Out of all the modern gadgets, smartphones have been the most disruptive and diversely used modern gadgets. These are being used for communication, entertainment, conducting financial activities and other official work. For instance, the number of smartphone users in 2022 was 6.648 billion, or 83.72% of the global population. Such game-changing prerequisites are expected to significantly enhance the growth prospects of all the products used in manufacturing smartphones. In such a business environment, the global mini LED display market is expected to thrive in the forecast period. These new-age displays offer superior brightness, contrast ratio, and local dimming attributes. Besides smartphones, these are also being used in other consumer electronics products. These factors are set to collectively create profound growth opportunities for the global mini LED display market in the study period.
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Rapid Innovation in Smartphone Display Technology to Prolong Healthy Growth Trajectory of Mini LED Display Market
In the past decade, smartphones have become a fundamental part of the modern lifestyle, with fast innovation and ever-growing utility. As manufacturers constantly aim to improve the experience, more attractive displays are being installed in modern smartphones. In such a business landscape, contemporary OLED displays are expected to be replaced by cutting-edge mini LED displays. Higher energy efficiency, contrast, brightness, and depth of black colours are attracting brands to equip their next-gen flagship models with mini LED displays. Owing to these notable functional and technological benefits, the global mini LED display sector is projected to grow at a fast pace in the years to come.
Flourishing Consumer Electronics Industry to Create Lucrative Growth Prospects for Mini LED Display Market
The game-changing innovations in consumer electronics technologies are enabling paced growth in the global mini LED display market. Of late, the consumer mindset pertaining to electronics has changed drastically in favour of using smarter variants of consumer electronics products. Smart and innovative electronic products are used by customers to perform recurring chores with ease. Many market players are also funding considerable R&D initiatives to bo create products that simplify people’s lives and introduce home automation. To this end, consumer preferences have changed in favour of multi-functional intelligent devices such as smart home gadgets, wearables, and other similar products.
Increasing Smartphone Consumption to Cement North America’s Lead in Mini LED Display Market
The user base of smartphones and other mini LED display-equipped gaskets comprises primarily the younger population. North America is expected to dominate the mini LED display market on account of the growing young and tech-savvy population. Besides, the sales of video games, gaming monitors, and consoles have skyrocketed in the region in the past decade. In addition, several organisations are actively using advanced consumer electronics including smartphones, smartwatches, laptops, monitors, and TVs is further improving the regional market’s prospects.
Key Market Entities
Some of the most active players in the mini LED display market include LG Innotek (South Korea), Cree LED (U.S.), Samsung (South Korea), Betlux Electronics Co., Ltd. (China), Effilux (France), EVERLIGHT Electronics Co., Ltd. (Taiwan), NICHIA Corporation (Japan), OSRAM GmbH (Germany), MLS (China), Broadcom (U.S.), Lumileds Holding B.V. (Netherlands), EPISTAR Corporation (Taiwan), Plessey (UK), Seoul Semiconductor Co., Ltd. (South Korea), Luckylight Electronics Co. Ltd (China), Vollong Electronics Co., LITE-ON Technology Corporation (Taiwan), and Stanley Electric Co., Ltd. (Switzerland).
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