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[News] Three Key Drivers of Future Growth in the LED Display Market
In recent years, the LED display market has seen shifting trends and demand, creating both opportunities and challenges. How should LED companies respond to these changes? At the 2024 TrendForce Self-Luminous Display Industry Seminar, TrendForce analysts discussed the future growth drivers for the LED display market, analyzing the outlook for emerging applications and the competitive landscape in the industry.
Due to factors such as government budgets, price competition, and technological rivalry, demand for LED displays in China in 2024 is expected to be moderate.
However, international markets continue to grow, with stable progress in Europe and North America, and strong performance in the Asia-Pacific region, particularly in Southeast Asia and the Middle East. In the long term, the LED display market is expected to maintain growth, driven by three main factors:
- Expansion from Developed to Developing Economies
China is the global manufacturing base and origin of LED displays. In the first phase, the Chinese market expanded into developed economies overseas. With continuing reductions in LED display costs, the market is entering a second phase, extending into developing economies. - Expansion from Government and Large Corporate Clients to Small and Medium Enterprises
Over more than 20 years, LED display prices have steadily declined, and the client base has expanded from government (B2G) to business (B2B) sectors, with potential for future expansion to consumers (B2C).
For manufacturers, the distribution model has grown in importance, and demand for channel-driven LED displays is rising. Companies are actively adjusting their strategies, establishing distribution networks in China and globally to reach a wider customer base.
- Expansion from Traditional to Emerging Applications
Traditional applications for LED displays include corporate meetings, security monitoring, retail exhibitions, public areas, transportation, and outdoor advertising. With advancements in Micro/Mini LED technology, LED displays are increasingly used in emerging applications like LED integrated displays, virtual production, and cinema/home theaters, indicating strong growth potential.
Overall, TrendForce projects that the global LED display market size will reach $7.516 billion in 2024 (up 2.8% YoY) and could grow to $10.2 billion by 2028, with a compound annual growth rate (CAGR) of 7% from 2023 to 2028.
