February 23, 2024

Growing Adoption Of Wearable Technology To Propel The Growth Of The Global Micro Led Market

The global Micro Led Market is estimated to be valued at US$ 273.15 Mn in 2023 and is expected to exhibit a CAGR of 82% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Micro LED display technology involves arrangement of microscopic LEDs to act as pixels for displays. Micro LED displays offer higher resolution, improved reliability, reduced power consumption, and better durability as compared to traditional LCD and OLED displays. The technology promises self-emitting random basis pixels to reproduce true colors without need for backlight and color filters. Micro LED displays find applications in premium smartphones, smartwatches, augmented and virtual reality headsets, automotive displays, laptops, tablets, televisions, digital signage and more. Growing demand for high-end electronics with superior features is driving the adoption of Micro LED technology across various applications.

Market key trends:
One of the major trends in the Micro LED market is the increasing penetration of Micro LED in wearable devices such as smartwatches and VR/AR headsets. Brands are focusing on developing lightweight and compact wearable devices with Micro LED displays to offer enhanced visual experience. For instance, in 2020 Apple launched the Apple watch series 6 with improved brightness and power efficiency offered by Micro LED display. In addition, Micro LED technology promises high definition and low power consumption well suited for head mounted displays for augmented and virtual reality applications. Leading tech companies are investing heavily in developing VR/AR devices integrated with advanced Micro LED displays. This growing adoption of wearable technology is expected to fuel the demand for Micro LED displays over the forecast period.

Porter’s Analysis
Threat of new entrants: The micro LED market requires massive capital investment and technological expertise to produce micro LEDs. This poses significant barriers for new companies to enter this market.
Bargaining power of buyers: Large technology companies like Apple, Samsung etc. have high bargaining power as buyers in the micro LED market due to their strong brand value and large scale purchasing abilities.
Bargaining power of suppliers: Few suppliers exist for materials required for micro LED production like epitaxial wafers and chips. This gives them strong bargaining power over existing players in the market.
Threat of new substitutes: Technological innovations in display technologies like OLED pose threat of substitution to micro LED. However, micro LED offers better features which make it difficult to completely replace.
Competitive rivalry: Being an emerging technology, major players like Apple, Samsung are aggressively investing in R&D to gain competitive advantage and dominate the micro LED market.

Key Takeaways
The global micro LED market is expected to witness high growth, exhibiting CAGR of 82.% over the forecast period 2023 to 2030, due to increasing demand for advanced display solutions offering better brightness and contrast compared to OLED and LCD panels.

Regional analysis: North America is expected to dominate the micro LED market during the forecast period. Major players like Apple, Samsung, Sony are based in this region and have introduced several micro LED installed products. Also, presence of various startups focusing on micro LED fabrication and prototype development will drive higher adoption.

Key players: Key players operating in the micro LED market include Apple (US), Oculus VR (US), Sony (Japan), Samsung Electronics (South Korea), X-Celeprint (Ireland), Nanosys (US), Jade bird display (china), aledia (European union), mikro mesa (US), verlase technologies (US), and, allos semiconductors (Germany). Apple launched micro LED installed watch in 2023 and is actively researching micro LED installation in future iPhones and Macs. Samsung too has partnered with micro LED startups for development of micro LED TVs.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it