On October 29, 2024, at the 2024 TrendForce Self-Luminous Display Industry Seminar, Yu Bin, Research Manager at TrendForce, delivered a speech titled “Opportunities and Challenges in the Global LED Display Market.” He noted that while the domestic demand for LED displays is relatively subdued in 2024, the overseas market continues to grow steadily, with particularly strong performance in the Asia-Pacific region. In the long term, the LED display market is expected to maintain its growth trajectory, driven by several key factors:
Market Expansion: Transitioning from Developed to Developing Economies
As the global manufacturing base and origin of LED displays, China has completed its market expansion from the domestic landscape to developed economies. The market is now entering its second phase, gradually shifting towards developing economies. This transition will open new market opportunities for manufacturers, particularly in emerging markets in Africa, Asia, and Latin America, which are expected to become new engines of growth in the future.
Changing Customer Demographics: From Large Enterprises to Small and Medium-Sized Enterprises
The LED display industry has evolved over more than 20 years, and with the continuous decline in prices, the customer base is expanding. The market is transitioning from a primarily government and large enterprise-focused B2G (Business to Government) market to a B2B (Business to Business) market targeting small and medium-sized enterprises. There is even potential for future expansion into the B2C (Business to Consumer) market. This shift means that manufacturers need to reassess their market strategies and increase their focus on the needs and services for smaller clients.
Innovation in Application Scenarios: Shifting from Traditional to Emerging Uses
Traditional applications of LED displays have primarily focused on areas such as corporate meetings, security monitoring, retail exhibitions, public transportation, and outdoor advertising. However, with the rapid development of Micro and Mini LED technology, new application scenarios are continually emerging, including LED-integrated machines, virtual filming, cinemas, and home theaters. These innovative applications not only enhance the market value of LED displays but also introduce new growth opportunities for the industry.
TrendForce projects that by 2028, the global LED display market will reach a size of $10.2 billion, with a compound annual growth rate of 7% from 2022 to 2027. These trends indicate that despite facing certain challenges, the LED display industry remains full of potential and opportunities.
Yu Bin emphasized that as the market environment evolves, LED display companies must continuously adjust their strategies, actively explore new markets, broaden their customer base, and focus on technological innovation and the diversification of application scenarios. In order to gain a competitive edge in an increasingly fierce market, manufacturers must remain agile in responding to the opportunities and challenges presented by the global landscape to achieve sustainable growth and development.
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