsung will increase significantly. As more and more manufacturers enter the LED all-in-one market, it is expected that the global LED all-in-one shipment is expected to reach 6,400 units in 2024.

 

According to the key analysis of the key development application market trends of LED display in 2025, the revenue and product development of major manufacturers, and the price of display screens .