The world of electronics is an ever-evolving domain. The introduction of mini LEDs has taken the consumer electronics industry by storm. Mini LEDs are transforming and modernizing the lighting sector by attaining prime importance in evolutionary products such as realistic displays, exceptionally thin consumer electronics devices, and lighting devices in automobiles. Mini LEDs help eradicate innumerable design challenges and give the freedom of design to manufacturers, thus giving rise to innovative electronics products. As per experts, the mini LED technology is expected to dominate the next generation of lighting technology in a horde of application areas.
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Electronic manufacturers and LED developers have made noteworthy advancements in the process of the placement of mini LEDs in products like computer keyboards, automotive lighting, display backlights, direct emission displays, and consumer electronics. Mini LEDs are nowadays widely used to substitute prevailing traditional incandescent, halogens, and fibre optic-based devices in application areas like pools and spas. The rising fame of mini LEDs in a wide array of applications, owing to their potential to offer greater control over the light and give out better contrast and brightness level, has impelled the demand for mini LEDs in recent years. Moreover, the growing adoption of smart screen products, LED projectors, and OLED smart televisions systems is fueling the demand for mini LEDs in the consumer electronics market. All these factors are likely to propel the mini LED market growth in the coming years.
Latest Trends in the Mini LED Market
As per a report by Research Dive, the global mini LED market is expected to grow from $411.20 million in 2021 to $10,931.10 million by 2030. The Asia-Pacific region is the leading user of mini LED and is expected to grow speedily in the mini LED market by rising with a CAGR of 45.34% in the 2022 to 2030 timeframe. This is because the region has an evolving consumer electronics industry and the presence of leading manufacturers of mini LED.
Market players are profoundly investing in research and development to fulfil the mounting demand for mini LEDs. Some of the leading players in the mini LED market are Japan Display, Inc., Harvatek Corporation, Unity Opto, AUO Corporation., Innolux Optoelectronics Co., Ltd., EVER LIGHT ELECTRONICS CO. LTD., Tianma Microelectronics Co., Ltd., BOE Technology Group Co., Ltd., and others. These players are concentrated on developing strategies such as mergers and acquisitions, partnerships, novel developments, and collaborations to achieve a prominent position in the global market.
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For instance,
- In March 2022, Apple Inc., an American multinational technology firm that specializes in consumer electronics, software, and online services, increased the production of Mini LED chips and hired extra manufacturers for meeting the demand for its new orders of Mini LED displays.
- In May 2022, Huawei, a foremost global supplier of information & communications technology (ICT) infrastructure and smart devices, launched Smart Screen V Pro mini LED TVs with auto low latency mode (ALLM) and variable refresh rate (VRR).
- In June 2022, TCL, launched a 4K Mini LED TV with 144Hz VR and Google TV in India to deliver a high-quality viewing experience for its consumers.
COVID-19 Impact on the Mini LED Market
The abrupt rise of the coronavirus pandemic in 2020 has adversely impacted the global mini LED market. This is mainly due to the cessation of electronics manufacturing companies during the pandemic period. Also, several disruptions in the supply chains of production companies and labour shortages during the pandemic have hampered the market’s growth. However, as the global economy is recovering with the relaxation of the pandemic, the mini LED market is expected to gain traction with a notable surge in the demand for consumer electronics products across the globe.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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