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According to the TrendForce report, the global LED market is subject to challenges such as weak demand, slow inventory consumption, and fierce price competition. The market output value will drop to US$12.608 billion in 2023.
However, it is expected to grow by 3% in 2024, reaching $13.003 billion. Despite some setbacks in the MicroLED field, the automotive industry has shown interest in MicroLED, especially for applications in smart cockpits. MiniLED display market demand is growing rapidly, and the automotive LED market size is expected to reach US$3.445 billion in 2024.
At the same time, UV LED is also popular in household appliances and agricultural lighting, and these areas are expected to achieve growth in 2024.
(Source: displaydaily Image source: freepik)
