Dan's Biz Bookshelf: 'Revenge of the Tipping Point'
Marcy's Musings: Engineering Economics
Punching Out: Should You Sell Your Company to a Private Equity Firm?
Demand Rebounds, Global LED Industry Revenue Expected to Grow 3% in 2024 with Market Focus on Automotive Displays
April 1, 2024 | TrendForceEstimated reading time: 1 minute
TrendForce’s latest LED industry report indicates that the global market is set to recover in 2024, with estimated revenues reaching US$13 billion—marking a YoY growth of 3%. This resurgence is primarily driven by demand across various sectors, including automotive lighting and displays, general/architectural/agricultural lighting, LED video walls, and UV/IR LEDs. Additionally, the successful deployment of Micro LEDs in large displays by Samsung and luxury watches by Tag Heuer has played a significant role in this growth.
TrendForce points out that automotive displays present significant growth potential this year. Thanks to momentum from the NEV market, advanced technologies like ADB headlights, Mini LED taillights, full-width taillights, smart ambient lighting, and Mini LED backlit displays are set to propel the automotive LED market value to $3.4 billion. Furthermore, Micro LED is making inroads into reading lights and control knobs in European OEMs.
Meanwhile, European, American, and Japanese automakers plan to introduce Micro LED transparent displays. With automakers requiring Micro LED HUDs to achieve a transparency rate exceeding 70% and accommodate curved designs, the automotive market is set to embrace transparent Micro LED displays for AR-HUD or window displays by 2026–2027 as the technology matures and becomes more cost-effective.
The Mini LED video wall market is witnessing rapid growth, propelled by leading manufacturers like Samsung, LG Electronics, Leyard, Unilumin, and Absen.
In the UV LED segment, manufacturers continue to roll out high-power sterilization and purification products to meet market demands. The application of UV-C LED in air sterilization by Huawei AITO—with orders spanning 2023 to 2025—is poised to hasten the adoption of automotive air sterilization applications. Compared to traditional UV lamps, UV LEDs offer a longer lifespan and simpler optical design. Companies such as Nichia, Seoul Viosys, and Violumas have launched comprehensive UV-A/B/C LED product lines to satisfy the demand for UV lamp alternatives.
Agricultural lighting is gaining momentum in Central and Eastern Europe, particularly in Czechia and Poland, where the cost reduction of horticultural lighting end products has improved the ROI of plant factory solutions. Furthermore, investments in horticultural lighting for cultivating vegetables and fodder in high-latitude Asian and Nordic regions aim to mitigate the adverse effects of prolonged winters on food suppliers, promising to uplift the horticultural lighting LED market in 2024.
Share on:
Suggested Items
Würth Elektronik Expands Signal LED Product Range
11/21/2024 | Wurth ElectronicsWürth Elektronik expands its proven LED product series WL-SMCW and WL-SMCC with white LEDs in 0603 and 0402 packages.
China’s Energy Subsidies Boost 3Q24 TV Shipments by Nearly 10%; Annual Shipments Return to Growth
11/19/2024 | TrendForceGlobal TV brand shipments reached 52.33 million units in 3Q24, reflecting a QoQ increase of 9.6% and a YoY growth of 0.5%.
AIM to Present on Micro/MiniLED Applications at Hangjia Talk in Shenzhen, China
11/11/2024 | AIM SolderAIM Solder, a leading global manufacturer of solder assembly materials for the electronics industry, is pleased to announce its participation in the upcoming Hangjia annual industry event focused on the future of the LED display sector.
Dymax to Showcase Innovative Adhesives at COMPAMED 2024
11/08/2024 | DymaxDymax, a leading manufacturer of rapid curing materials and equipment, will showcase its latest developments in medical technology at this year’s COMPAMED in Düsseldorf, from November 11 to 14, in Hall 8B, Booth L01.
Teledyne to Acquire Select Aerospace and Defense Electronics Businesses of Excelitas
11/06/2024 | BUSINESS WIRETeledyne Technologies Incorporated announced that it has entered into an agreement to acquire select aerospace and defense electronics businesses from for $710 million in cash. The UK-based OS business provides advanced optics for heads-up and helmet-mounted displays, dismounted tactical night vision systems and proprietary glass used in space and satellite applications. In the U.S., the AES business provides custom energetics, including electronic safe & arm devices, high-voltage semiconductor switches and rubidium frequency standards for defense and space applications.