In the next five years, the compound growth rate of the global Mini/Micro LED market will reach more than 50%

On February 26, at the "Sixth Mini/Micro LED Display Industry Ecological Conference" in Shenzhen, guided by the China Electronic Video Industry Association and hosted by the Mini/Micro LED Branch, Ms. Zheng Haiyan, Research Director of the LED Display Supply Chain Business Group of RUNTO, was invited to participate and delivered a conference report with the theme of "Global and Chinese MLED Market Development Report".

At the beginning of the report, she mentioned that the miniaturization of LED displays is an inevitable trend, and the industrialization process of MLEDs is accelerating.

The scale of global LED display screens reaches US$7.1 billion, with China accounting for more than 65%

According to data from RUNTO, the global LED display market size will be US$7.1 billion in 2023, of which the scale of small-pitch LEDs (including micro-pitch) will be US$3.36 billion, accounting for 47.3% of the overall market.

China's LED display market accounts for more than 65% of the world's share, and its market position has transformed from raw material assembly to Chinese manufacturing and full-scenario application.

In the context of the high-quality development of my country's optoelectronic information industry, national policies and municipal plans related to the LED industry are frequently released. According to a preliminary review by RUNTO, in the past ten years, the country and provinces have issued as many as 40 policies related to the LED industry; during the "14th Five-Year Plan" period, 17 provinces proposed development plans to support new Mini/Micro LED display technologies.

In addition, from 2022 to 2023, there will be 138 typical projects announced in the Mini/Micro LED field regarding project signing, construction start, closure/completion and other related developments, running through the entire industry chain. Among them, the number of modules, chips, display terminals, packaging, and panel-related projects accounted for 91%. In 2023 alone, the number of participating companies exceeded 50, and the investment scale was close to 180 billion yuan.

In terms of technology development, there are more than 160 units engaged in Micro LED research around the world, of which more than 60 are located in China. From the aspect of patent applications, we found that since 2017, the number of Micro LED patent applications has increased rapidly, and the activity of technology research and development has increased significantly. Manufacturers such as BOE, CSOT, Huawei, Tianma, and Konka Optoelectronics from mainland China are among the top 15 innovative entities in the world in terms of Micro LED patent applications.

Next, Ms. Zheng Haiyan analyzed the development overview of display terminal products from three directions: Mini direct display, Mini backlight, and Micro display.

Mini LED direct display: the result of further miniaturization of small-pitch LEDs

LED display has now entered the era of micro-pitch, and its products have penetrated into various scenes of professional display (conference rooms, monitoring rooms, studios), commercial displays (retailer supermarkets, creative scenes, XR extended displays) and public displays.

According to data from RUNTO, the global small-pitch LED display market will be US$3.36 billion in 2023, with the Chinese market accounting for 65.7% and a scale of RMB 15.5 billion. Among them, fine-pitch (P<1.0mm) direct display products have gradually opened up new application scenarios, accounting for 9.7% of the fine-pitch LED market in 2023, with an average share growth of 1 percentage point or more per quarter.

RUNTO predicts that the global market size of Mini LED direct display (P<1.0) will exceed US$3 billion in 2028, reaching US$3.3 billion, with a compound growth rate of approximately 40% from 2024 to 2028.

COB has become the high-end development direction of small-pitch LED display packaging technology. In 2023, driven by the increasingly mature technology, costs will continue to fall, the average market price will drop by more than 30%, and the penetration rate will also accelerate significantly. According to data from RUNTO, in 2023, the sales amount of COB products will account for 13.2% of China's overall small-pitch market, among which, in the micro-pitch (P < 1.0mm) market, it will account for 43%.

RUNTO predicts that by 2028, COB technology will account for more than 30% of sales in China's small-pitch LED (below P2.5) display market.