Demand Rebounds, Global LED Industry Revenue Expected to Grow 3% in 2024 with Market Focus on Automotive Displays, Says TrendForce

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Apr. 1, 2024 —- TrendForce’s latest LED industry report indicates that the global market is set to recover in 2024, with estimated revenues reaching US$13 billion—marking a YoY growth of 3%. This resurgence is primarily driven by demand across various sectors, including automotive lighting and displays, general/architectural/agricultural lighting, LED video walls, and UV/IR LEDs. Additionally, the successful deployment of Micro LEDs in large displays by Samsung and luxury watches by Tag Heuer has played a significant role in this growth.

TrendForce points out that automotive displays present significant growth potential this year. Thanks to momentum from the NEV market, advanced technologies like ADB headlights, Mini LED taillights, full-width taillights, smart ambient lighting, and Mini LED backlit displays are set to propel the automotive LED market value to $3.4 billion. Furthermore, Micro LED is making inroads into reading lights and control knobs in European OEMs.

Meanwhile, European, American, and Japanese automakers plan to introduce Micro LED transparent displays. With automakers requiring Micro LED HUDs to achieve a transparency rate exceeding 70% and accommodate curved designs, the automotive market is set to embrace transparent Micro LED displays for AR-HUD or window displays by 2026–2027 as the technology matures and becomes more cost-effective.

The Mini LED video wall market is witnessing rapid growth, propelled by leading manufacturers like Samsung, LG Electronics, Leyard, Unilumin, and Absen.

In the UV LED segment, manufacturers continue to roll out high-power sterilization and purification products to meet market demands. The application of UV-C LED in air sterilization by Huawei AITO—with orders spanning 2023 to 2025—is poised to hasten the adoption of automotive air sterilization applications. Compared to traditional UV lamps, UV LEDs offer a longer lifespan and simpler optical design. Companies such as Nichia, Seoul Viosys, and Violumas have launched comprehensive UV-A/B/C LED product lines to satisfy the demand for UV lamp alternatives.

Agricultural lighting is gaining momentum in Central and Eastern Europe, particularly in Czechia and Poland, where the cost reduction of horticultural lighting end products has improved the ROI of plant factory solutions. Furthermore, investments in horticultural lighting for cultivating vegetables and fodder in high-latitude Asian and Nordic regions aim to mitigate the adverse effects of prolonged winters on food suppliers, promising to uplift the horticultural lighting LED market in 2024.

For more information on reports and market data from TrendForce’s Department of Optoelectronics Research, please click here, or email the Sales Department at OR_MI@trendforce.com

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About TrendForce (www.trendforce.com)

TrendForce is a global provider of the latest development, insight, and analysis of the technology industry. Having served businesses for over a decade, the company has built up a strong membership base of 500,000 subscribers. TrendForce has established a reputation as an organization that offers insightful and accurate analysis of the technology industry through five major research divisions: Semiconductor Research, Display Research, Optoelectronics Research, Green Energy Research, ICT Applications Research. Founded in Taipei, Taiwan in 2000, TrendForce has extended its presence in China since 2004 with offices in Shenzhen and Beijing.

TrendForce 2023 Global Automotive LED Product Trend and Regional Market Analysis
Release Date:
1. PDF (166 Pages)- 30 June 2023
2. EXCEL- 30 June 2023 and 31 December 2023
Languages: Traditional Chinese / English

 Gold+ Member Report

Report Title	Content	Format	Publication
LED Industry Demand and Supply Database	Demand Market Analysis:	PDF / Excel	1Q (Mid Mar.) 3Q (Early Sep.)
	2024-2028 Demand Market Forecast
	(Backlight and Flash LED / General Lighting / Agricultural Lighting / Architectural Lighting / Automotive- Passenger Car & Box Truck & Scooter / Video Wall / UV LED / IR LED / Micro LED / Mini LED)
	Supply Market Analysis:
	1. LED Chip Market Value (External Sales, Total Sales)
	2. WW New / Accumulated GaN LED and AS/P LED MOCVD Chamber Installations
	3. GaN LED and AS/P LED Wafer Market Demand (By Region / By Wafer Size)
	4. GaN LED and AS/P LED Wafer Market Demand and Supply Analysis
LED Player Revenue and Capacity	LED Chip Market Analysis:	PDF / Excel	2Q (Early Jun.) 4Q (Early Dec.)
	Top 10 LED Chip Manufacturers by Revenue and Wafer Capacity
	LED Package Market Analysis:
	LED Package Manufacturers: Total Revenue, LED Revenue, and Capacity Analysis
	Top 10 LED Package Players by Revenues in Backlight and Flash LED, Lighting, Automotive, Video Wall, UV LED
LED Industry Price Survey	Sapphire / Chip / Package (Backlight, General Lighting, Agricultural Lighting, Automotive, Video Wall, UV LED, IR LED, VCSEL)	Excel	1Q (Mid Mar.) 2Q (Early Jun.) 3Q (Early Sep.) 4Q (Early Dec.)
LED Industry Quarterly Update	Major Players Quarterly Update:	PDF	1Q (Mid Mar.) 2Q (Early Jun.) 3Q (Early Sep.) 4Q (Early Dec.)
	EU / U.S.- Lumileds, ams OSRAM, Cree LED (Smart Global Holdings)
	JP- Nichia, Citizen, Stanley, ROHM
	KR- Samsung, Seoul Semiconductor, Seoul Viosys
	ML- Dominant
	TW- Ennostar, Everlight, LITEON, AOT, Harvatek, PlayNitride
	CN- San’an, Changelight, HC SemiTek, Aucksun, Focus Lightings, Nationstar, Hongli, Refond, Jufei, MTC, MLS
Micro/Mini LED Exhibit Report	CES 2024 / Touch Taiwan 2024	PDF	Aperiodically; <20 Pages

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