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
MICROOLED Announces Partnership with Vortex Optics and Brand New US Headquarters
05/02/2025 | BUSINESS WIREMICROOLED Inc., the leading global supplier of AMOLED displays, is proud to announce their partnership with Vortex Optics to advance the development of high-performance weapon sights for optical sighting systems.
Teledyne Appoints George Bobb as Chief Executive Officer
05/01/2025 | BUSINESS WIRETeledyne Technologies Incorporated announced that Teledyne’s Board of Directors named George C. Bobb III as Teledyne’s President and Chief Executive Officer, effective immediately. Simultaneously, Edwin Roks has retired as Teledyne’s Chief Executive Officer, but will continue as a special advisor to Robert Mehrabian, Executive Chairman, through August 31, 2025.
TV Brands May Pass U.S. Tariff Costs to Consumers; 2025 Shipments Expected to Drop 0.7%
04/30/2025 | TrendForceTrendForce’s latest research indicates that U.S. reciprocal tariffs are likely to drive TV brands to pass rising costs onto consumers through higher retail prices in the second half of 2025, further weakening consumer spending momentum.
Mikrodust Signs Strategic Partnership within the Defence Sector
04/29/2025 | MikrodustMikrodust AB has signed an initial partnership agreement with one of Europe’s leading players in the defence industry.
A Day in the Life of an Apprentice at Arc-Tronics
04/29/2025 | Cory Blaylock, IPCWe're recognizing National Apprenticeship Week with this feature on Arc-Tronics, which launched its first-ever apprenticeship program in 2024 to emphasize the importance of workforce development and reflect its deep commitment to nurturing future talent. This program not only provides hands-on experience to apprentices but also ensures the company’s continued leadership in the industry.