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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.
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The Pulse: Design Constraints for the Next Generation
07/17/2025 | Martyn Gaudion -- Column: The PulseIn Europe, where engineering careers were once seen as unpopular and lacking street credibility, we have been witnessing a turnaround in the past few years. The industry is now welcoming a new cohort of designers and engineers as people are showing a newfound interest in the profession.
Flexible Circuit Technologies Welcomes Regional Business Development Manager Derek Rossberg
07/15/2025 | Flexible Circuit TechnologiesFlexible Circuit Technologies a Minnesota-based flexible circuit and advanced electronics contract manufacturer, welcomes Derek Rossberg as Regional Business Development Manager.
Beneq Advances MicroLED Leadership with Growing Demand from Industry Frontrunners
07/14/2025 | BeneqBeneq, a global leader in Atomic Layer Deposition (ALD) technology, is proud to announce significant progress in the microLED display market, underscored by repeat orders from industry-leading technology innovators.
Teledyne Acquires Maretron
07/02/2025 | BUSINESS WIRETeledyne Technologies Incorporated announced the acquisition of assets of Maretron, including the brand’s Octoplex, MPower and MConnect product lines from Littelfuse, Inc..
Trouble in Your Tank: Can You Drill the Perfect Hole?
07/07/2025 | Michael Carano -- Column: Trouble in Your TankIn the movie “Friday Night Lights,” the head football coach (played by Billy Bob Thornton) addresses his high school football team on a hot day in August in West Texas. He asks his players one question: “Can you be perfect?” That is an interesting question, in football and the printed circuit board fabrication world, where being perfect is somewhat elusive. When it comes to mechanical drilling and via formation, can you drill the perfect hole time after time?