Demand Rebounds, Global LED Industry Revenue Expected to Grow 3% in 2024 with Market Focus on Automotive Displays
April 1, 2024 | TrendForceEstimated reading time: 1 minute
TrendForce’s latest LED industry report indicates that the global market is set to recover in 2024, with estimated revenues reaching US$13 billion—marking a YoY growth of 3%. This resurgence is primarily driven by demand across various sectors, including automotive lighting and displays, general/architectural/agricultural lighting, LED video walls, and UV/IR LEDs. Additionally, the successful deployment of Micro LEDs in large displays by Samsung and luxury watches by Tag Heuer has played a significant role in this growth.
TrendForce points out that automotive displays present significant growth potential this year. Thanks to momentum from the NEV market, advanced technologies like ADB headlights, Mini LED taillights, full-width taillights, smart ambient lighting, and Mini LED backlit displays are set to propel the automotive LED market value to $3.4 billion. Furthermore, Micro LED is making inroads into reading lights and control knobs in European OEMs.
Meanwhile, European, American, and Japanese automakers plan to introduce Micro LED transparent displays. With automakers requiring Micro LED HUDs to achieve a transparency rate exceeding 70% and accommodate curved designs, the automotive market is set to embrace transparent Micro LED displays for AR-HUD or window displays by 2026–2027 as the technology matures and becomes more cost-effective.
The Mini LED video wall market is witnessing rapid growth, propelled by leading manufacturers like Samsung, LG Electronics, Leyard, Unilumin, and Absen.
In the UV LED segment, manufacturers continue to roll out high-power sterilization and purification products to meet market demands. The application of UV-C LED in air sterilization by Huawei AITO—with orders spanning 2023 to 2025—is poised to hasten the adoption of automotive air sterilization applications. Compared to traditional UV lamps, UV LEDs offer a longer lifespan and simpler optical design. Companies such as Nichia, Seoul Viosys, and Violumas have launched comprehensive UV-A/B/C LED product lines to satisfy the demand for UV lamp alternatives.
Agricultural lighting is gaining momentum in Central and Eastern Europe, particularly in Czechia and Poland, where the cost reduction of horticultural lighting end products has improved the ROI of plant factory solutions. Furthermore, investments in horticultural lighting for cultivating vegetables and fodder in high-latitude Asian and Nordic regions aim to mitigate the adverse effects of prolonged winters on food suppliers, promising to uplift the horticultural lighting LED market in 2024.
Suggested Items
Teledyne Delivers 100th Infrared Detector for the Space Development Agency's Tracking Layer
03/06/2025 | TeledyneTeledyne Technologies Incorporated, a leading provider of advanced imaging solutions, is proud to announce its continuing pattern of on-time and early deliveries for the Space Development Agency's (SDA) proliferated constellation.
Würth Elektronik Presents LEDs with Focused Emission
02/26/2025 | Wurth ElectronicsWürth Elektronik expands its two LED product series: “WL-SMCW SMT Mono-color Chip LED Waterclear” now includes a compact model with a footprint of just 1.6 mm × 0.8 mm, in which a dome lens focuses the light.
Global Smartphone Panel Shipments to Grow 11.4% in 2024, with Chinese Manufacturers’ Market Share Approaching 70%
02/26/2025 | TrendForceTrendForce’s latest findings reveal that global smartphone panel shipments reached 2.157 billion units in 2024, marking an 11.4% YoY increase—the highest in recent years.
Ennostar Consolidates Resources to Drive High-Value Optical Semiconductors Applications in 3+1 Key Areas
02/25/2025 | TrendForceIn an effort to optimize its organizational structure and accelerate its optical semiconductors business, Ennostar announced on February 21st, 2025, the merger of its subsidiaries—Epistar and Lextar Electronics—under the unified brand of Ennostar Corporation.
Samsung Display Partners with Intel to Target Next-Gen AI PC Market
02/24/2025 | Samsung Display CompanySamsung Display has signed a Memorandum of Understanding (MoU) with Intel®, a global semiconductor company, showing both companies’ intent to cooperate in the development of next-generation IT technology and joint marketing efforts.