Abstract: Based on industry data from the first half of 2025, Mini/Micro LED is transitioning from a phase of technology and capacity accumulation to a “market harvest period.” LCD backlight and COB LED direct-view are the primary growth engines. Technology maturity and application innovation are forming a joint force, driving the industry into an accelerated development stage.
1. Demand Continues to Surge, with Sustained Growth Expected
At present, the largest sources of demand for Mini/Micro LED are the two markets of LCD backlight and COB LED direct-view. Encouragingly, after 5–7 years of market honing, these two segments achieved doubling growth in 2023–2025—a “massive” doubling on an already established base.
LCD Backlight Market
In 2024, global Mini LED TV shipments reached 7.85 million units, an increase of 84.7% over 4.25 million units in 2023.
It is forecast that in 2025 shipments will grow by 70.6%, with total volume exceeding 13 million units.
Four iteration opportunities:
• Accelerated penetration from TVs into monitors, tablets, smartphones, and in-vehicle domains.
• Transition from single-color backlight to RGB color backlight.
• As the TV market moves down-market, if penetration reaches 50%, the global scale is expected to approach “hundreds of millions.”
• The trend toward larger sizes increases per-device backlight demand.
COB LED Direct-View Market
In 2025, COB is expected to account for 35% of the small-pitch and micro-pitch market in mainland China (in 2022 it was only close to 10%).
Four new growth directions:
• COB penetration rising from one-third to above two-thirds by 2030.
• MIP technology extending to P1.5–3.5 pitches and to MIP-COB micro-pitch.
• The in-vehicle direct-view market is emerging, for example TCL CSOT launched a 14.3-inch Micro LED HUD.
• With AI and digitalization, demand for Mini/Micro LED direct-view in public display is increasing.
Summary: 2025 will become the starting point of the “main incremental phase” for Mini/Micro LED. Demand expansion already exhibits certainty and continuity.
2. Technology and Cost Maturity, Application Innovation Accelerates
Over the past three years, unit application cost for Mini/Micro LED has declined by more than 60%. In combination with high-performance user experience, this has driven the scaled application of LCD backlight and COB direct-view.
Technical optimization space
• Materials, processes, chip size, luminous efficacy, package structure, and optical design still have room for improvement.
• Application-layer technologies require breakthroughs to support the implementation of new scenarios.
Application innovation directions
• Transparent display and holographic display (multi-layer transparent packaging).
• TFT-based packaging and panelized display.
• Outdoor direct-view and photovoltaic integration design.
• Micro LED-MIP expanding from micro-pitch to large-pitch and outdoor applications.
• Backlight combined with quantum dots or perovskite materials to advance HDR and energy-saving upgrades.
Summary: Technology maturity and innovation proceed in parallel and will drive continued “relay-type outbreaks” of demand for Mini/Micro LED across different application scenarios.
3. Enterprise Development: Focus and Scale in Parallel
Industrial expansion brings opportunities as well as challenges. The downstream market is particularly complex, requiring enterprises to find a balance between “focus” and “scale.”
Focus: Concentrate on one or two scenarios, categories, or specialty technologies to build competitive advantages in vertical markets.
Scale: Establish economies of scale through technological innovation and application expansion to become leading enterprises.
Landscape changes:
• Cross-sector convergence is evident, with increasing overlap among leaders in backlight and direct-view markets.
• Large enterprises are deploying across the full upstream-downstream value chain; TV and ICT manufacturers are accelerating entry.
Summary: During the market harvest period, enterprises capable of deep vertical penetration and horizontal expansion will take the initiative, while those that miss the incremental phase may be eliminated.
Conclusion
The Mini/Micro LED industry has entered a sweet spot period, driven by the combined forces of demand, technology, and cost. The year 2025 is not only a year of market breakout but also a critical period for the accelerated reshaping of enterprise competition patterns. Enterprises that strike an effective balance between innovation and scale will stand out in the industry wave over the next 5–10 years.
