Micro LED Market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect from the year 2022 to 2028. It also offers accurate overview of the growth strategies, market size, mergers & acquisitions, and upcoming products/services of leading key players in this market.
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. The present report mentions that the Micro LED Market is estimated to grow from USD 582 million in 2021 to USD 34,944.12 million by 2028 at a healthy CAGR of 79.5% during the forecast period of 2022-2028.
The Micro LED market is mainly driven by the growing penetration of micro-LED displays in NTE devices and premium smartphones. Moreover, the rising demand for brighter & more power-efficient display panels for mobile devices, smartwatches, and AR / VR products and robust interest in electronics giants and interest shown by suppliers in the supply chain boost the product demand in the coming years. In addition to this, the benefits of micro-LED such as improved brightness, lower power consumption, enhanced color saturation, ultrahigh definition picture quality, and a faster response time further bolsters the industry growth.
Market Segments' Analysis
According to Stratview Research, the Micro LED Market is segmented By Application (Display, Lighting), By End Use (Consumer Electronics, Automotive, Aerospace and Defense, Others), and Region.
Based on end-use, the micro-LED market has been classified into consumer electronics, automotive, aerospace and defense, and others. The consumer electronics segment accounted for the largest market share in 2020. This is mainly attributed to the introduction of a large number of start-ups, with strong R&D investments as well growing sales of consumer electronics among millennials.
By region, the North American Micro LED market accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. The Micro LED market growth is mainly propelled by increasing penetration of smartphones, tablets, and laptops, which will increase the adoption of the micro-LED. Also, increasing consumer spending as well as expanding the advertising sector further boosts the regional market growth.
The Asia-Pacific Micro LED market is expected to grow at a healthy CAGR during the review period. The regional growth is ascribed to the growing interest of major consumer electronic giants in APAC in adopting micro-LED technology. For instance, Samsung commercialized a few products into the digital signage vertical. Samsung’s “The Wall” is one of the key products in the micro-LED digital signage vertical.
Top key vendors in the market:
The report mentions a list of key players in the Micro LED Market. Some of them are mentioned below –
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