Mini LED Market Anticipates Rebound and Sustained Growth Through 2027

TrendForce’s recent report, “2024 New Mini LED BLU Display Trend Analysis,” unveils insights into the Mini LED market, forecasting a temporary dip in shipments to 13.337 million units in 2023, attributed to reduced demand in consumer electronics. However, a strong rebound is anticipated in 2024, with shipments projected to rise to 13.792 million units, setting the stage for continued growth through 2027. The larger trend of decreasing Mini LED product prices is expected to contribute to this growth, with shipments potentially reaching 31.453 million units by 2027, showcasing a Compound Annual Growth Rate (CAGR) of approximately 23.9% from 2023 to 2027.

In the television sector, despite rising LCD panel prices and ongoing high depreciation costs of OLED products, Mini LED component prices are on a downward trajectory. This positions Mini LEDs as an effective and optimal solution for enhancing contrast. Mini LED TVs are forecasted to experience positive growth, with shipments expected to reach 6.21 million units in 2024, marking a 53.5% year-on-year increase. By 2027, Mini LED TV shipments are projected to hit 24.4 million units, capturing around 12.1% of the overall TV market, with a CAGR of approximately 56.7% from 2023 to 2027.

In the IT applications segment, Mini LED monitor shipments are estimated at 296,000 units in 2023. With a flexible cost structure due to various form factors like COB and POB, Mini LED monitors are expected to enter a growth phase between 2026 and 2027, with a significant increase in market penetration anticipated by 2027, reaching around 3.1%.

However, Mini LED tablets and notebooks face potential threats from expanding RGB OLED. The shipment volume for Mini LED notebooks is estimated to decline by approximately 39% year-on-year. Similarly, with the discontinuation of the 12.9-inch iPad Pro in 2024, Mini LED tablet shipments are expected to decrease by about 15.6% year-on-year.

In the automotive market, despite a slowdown in inflation in Europe and the US, the global economy’s weakness prompts automakers to stimulate demand through price reductions, leading to a price war. Nevertheless, Mini LEDs are gaining traction in automotive displays, especially with the trend towards high-end upgrades in smart cockpits. Leading automakers like BMW, Mercedes-Benz, Volvo, NIO, Roewe, and Li Auto are actively entering the Mini LED automotive display market, with Mini LED COB technology competing with Mini LED POB/OLED display technology.

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