Increasing demand from automotive HUDs to bolster the market growth

The Micro LED market worldwide is expected to grow with a CAGR of 75% during the forecast period from 2023 to 2030, starting from US$ 1.30 Bn in 2021. A developing flat display technology is called a micro-LED display, which provides invincible contrasts as well as supreme energy efficiency via microscopic LED arrays. It operates on the gallium nitride principle, which delivers extraordinary brightness, even more than an OLED display. Micro-LED display provides 30 times higher brightness and invincible efficiency than conventional OLED displays. Other advantages offered by micro-LED display include compact display size, improved contrast as well as exceed response time. Micro-LED display's global demand is still in its emerging state. It is anticipated that rising demand for energy efficient and brighter displays will drive the micro-LED display market over the timeframe. There is a worldwide flourishing demand for micro-LED displays which are extensively compact in size with excellent viewing angle. Micro-LED display implementation is currently at its peak, providing a brighter picture with high pixel resolution and unsurpassed energy efficiency.

VR headsets to lead the global micro-LED display demand

The demand for highly efficient HMDs and functionality improvements to support the ongoing roll-out of high-quality VR content is currently pushing the acceptance of micro LEDs in comparison with traditional DLP and LCOS technologies. Increasing this trend has acquired an InfiniLED from Oculus, an Irish micro LED company, the virtual reality headset provider owned by Facebook. As per Intel, the AR / VR market's revenue opportunity remains strong, with headset hardware sales projected to exceed $48 billion by 2023. Such trends give the market studied over the forecast period a strong growth potential.

Asia Pacific to Register the Fastest Growth

Because of the flourishing consumer electronics industry, Asia Pacific is projected to witness speedy market growth in the coming years. Conventional light is being replaced by LED lighting in emerging economies such as India and China, which contributes significantly to the region's market. In addition, awareness of the benefits of micro-LED displays has fascinated many manufacturers of lighting. Rising investments done by LED manufacturers to improve LED display technology are expected to drive the micro-LED display market significantly in the future.

The growing number of advanced smartphones in Latin America plays a crucial role in driving the display market for micro-LEDs. This regional growth can be attributed to the compact size and high micro-LED display resolutions as well as enormous investments made by various smartphone manufacturers to integrate micro-LED displays.

Some of the prominent players operating in the micro LED market include Sharp Electronics, Samsung Electronics, Sony, LG Display, VerLASE Technologies, AU Optronics, Apple, Inc., Lumiode, Rohinni, X-Celeprint, Epistar, Oculus VR, Aledia, Lumens, Nichia, Cooledge Lighting, Plessey Semiconductors, JBD, VueReal, Ostendo Technologies, Uniqarta, ALLOS Semiconductors, PlayNitride and Mikro Mesa Technology among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Micro LED market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Micro LED market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Micro LED market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Micro LED market?
• Which is the largest regional market for Micro LED market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Micro LED market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Micro LED market worldwide?