Affected by the emergence of the COVID-19 pandemic, global LED video wall revenue for 2020 reached a mere US$5.53 billion, a 12.8% YoY decrease, with the European and US markets suffering the most significant declines, according to TrendForce’s latest investigations. In 2021, as overall market demand recovers, and certain components in the upstream supply chain undergo price hikes due to shortage, LED video wall manufacturers have raised their product prices in response. Hence, LED video wall revenue for this year is expected to reach US$6.27 billion, a 13.5% YoY increase.
TrendForce further indicates that the overall demand for LED video walls has been gradually recovering thanks to increased vaccinations worldwide, which have enabled a gradual easing of border restrictions as well as the resumption of major commercial and sporting activities, including UEFA Euro 2020 and the Tokyo 2020 Olympics. In addition, owing to the rising prices of materials in the upstream LED video wall supply chain, such as driver IC, PCB, and LED components, LED video wall manufacturers such as Leyard, Unilumin, and Absen are gradually raising their product prices in order to maintain product profit.
While demand in the Chinese market was the first to recover, the top eight suppliers collectively accounted for a 60% market share
Regarding the ranking of LED video wall suppliers in 2020, Leyard took the leadership position with an 11.3% market share even though its overall revenue declined due to the pandemic’s impact on Leyard’s overseas businesses. Likewise, Unilumin saw declines in its overseas businesses, which caused only a slight drop in its revenue because Unilumin had placed a greater focus on sales in the Chinese market. Unilumin took second place with a market share of 10.8%. Qiangli Jucai, on the other hand, primarily conducted businesses in domestic China. By aggressively strengthening its distribution channels, Qiangli Jucai was able to increase its revenue against the overall downtrend and take third place. Daktronics, Hikvision, Samsung Electronics, Absen, and Shanxi High-tech Huaye rounded out of the rest of the ranking by taking the fourth to eighth places in order.
On the whole, most LED video wall manufacturers, especially companies (including Leyard, Unilumin, and Absen) whose primary markets were Europe and the US, saw declines in their revenues for 2020 due to the pandemic last year. Conversely, companies with a primary focus on the Chinese market, such as Qiangli Jucai and Shanxi High-tech Huaye, benefitted from the recovering demand that began ramping up in 3Q20 and peaked in 4Q20. These companies were able to propel the combined market share of the top eight LED video wall manufacturers last year to 58%, which was four percentage points higher compared to 54% in 2019.
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