According to the latest report from CINNO Research, despite a decline in overall industry investments, Mini LED and Micro LED (collectively known as MLED) technologies are accelerating commercialization, with investment amounts increasing by 50.3% year-over-year in 2024.
In 2024, China’s (including Taiwan) optoelectronic display industry is projected to invest approximately ¥223 billion ($31.4 billion), marking a 27.3% decline compared to the previous year. However, MLED investments are estimated to reach ¥84.58 billion ($11.8 billion), representing 38.0% of the total, and reflecting a 50.3% year-over-year increase. Furthermore, module project investments are expected to amount to ¥38.24 billion ($5.3 billion), accounting for 17.2%, with a 17.5% year-over-year growth.
Geographical Distribution of MLED Investments
The distribution of 2024 investments in China’s (including Taiwan) optoelectronic display sector is quite dispersed, involving 18 provincial regions (including municipalities directly under central government control). The top five regions account for approximately 80.8% of the total investment. Among these, Anhui will see an investment of ¥72.33 billion ($10.0 billion), accounting for 32.5% of the total. Zhejiang follows with an investment of ¥32.37 billion ($4.5 billion), representing 14.5% of the total.
Key Investment Projects in the Display Sector
In 2024, the largest single investment project in China’s optoelectronic display industry will be Visionox’s 8.6-generation flexible active matrix organic light-emitting diode (AMOLED) production line, which is set to receive a total investment of ¥55 billion ($7.6 billion). This project will be located in the Hefei Xinzhan High-Tech Industrial Development Zone, with a glass substrate size of 2290mm × 2620mm and a designed production capacity of 32K units per month.
Future Growth of MLED Technology
As Mini LED and Micro LED technologies continue to advance, the industry is rapidly evolving. The penetration rate of MLED in high-end displays, automotive displays, and AR/VR applications is growing steadily. By 2025, MLED investment is expected to continue its robust growth, with an anticipated year-over-year increase of more than 30%, and the investment share likely surpass 40% of the total display sector investments.
OLED Materials and Domestic Developments
Meanwhile, OLED materials remain highly specialized, with key luminescent layer materials still largely dominated by companies in the United States, Japan, and South Korea. As OLED panels continue to be widely adopted in smartphones, televisions, and automotive displays, the demand for OLED materials is expected to rise. With domestic Chinese manufacturers increasing their research and development efforts to break through core technology barriers and accelerate domestic production, it is projected that by 2025, China’s optoelectronic display material investments could exceed ¥30 billion ($4.1 billion), marking a significant recovery in the sector.
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