Micro LED Market Growth To Be Governed By Increasing Demand From VR Headsets

According to a new market research report published by Credence Research “Micro LED Market (Application – VR, AR, Smartphone, Television, HUD, Monitor and Laptop and Digital Signage; Lighting – General and Automotive) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall micro LED market worldwide was valued at US$ 0.58 Bn in 2018 and is set to grow with a CAGR of 81.9% during the forecast period.

Market Insights

The Micro LED market, which is in the initial phase, is witnessing significant industry-wide technological advances. Enhancements in the LED industry involves the launch of improved MicroLED panels that are remarkably proficient and thin to deliver an excellent viewing angle that allows brighter images to be delivered with less power consumption. MicroLED delivers fast response time in a compact format with a focus on enhancing consumer experience. Owing to the high uniformity in wavelength for fine pixel display, demand traction has been observed on the MicroLED market, with smartphones holding the largest share. Smart watches, monitoring devices, laptops and AR / VR are leading applications that adopt the technology to improve image clarity and reduce power consumption.

Micro LED has gained traction late, although LED & OLED has been in demand for a long time, and visual tools already relish strong industry and consumer acceptance. A close study of recent product launches and developments of key industry participants active in the MicroLED market shows that VR and MR will continue to dominate the market throughout the forecast period in applications such as near-eye camera applications. Non-commercial applications such as smartphones, home theaters and laptops are also predicted to see rise in demand, gaining substantial uptake towards the second half of the forecast period of the MicroLED market. This growth is majorly due to rapid improvement in consumer acceptance and projected drop in product prices, which is primarily the MicroLED display price. Several factors viz. improving consumer spending on personal entertainment are seen as critical to influencing trends in market growth for commercial and non-commercial applications.

Owing to the presence of major micro LED display manufacturers, North America held a prominent share of the global micro-LED display market in 2018. This regional market is expected to dominate the U.S. as it is the corporate headquarters of plentiful renowned market giants such as Oculus VR, Apple, Lumiode, VerLASE Technologies and Uniqarta among others. In addition, the region is foreseeing several market-related business activities that contribute significantly to the overall demand of the market. The increasing use of micro LED displays in automotive applications drives the micro-LED display market in European countries. For several applications, such as dashboard, rearview mirrors, in car entertainment system and HUD, the demand for micro-LEDs is witnessing rapid boost especially in the automotive industry. In addition, the automotive industry plays a vital role in the growth of Europe’s GDP. In 2018, the automotive sector accounted for almost 5 percent of the overall GDP of Europe. In order to reinforce their overall competitiveness, many automotive manufacturers are involved in research and development activities.

Some of the prominent players in the MicroLED market and profiled in the study include Sony Corp, Apple, Inc., Ostendo Technologies, Oculus VR,  JBD Inc., Glo AB  and LG Electronics among others.


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