TrendForce's "2024 New Mini LED BLU Display Trend Analysis" report reveals that due to declining demand in consumer electronics, shipments of Mini LED products are expected to decrease to 13.337 million units in 2023.
Owing to the impact of the COVID-19 pandemic in 2020, not only did LED revenue experience a downward trajectory, but this decline also reached a magnitude rarely seen in recent years, according to TrendForce’s latest investigations. However, as vaccinations begin taking place in 1H21, the LED market’s long-stifled demand is expected to rebound from rock bottom. Hence, global LED market revenue will likely undergo a corresponding recovery this year as well, with a forecasted US$16.53 billion, an 8.1% increase YoY, in 2021. Most of this increase can be attributed to four major categories, including automotive LED, Mini/Micro LED, video wall LED, and UV/IR LED.
After global LED giant Cree divested its lighting business in 2019, the companies today (Oct. 20) announced its plan to sell its LED business to SMART Global Holdings (SGH) for US$300 million. TrendForce indicates that Chinese manufacturers have quickly risen in the LED industry in recent years, benefiting from superior production capacities and cost optimization measures. These manufacturers are continuing to capture the existing market shares of major overseas LED companies, such as Nichia, OSRAM OS, Lumileds, and Cree. Furthermore, given the poor state of the global economy in the past two years, companies that were previously dominant in the LED industry must now deal with the difficult reality of having their business operations or stocks sold off to other companies.