The mini LED market is projected to record at a dexterous CAGR of 22.5% through the period of forecasting between 2020 and 2030. The growth of the market is primarily attributed to the growing popularity of OLED TVs and preference towards smart screens with better performance and increased lifecycle. However, the market demand is hugely impacted by the COVID-19 pandemic, on account of diminished manufacturing by end-use sectors and a slump in demand from consumers.
“The mini LED market will foresee strong growth in the approaching years, due to growing smart TV popularity in Europe, North America, and also rising new markets in the APAC region,” says the Fact.MR report.
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Mini LED Market – Key Takeaways
Mini LED Market – Driving Factors
Mini LED Market – Constraints
Anticipated Market Impact by Coronavirus Outbreak
The COVID-19 outbreak has crippled the worldwide economy as the majority of nations have imposed lockdowns and social distancing measures. The mini LED market is foreseeing a slump in the demand for consumer electronics, and consequently, witnessing a decrease in demand for mini LEDs.
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Major companies in the mini LED market are focusing on vertical integration and capacity expansion. With the assistance of e-Commerce along with several digital platforms, companies are extending their market reach and to satiate customers’ requirements. Along with the above strategies, market players are also partnering with end-use industry players.
Major companies identified in the global mini LED market is Revolution Lighting Technologies, Inc., Cree. Vishay, Orion Energy Systems, Inc, Epistar, and Deco Lighting.
More on the Report
The FACT.MR’s market research report provides in-depth insights into the mini LED market. The market is scrutinized based on LED type (standard LEDs, low-current LEDs and ultra-high Output LEDs), and end-use industry (Mobile Phones, Consumer Electronics, Televisions, Laptops/Notebooks, Aerospace & Defense, Automotive and Others)across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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