The Rise of Mini LED Demand
As we approach the National Day holiday in China, industry analysts are noting a significant shift in consumer behavior, particularly regarding television technology. The combination of Mini LED and LCD is emerging as a vital battleground in the global LED market.
Mini LED Demand Surpasses Expectations
Recent data from AVC reveals that during the National Day promotional period, Mini LED TV products captured 28.9% of the online market share in mainland China—an increase of 26.4 percentage points from the previous year, reflecting a staggering tenfold growth. In the offline market, the share rose to 27.4%, marking a year-on-year gain of 20.2 percentage points, both achieving remarkable “multiple” growth. This translates to nearly 30% of the market and sales approaching 550,000 units, indicating that Mini LED backlight products are now entering a phase of large-scale adoption in the domestic television market.
Comparative Insights
To put this into perspective, research by Gangtise suggests that Mini LED TV sales in the first half of 2024 in China are expected to increase by over three times, reaching 1.16 million units. Sales during the National Day holiday period accounted for nearly half of that total. Globally, Mini LED backlight TV shipments are projected at 5.6 million units for 2024, meaning that just this holiday could account for one-tenth of the expected annual global total.
Moreover, AVC’s data shows that energy-efficient products classified as first-class in the online TV market experienced a jaw-dropping year-on-year sales increase of 1190.8%, claiming a market share of 29.5%, up from just 2.8% a year earlier. In the offline market, first-class energy-efficient products saw sales increase by 511.1%, achieving a 32.2% market share.
These figures indicate that energy-efficient LED backlighting is “on the brink of an explosive growth phase.” Encouraging a shift toward energy-efficient LED products should be a priority for leading suppliers. “During the National Day holiday, the market shares for first-class energy-efficient and Mini LED backlight products rose by over tenfold!” This impressive change in sales is largely attributed to a reduction in costs, enhancing the rate of adoption.
Particularly notable are the 75-inch Mini LED backlight products priced around 4,000 yuan, which have shown strong market pull. Such widespread acceptance is further driving down industry costs and facilitating a comprehensive market breakthrough, which will inevitably accelerate the development of new technologies and supply chains focused on Mini LED backlighting.
Expanding Applications Beyond TV
The integration of Mini LED backlighting with LCD technology is not limited to televisions. As the latest evolution in LCD technology, Mini LED also holds significant promise in automotive, IT, and professional display sectors.
According to RUNTO’s latest data, the online retail market for gaming monitors in mainland China reached 2.69 million units in the first half of 2024, reflecting a substantial year-on-year growth of 30%. The future penetration of Mini LED backlighting in this market is expected to rise significantly. With limited supply and high prices for OLED gaming screens, many upcoming gaming monitors and laptops are likely to adopt Mini LED technology.
In the automotive sector, sales of vehicles equipped with Mini LED display technology grew by 130% in the first half of 2023, with market share climbing from 0.6% to 1.1%. The automotive market is entering a “scaling phase,” with projections for the automotive Mini LED display market to surpass 1.3 million units by 2024, and potentially reach a demand of 4 to 5 million units by 2025. This sector is poised for explosive growth. Compared to OLED and Micro LED technologies, Mini LED displays provide solutions to the limitations of traditional LCD products, offering advantages like high brightness and maturity.
In summary, outside of televisions, the LCD display sector remains highly competitive for Mini LED and first-class energy-efficient products, both entering an “explosive stage.” This parallel growth in demand will continue to propel advancements in Mini LED display technology.
Mini LED Displays Entering a Mature Phase
The two core markets for Mini LED displays are direct view and backlighting. While the backlighting market is growing rapidly in conjunction with LCD technology, the direct view Mini LED market is also “performing exceptionally well.”
Forecasts indicate that between 2021 and 2026, the global market for fine pitch LED displays will experience a compound annual growth rate (CAGR) of 36%, while small pitch LED displays will see a CAGR of 19%. Given the limited maturity of Micro LED technology, Mini LED currently stands as the preferred choice for fine pitch and small pitch LEDs. For instance, the market for COB Mini LED has nearly doubled in size over the past 18 months. As demand for high-definition and ultra-high-definition products increases, the declining prices of smaller pitch products will further accelerate the direct view Mini LED market.
Whether in backlighting or direct view markets, cost changes are critical to the growth of Mini LED technology. The future market potential is not merely a “doubling,” but there exists significant room for multiple growth. Additionally, the 50-micron technology serves as a bridge to Micro LED, meaning that as Micro LED matures, continuous innovation will likely proceed through Mini LED, which will also be a driving force behind product direction for industry players.
Market Size Forecast
Between 2019 and 2023, the market size of China’s Mini LED direct view industry grew from 397 million yuan to 1.472 billion yuan, with a compound annual growth rate of 38.73%. It is anticipated that from 2024 to 2028, the market size will expand from 2.094 billion yuan to 6.007 billion yuan. In the Mini LED backlight TV sector, global market projections for 2025 are expected to range between 7.5 million and 12.5 million units, reflecting a growth rate of 50% to 100%. By 2026, the market may reach 20 million units.
In conclusion, the explosive growth of Mini LED in the National Day TV market enhances industry confidence in the future of Mini LED technology, with expectations set to rise further. As one of the most mature options among emerging display technologies, Mini LED is becoming an attractive and viable choice for consumers and manufacturers alike.
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