The development of Mini/Micro direct display products has entered a critical phase in 2024. On one hand, continuous technological advancements and innovations are emerging, including large-scale production and applications such as MIP (Micro-LED in Package); on the other hand, the industry faces challenges in matching market demand with supply, leading to delays in some projects. To fully understand these contrasting industry scenarios, we must examine the “details.”
In other words, the upgrades in Mini/Micro applications across different subcategories and industry chain segments in 2024 reflect distinct patterns, resulting in entirely different “market strategies.”
Mini LED Continues to Surge, While Micro LED Faces Market Divergence
According to statistics, Mini LED applications are set for explosive growth in 2024. On one hand, Mini LED backlit televisions are accelerating in growth. In the domestic market, JD.com data shows that during the 2024 Double Eleven shopping festival, the transaction volume of Mini LED TVs increased by more than 12 times compared to the previous year. By 2024, Mini LED backlit TVs have surpassed OLED TV technology and become the highest-demand category in the high-end television market. It is conservatively estimated that global shipments of Mini LED TVs will grow by 65%, reaching 6.75 million units in 2024.
On the other hand, Mini LED direct display products are expanding their market share in the small-pitch LED sector. Driven by the structural price reduction trend of COB packaging that began in 2023, there has been significant growth in the P1.0-P1.8 market. The COB-Mini LED P1.5 product has become another “hot product specification.” Especially in the international market, the market increment effect driven by price reductions is particularly noticeable. Overseas markets are seeing a repeat of the explosive growth experienced by similar products in the domestic market in 2023.
With the full-scale adoption of both backlight and direct display markets, the collaborative effect of the Mini LED technology ecosystem continues to strengthen. This further facilitates a decrease in product costs based on scale and technological maturity, providing solid support for the continued expansion of the Mini LED market.
In contrast to the strong performance of Mini LED, Micro LED technology is encountering some setbacks. For instance, Apple has temporarily suspended its development of Micro LED smartwatches, which has led to uncertainties in the product lines of LG Display and OSRAM. OSRAM’s Micro LED factory in Malaysia, which has already invested nearly $1 billion, may face bankruptcy before even beginning operations. In the domestic market, the San’an Optoelectronics Hubei Mini/Micro LED chip industrialization project and the Focus Lighting Optoelectronics Suqian Mini/Micro LED chip R&D and manufacturing expansion project have both delayed their mass production timelines from 2024 to 2026.
However, on the other hand, BOE and Hisense are accelerating their Micro LED chip and display projects. BOE HC SemiTek Micro LED wafer manufacturing and packaging testing base project commenced production in November 2024, and on August 30, 2024, Hisense ChangeLight Jiangxi Semiconductor Base also held a production ceremony. The base utilizes existing factory space and land resources from the Nanchang base, with a total investment of 1 billion yuan (approximately $137 million), including 60 MOCVD and supporting equipment.
This divergence in progress reflects the varying pressures faced by Micro LED in different product categories. For example, in small-to-medium-sized displays such as smartwatches, the challenges of large-scale transfer technology have hindered its marketization. On the other hand, Micro LED in direct display large screens have found new opportunities through MIP technology, opening the door to rapid market growth. Additionally, the consumption of upstream resources varies across different companies: within the emerging closed-loop ecosystems of BOE and Hisense, chip production capacity remains insufficient; whereas, for upstream companies like San’an Optoelectronics, after upgrading their existing capacity to Micro LED standards, their pixel-based capacity has significantly increased, reducing the urgency of new line construction.
Thus, the development of Mini/Micro LED products and the industry in 2024 reflects a “tale of two cities.” Mature products, near-mature products, and products that must temporarily slow down coexist, highlighting the increasing need for precise market positioning strategies across the industry.
Product Explosions Require Synchronization with MIP
From the perspective of LED large-screen direct display, 2024 is a “harvest year” for production capacity. Not only has the domestic market overcome macroeconomic fluctuations and maintained steady growth, but the overseas market has also accelerated its growth based on price reductions and quality improvements. More importantly, the industry has identified new “technological opportunities.” Among them, the large-scale production of MIP has become a consensus.
From a specification standpoint, breaking through 0606, 0404, and 0202 component specifications has become the main path for supply upgrades. The breakthrough of 0202 products, especially the application of 30×50 mil unbonded technology, will accelerate the deployment of P0.3-P0.5 ultra-micro display products, potentially opening up new opportunities in markets similar to the color TV sector.
Regarding production capacity, industry leader Unilumin plans to expand its MIP production capacity to 6,000KK per month by the end of 2024 at advanced manufacturing bases such as Daya Bay and Zhongshan to meet the global demand for ultra-fine-pitch products. Similarly, companies like AOTO Electronics, Absen, BOE, Hisense, Kinglight, Nationstar, and Sinyopto will also expand MIP production. In particular, the 0404 product, which has mature technology and widespread suitability for fine-pitch markets, will become a key area for growing capacity.
At the same time, these companies are working to create their own “larger and wider” adaptations. For instance, AOTO Electronics continues to roll out products in P0.3mm, P0.4mm, P0.7mm, P0.9mm, P1.2mm, and P1.5mm specifications, achieving full line coverage and mass production of LED direct display products. Unilumin offers products ranging from P0.7 to P3.9, demonstrating MIP’s capability to integrate Micro LED into over 70% of current LED direct display applications.
The concept of MIP+COB has also emerged, suggesting that MIP can be used for surface coating after placement or directly as a COB-packaged component. This allows MIP to expand its range to cover all existing surface-mount and mass-transfer processes, as well as all sub-categories of packaging in terminal applications.
The “universal theory” has become the best depiction of the development of MIP as a Micro LED direct display technology in 2024. Fully embracing Micro LED means fully embracing MIP, a consensus and action already taken by the LED large-screen industry. In 2024, MIP products have overcome initial production bottlenecks and are now ready for a new cycle of market explosion.
COB Products Continue to Lead the Way: Present and Future Insights
In 2024, COB (Chip-on-Board) technology continues to maintain its dominant position, not only in Mini LED displays but also paving the way towards Micro LED innovations. The COB technology’s future trajectory is expected to witness a smooth transition from Mini LED to Micro LED, with intermediate stages potentially involving MIP (Mini-LED in Package) solutions.
One major trend observed in 2024 is the significant reduction in the cost of COB LED displays and the expansion of incremental markets. Industry data reveals that the cost of COB packaging components has dropped from CNY 48,000 per square meter in 2018 (based on P1.25 pixel pitch) to CNY 9,000 per square meter in 2024, with prices decreasing by 3-5% per quarter throughout the year. This price reduction has made COB products more accessible, stimulating market growth and attracting a wider customer base, which, in turn, has contributed to an increase in market scale.
Furthermore, COB products have diversified significantly. Notably, COB Mini LED backlight sources, COB-MIP, COB-Micro LED, and various other configurations such as P0.7, P1.5, and P1.8 have been introduced, expanding product offerings and driving broader market adoption. This expansion has helped COB technology to strengthen its presence in the display industry, increasing the variety of customers and accelerating growth.
With the increased demand for COB, industry players are expanding their production capacity. For instance, AMTC raised its COB capacity from fewer than 10,000 square meters in 2022 to 20,000 square meters by October 2024. Similarly, Unilumin expects its COB production capacity to reach 4,000KK/month in 2024. According to Dr. Shao Pengrui, Vice President of Asmade, COB’s annual production capacity is projected to reach 500,000 square meters by 2028, expanding by 7-8 times from its current level.
From a technological perspective, Mass Transfer and Micro LED are recognized as two foundational technologies driving COB’s development. As the market for fine-pitch and ultra-fine-pitch displays grows, coupled with an increasing demand for high-quality ultra-high-definition displays, COB technology is not expected to be overshadowed by MIP technologies. Moreover, COB-based secondary packaging solutions are likely to continue contributing to MIP innovations.
In a high-demand and rapidly advancing Micro LED market, where Micro LED micro-components are crucial, COB technology remains integral and essential to the ongoing evolution of the Mini/Micro LED industry.
AM-TFT Micro LED Products on the Brink of Breakthrough
In 2024, AM-TFT Micro LED technology remains one of the central hotspots of Micro LED upgrades. This technology path not only explores how various size applications (small, medium, and large) will evolve but also addresses how existing TFT glass-based semiconductor display industries (such as those used in LCD and OLED) can integrate with AM-TFT Micro LED technologies. As a result, traditional display panel and TV manufacturers are showing a greater interest in AM-TFT Micro LED than companies in the LED direct display industry.
In November 2024, Samsung and AU Optronics initiated plans to drastically reduce the cost of AM-TFT Micro LED products by over 90% within the next few years. This will facilitate the acceleration of AM-TFT Micro LED adoption in markets like television, IT, and automotive displays.
Additionally, at the 2024 Tianma Innovation Conference in Xiamen, Tianma Microelectronics, in collaboration with Hisense Visual and ChangeLight Optoelectronics, unveiled the world’s highest PPI AM-TFT Micro LED display prototype. AU Optronics is also progressing with the construction of the world’s most advanced 4.5 generation Micro LED production line, which is expected to be completed by October 2024 and enter mass production by 2025.
In a similar vein, Visionox, a key player in Micro LED technology, is expanding its Micro LED production line at VISTAR, which began installation in September 2024. Furthermore, BOE’s MLED Zhuhai Project has kicked off and is set to enter equipment installation by December 2024, with mass production expected in the first quarter of 2025.
These developments indicate that AM-TFT Micro LED will likely see mass production by 2025, with an ongoing focus on reducing mass transfer costs and exploring novel technologies such as quantum dot color conversion. For example, Innolux showcased a **187-inch seamless quantum dot color-conversion Micro LED display at the 2024 4th Quarter, featuring a TFT-driven backplate capable of providing customizable sizes ranging from 26.4 inches to 220 inches with varying resolutions.
Emerging Frontier Technologies in Micro LED
In addition to the continued refinement of mainstream Micro LED technologies, 2024 also witnessed significant advancements in emerging technologies, which could potentially address issues such as quantum efficiency drop, defect rates, and mass transfer techniques—key challenges facing Micro LED development.
For example, in spring 2024, Xuxian Future revealed a new Micro LED 4K large screen featuring the world’s first true Micro LED thin-film chip (native substrate removal) using MiP technology. The innovation involves chip miniaturization, native substrate removal, and mass transfer to enable the actual mass production of Micro LED displays at the 30um chip level, marking a significant breakthrough in Micro LED technology.
Further innovations include Ledman‘s successful small batch trials for PM-driven glass-based Micro LED panels, marking an advancement in glass-based technology, which is better suited for mass transfer without requiring high-level TFT resources.
In mid-2024, QiuShui Semiconductor demonstrated an 8-inch hybrid bonding lossless Micro LED digital automotive light chip, a pioneering development using electrically insulated structures to replace physical insulation, enabling electrical isolation of each pixel without damaging the materials. This technology is expected to lead to the release of a 0.61-inch digital car light module by 2025.
Beyond these individual technological breakthroughs, Micro LED continues to see breakthroughs in materials, processes, integration equipment, and inspection/repair techniques, enhancing the potential of Micro LED across various application fields.
Creative Micro LED Displays Open New Frontiers
As MIP technology continues to pave the way for Micro LED’s commercialization, and AM-TFT Micro LED accelerates its technological evolution, the exploration of innovative applications for Micro LED in 2024 has become a focal point of the industry.
A highlight of 2024 was the announcement by Smartkem, a UK-based material company, of a partnership with AU Optronics to develop the next-generation rollable transparent Micro LED displays, set to enter large-scale production in January 2025. The rollable feature would dramatically enhance the mobility and installation flexibility of large-screen displays, while the transparency feature opens up new creative possibilities.
Additionally, at the 2024 China International Import Expo, the world’s first 108-inch transparent Micro LED screen was showcased, boasting a light transmission rate exceeding 90% while maintaining 600 nits brightness in complex lighting environments. Hisense also displayed transparent large screens at the IFA Consumer Electronics Show, showing the high potential of transparent Micro LED displays.
In 2024, LG Display (LGD) and Samsung showcased groundbreaking stretchable LED screen products. The LGD model featured a 12-inch screen that can stretch by up to 20%, allowing it to reach 14 inches with a pixel pitch of 40 micrometers, all while maintaining a full-color image display at 100 PPI resolution. Samsung’s stretchable product, boasting a higher resolution of 120 PPI, can stretch up to 125% of its original size. These innovations highlight the expanding potential for flexible, deformable Micro LED displays. As these stretchable displays evolve beyond flexibility, the potential applications are vast, though the technology still faces significant performance and technical challenges.
Meanwhile, AUO displayed a 30-inch autostereoscopic 3D Micro LED dual-layer display at the Touch Taiwan 2024 event. This innovative display combines the high transparency, high brightness, and fast response characteristics of the upper Micro LED layer with the lower reflection ART LCD technology, creating a multi-depth image plane that can simultaneously display both 2D and 3D images.
In the near future, flexible, stretchable, transparent, and 3D applications are likely to become critical directions for Micro LED innovation. As more creative Micro LED technologies become available, industry players must continue innovating across materials, processes, and demands to bring these advanced applications to market.
The Rapid Growth of Mini/Micro LED in 2024
Overall, 2024 has been a year of deepened development for the Mini/Micro LED market, with both products and technologies advancing significantly. Preliminary statistics indicate that domestic investments in Mini/Micro LED related projects are approaching 100 billion RMB in 2024. This reflects the industry’s optimistic outlook on the massive potential of Mini/Micro LED technologies. According to the DSCC‘s Micro LED Display Technology and Market Outlook Report, Micro LED shipments are projected to increase by nine times by 2026. The Micro LED industry and technology are on the verge of an explosion, and Mini/Micro LED is poised to redefine the large-screen display landscape.
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