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.
Product prices across the overall lighting LED market are expected to increase by about 0.3%-2.3% QoQ in 2Q21, according to TrendForce’s latest investigations. This price hike can primarily be attributed to the fact that overall demand in the LED lighting market has been rebounding since 1Q21 and remaining in an uptrend since 2Q21. Furthermore, the industry-wide shortage of LED components in the upstream supply chain, caused by the onset of the COVID-19 pandemic, has yet to be addressed, thereby compelling lighting product manufacturers to ramp up their procurement activities this year in order to avoid a component shortage, which they suffered last year. TrendForce hence expects this bullish trend in the LED supply chain to result in a US$6.709 billion yearly revenue for the lighting LED market in 2021, a 3.43% growth YoY.
For the past two years, brands such as Samsung, LG, TCL, and Xiaomi have successively released their own Mini LED backlight TVs, which are expected to reach a yearly shipment of about 2.6-3 million units in 2021 because Korean brands have successfully trailblazed the high-end market, and because Chinese brands have also been ramping up shipment via highly cost-effective models, according to TrendForce’s latest investigations.
Owing to the impact of the COVID-19 pandemic in 2020, not only did LED revenue experience a downward trajectory, but this decline also reached a magnitude rarely seen in recent years, according to TrendForce’s latest investigations. However, as vaccinations begin taking place in 1H21, the LED market’s long-stifled demand is expected to rebound from rock bottom. Hence, global LED market revenue will likely undergo a corresponding recovery this year as well, with a forecasted US$16.53 billion, an 8.1% increase YoY, in 2021. Most of this increase can be attributed to four major categories, including automotive LED, Mini/Micro LED, video wall LED, and UV/IR LED.
During Apple’s Spring Loaded event, the Cupertino company announced the upcoming release of its latest 12.9-inch iPad Pro models featuring Mini LED display technology. According to TrendForce’s latest investigations, demand for the 12.9-inch iPad Pro has already been relatively high in the niche markets. Thus, given the thorough improvement in specs as well as the very slight price hike of merely $100 over the previous generation, TrendForce is not only revising up its shipment forecast for the 2021 version of the 12-inch iPad Pro from four million units to five million units this year, but also expecting this product to account for a 3.1% share in the global tablet market, compared to the previous forecast of 2.5%.