In 2024, the LED display industry may appear calm on the surface, but beneath this stillness, change currents quietly reshape the market. Technological innovations, industry restructuring, and the transformation of value systems quietly drive shifts in the industry landscape. The sector is undergoing rapid and profound changes.
China Market Developments
This year, the government’s work report emphasized accelerating the development of “new productive forces,” including integrating technologies such as big data, cloud computing, artificial intelligence, and the Internet of Things (IoT). This push is facilitating the intelligent upgrade of the LED display industry. Furthermore, the government has released a series of policies to stimulate demand for LED display products, promote technological advancements, and drive product innovation, especially in sectors like cultural tourism. Alongside the growing demand within China, many companies are turning their focus to overseas markets, actively exploring new growth opportunities.
Expanding Applications of LED Display Technology
With the expanding market demand and technological progress, the application scenarios for LED displays continue to broaden. Innovations led by Micro/Mini LED technology are pushing LED displays beyond traditional applications, extending into emerging fields like LED cinema screens, integrated conference displays, and virtual filming. Additionally, the combination of Micro LED with quantum dot technology is further enhancing display performance. MIP/COB packaging technologies are also propelling the growth of the Micro LED industry.
Leyard’s Leadership in the Industry Transformation
In this wave of technological innovation and market transformation, the role of industry leaders is crucial. As a leading enterprise in the LED display industry, Leyard’s strategies in market expansion, product innovation, and technological breakthroughs provide valuable insights into 2024 and the future direction of the industry.
New Strategy Drives Leyard’s High-Growth Phase
In 2024, Leyard, leveraging its deep industry insight and strategic foresight, swiftly adjusted its strategic layout and formulated a forward-looking new strategy.
Under this new strategy, Leyard experienced remarkable growth in 2024.
1. Promoting Large-Scale Applications of Micro LED Technology
Leyard has made Micro LED technology a core element of its 2024 strategy, focusing on the development of high-end Micro LED MIP products and rapidly expanding production capacity. The company aims to continue leading Micro LED technology innovation and the large-scale market application of Micro LED (MIP/COB) products.
In November 2024, Leyard launched its first phase of the new generation high-end MIP production line at its Wuxi Lijin factory. This line produces high-end MIP products using Micro LED chips smaller than 50μm. The first phase capacity reached 1,200KK/month, with plans to expand to 2,400KK/month to further reduce costs and improve efficiency for Micro LED.
Additionally, Leyard provided the Chinese first super-large P0.7 Micro LED display for the National Energy Group Command Center, using the next-generation MIP technology. The display offers an ultra-high resolution of 32,256×6,480, showcasing Ultra HD quality and helping ports realize smart governance and collaborative work, further promoting the application of Micro LED in large-scale projects.
Since the launch of Micro LED mass production in 2020, Leyard has focused on MIP packaging technology as its primary development path. To meet diverse market demands, the company has also introduced COB packaged Micro LED modules for display products.
By 2028, with the maturation of car display and AR glasses solutions, the market value of Micro LED chips is expected to increase to $489 million. Thanks to its deep technological foundation and continuous innovation in the Micro LED field, Leyard is poised to strengthen its leadership position in the market over the next few years.
2. Advancing Cultural Tourism, Night Travel, and AI with Spatial Computing
The cultural tourism and night travel market in 2024 is showing a positive development trend, with LED displays driving new market demand through their diverse applications in the cultural tourism sector. Leyard seized this opportunity by deeply engaging in cultural tourism projects in cities like Shenzhen, Zhengzhou, Kaifeng, Handan, Hengyang, and Linyi, infusing innovative vitality into local cultural tourism development.
Additionally, Leyard is nurturing emerging industries by innovating with frontier technologies like AI and spatial computing, opening new growth avenues and accelerating its diversification. The company’s motion capture system, OptiTrack, launched new products such as Primex120, Primex120W, and Slimx120, officially entering higher-end application markets.
Leyard‘s subsidiary Virtual Motion provided professional spatial computing localization and motion capture technology services for the popular Chinese 3A game “Black Myth: Wukong”, which gained wide attention in the industry. CCTV, People’s Daily, and other authoritative media outlets reported on Virtual Motion’s technology, highlighting Leyard’s strength and market influence in virtual production.
3. Expanding Global Business Layout and Dual-Brand Strategy
In addition to steady Chinese development, Leyard’s international strategy has also encountered new opportunities.
In 2024, the demand for LED displays in North America and Europe is expected to remain stable, while the Asian market, particularly in the Middle East and Southeast Asia, continues to grow and is expected to outperform other regions. Markets in Africa, Latin America, and Oceania are also expected to show steady growth. This offers significant international growth opportunities for Leyard.
Leyard increased its overseas investment in 2024 and implemented a dual-brand strategy: expanding the high-end display market under the Planar brand and targeting the mid-range and economic markets in developed countries with the Leyard brand.
Under this international strategy, Leyard’s revenue from overseas markets continued to grow in 2024, particularly in Asia, Africa, and Latin America. With the launch of new factories in North America, the construction of a joint venture factory in Saudi Arabia, and the opening of Planar’s Los Angeles showroom, Leyard accelerated its global expansion and aimed to increase its international business share from 38% to 50%.
4. Accelerating Development of LED Cinema Screens and Integrated Display Solutions
In emerging applications, the LED cinema screen market gained significant traction in 2024. Leyard actively participated in this sector, launching several key projects, including the first 4K LED cinema screen solution at the Huaxia Leyard Beijing Huanyu Hui store in August and the first “Huan Ying Dao” LED entertainment ecological space in Harbin.
Notably, Huaxia Leyard introduced a new technology brand, “Huan Ying Dao HUAN the LED,” covering full-size needs from VIP theaters to giant screens. The company also launched the “Huan the Live” solution, creating a complete ecosystem from content creation to scene experience. The world’s first Micro LED cinema screen—at Xiaobailou Cinemas in Shijiazhuang—was lit up on December 29. The Huaxia Leyard Cinema Center, the first full (high) LED cinema in the country, opened on December 30, offering audiences not only high-quality movie content but also cutting-edge smart operations and rich cultural exchanges.
As Chinese LED companies aggressively expand, Chinese LED cinema screens are increasingly being exported, expanding into global markets. Leyard’s cinema screens have already been installed in over 20 internationally renowned cinemas in countries like France, the United States, and Spain.
The global high-end cinema screen market is about 30,000 units, with an LED cinema screen penetration rate of only 0.5%, presenting enormous potential. Leyard offers 10 DCI-certified LED cinema screens and is the world’s first company to launch Micro LED products for both cinema and home use. By integrating content production and scene experience, Leyard is accelerating the upgrade of the film industry.
In post-production technology, Leyard has also made breakthroughs. Its subsidiary Huaxia Leyard recently completed a Digital Film LED High-Quality Version Production Laboratory, focusing on integrating new-generation LED projection technology with high-spec LED content. This laboratory is responsible for key tasks such as HDR LED version development, content production, and film review, ensuring efficient and accurate processes to safeguard the technical production and quality of each film.
The Rise of LED Integrated Displays
In 2024, the development of LED integrated displays sparked widespread industry attention. From 2020 to 2024, the compound annual growth rate (CAGR) of LED integrated display shipments reached 31%. As prices continue to drop, the shipment volume of LED integrated displays is expected to grow.
In product development, Leyard launched the Micro LED COB integrated display, showcasing its leading strength in quantum dot technology. Quantum dot LED screens, known for their high color purity, excellent color consistency, and wide viewing angles, have become a focal point in the industry. Following the Nobel Prize in Chemistry awarded for quantum dot research in 2023, this technology has gained significant traction.
Leyard has developed a full range of quantum dot Micro LED direct display products covering P0.9 to P1.2.
Leyard’s Outstanding Achievements in 2024: A Year of Recognition and Innovation
In 2024, Leyard achieved remarkable recognition and success thanks to its outstanding market performance and technological innovations. The company became the only enterprise in the LED display industry to be included in the CSI 500 Index, a significant milestone that reflects its high standards in market capitalization, liquidity, and industry representation. This achievement further solidifies Leyard’s position as a key player in the LED industry, with its brand influence and market recognition expected to continue growing.
Advancements in Micro LED Technology and Industry Leadership
In the field of Micro LED technology, Leyard took the lead in developing the “Micro LED Display General Technical Standard for Large and Medium-Sized Displays” group standard, which was awarded the “Beijing High-Quality Group Standard” honor. The release of this standard not only signifies authoritative recognition of Leyard’s technological capabilities but also represents a pivotal step in the Micro LED display industry’s standardization process.
Innovations in Virtual Reality and Smart Displays
In addition, Leyard made notable strides in the field of virtual reality. This year, the National Radio and Television Administration officially approved 10 projects for the demonstration of virtual reality production technology applications. One of these projects, led by Leyard, in collaboration with Communication University of China and Beijing Ruiyang Technology, was successfully selected. This project, focused on the real-time rendering-based virtual shooting engine application, further affirms Leyard’s leadership in smart displays and virtual reality technology.
Recognition and Corporate Excellence
Throughout 2024, Leyard was also honored with a variety of prestigious awards, including the highest disclosure rating of “Grade A” from the Shenzhen Stock Exchange, the First Prize in Technological Progress from Guangdong Province, and recognition as one of China’s Top 500 Most Valuable Brands. Moreover, the company was ranked among the Top 100 Private Enterprises in Beijing and the Top 100 Private Enterprises for Social Responsibility in Beijing, highlighting its exceptional achievements in technological innovation, market performance, brand value, and corporate social responsibility.
Conclusion
In 2024, Leyard successfully implemented its new strategy, driving technological innovation and market expansion, particularly achieving breakthroughs in cutting-edge fields such as Micro LED, AI and spatial computing, and LED cinema screens. The company’s strategic positioning has clearly illustrated the development trends of the LED industry in 2024, offering profound insights into industry transformation and pointing the way forward for future growth.
Looking ahead to 2025, Leyard will celebrate its 30th anniversary. With an eye on the future, the company will continue to increase its investment in R&D, pushing forward Micro LED and other advanced technologies, while expanding into both domestic and international markets to achieve a broader business footprint. Leyard will persist in its commitment to innovation-driven development, aiming to deliver higher-quality products and services to customers, and striving for even greater success in the upcoming year, marking a new chapter for the LED display industry.
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