LED & OLED Displays And Lighting Products Market Size, Share, Growth, And Industry Analysis By Type (Mobile Displays, Consumer TV Displays, Outdoor LED Displays) By Application (Smartphone, Television, Tablet, Smartwatch & Others), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

LED & OLED Displays And Lighting Products Market Report Overview

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The global LED & OLED displays and lighting products market size was USD 78420 million in 2023 and will touch USD 141958.4 million by 2032, CAGR of 6.82% during the forecast period. 

LED (Light Emitting Diode) and OLED (Organic Light Emitting Diode) displays and lighting products have revolutionized the world of visual technology. LED displays are known for their energy efficiency, vibrant colors, and long lifespan. They are widely used in televisions, computer monitors, and outdoor signage. OLED displays, on the other hand, offer exceptional picture quality with deeper blacks and wider viewing angles. They are commonly found in high-end smartphones, tablets, and televisions. Both LED and OLED lighting products have gained popularity due to their energy efficiency and versatility. LED lighting products provide bright illumination and are commonly used in residential, commercial, and industrial settings. OLED lighting products offer a unique, thin, and flexible design, enabling innovative lighting solutions in architecture, automotive, and decorative applications.

The LED & OLED displays and lighting products market size is experiencing substantial growth due to several factors. Firstly, the demand for energy-efficient solutions has been on the rise as individuals and businesses seek to reduce their carbon footprint and lower energy costs. LED and OLED technologies offer significant energy savings compared to traditional lighting options, making them an attractive choice. Secondly, the increasing adoption of digital signage, smart devices, and high-resolution displays has fueled the demand for LED and OLED displays in various industries, including advertising, entertainment, and retail. Lastly, advancements in manufacturing processes have led to cost reductions, making LED and OLED products more affordable and accessible to a wider consumer base. These factors combined have contributed to the growing demand and market size of LED and OLED displays and lighting products.

COVID-19 Impact: Consumer Spending And Investment In Non-Essential Products, Such As Display Technologies, Were Decreased As A Result Of The Pandemic-Induced Economic Downturn

The COVID-19 pandemic has been unprecedented and staggering, with LED & OLED displays and lighting products market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic has had a significant impact on the market for LED and OLED displays and lighting products. Initially, the industry experienced disruption in the global supply chain due to factory closures and restrictions on international trade. This led to delays in production and delivery of components, affecting the availability of LED and OLED products. Additionally, the pandemic-induced economic downturn resulted in reduced consumer spending and investment in non-essential products, including display technologies. However, as the pandemic progressed, there was an increased demand for home entertainment and remote work solutions, leading to a surge in sales of televisions, monitors, and other display devices. Moreover, the emphasis on cleanliness and hygiene prompted a growing interest in UV-C LED lighting solutions for disinfection purposes. Overall, the market experienced a mixed impact, with some segments facing challenges while others benefited from evolving consumer needs during the pandemic.

Latest Trends

"The Development Of Mini-LED Technology Is One Major Development In The LED And OLED Industries"

One notable trend in the LED and OLED market is the emergence of mini-LED technology. Mini-LED displays utilize a large number of tiny LED backlights, allowing for enhanced contrast, improved color accuracy, and better local dimming capabilities. This technology has gained traction in high-end televisions and gaming monitors, offering a more immersive viewing experience. In terms of new products and technologies, major players in the market are launching microLED displays. MicroLEDs are even smaller than mini-LEDs and offer superior image quality, brightness, and energy efficiency. These displays are expected to make a significant impact in the future, especially in large-scale commercial applications such as digital signage and video walls. Leading players in the industry, such as Samsung, LG, and Sony, are actively investing in research and development to advance mini-LED and microLED technologies. They are also focused on improving manufacturing processes to bring down costs and increase production scalability. Additionally, these companies are continuously innovating in areas like flexible OLED displays and integrating smart features to provide cutting-edge products to consumers.

LED & OLED Displays And Lighting Products Market SEGMENTATION

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• By type

Depending on LED & OLED displays and lighting products market given are types: Mobile Displays, Consumer TV Displays, Outdoor LED Displays. The Mobile Displays type will capture the maximum market share through upcoming years.

• By Application

The market is divided into Smartphone, Television, Tablet, Smartwatch & Others based on application. The global LED & OLED displays and lighting products market  players in cover segment like Smartphone will dominate the market share during forecast period.

Driving Factors

"The Growing Emphasis On Sustainability And Energy Efficiency Is One Element Propelling The Market For LED & OLED Displays And Lighting Solutions"

One driving factor contributing to the LED & OLED displays and lighting products market growth is the increasing focus on sustainability and energy efficiency. Governments and organizations worldwide are implementing stringent regulations and policies to reduce energy consumption and carbon emissions. LED and OLED technologies are highly energy-efficient, consuming significantly less power compared to traditional lighting options. This makes them a preferred choice for both residential and commercial applications. Additionally, LED and OLED displays consume less energy while offering superior image quality, leading to reduced electricity costs for consumers. The growing awareness and adoption of eco-friendly solutions have propelled the demand for LED and OLED products, driving the market growth in a sustainable and environmentally conscious direction.

"The Rising Desire For Immersive, High-Resolution Visual Experiences Is Another Element Boosting The Market's Expansion"

Another driving factor fueling the market growth is the increasing demand for high-resolution and immersive visual experiences. With the rapid advancement of digital content and media consumption, there is a growing need for displays that can deliver vibrant colors, sharp details, and lifelike imagery. LED and OLED technologies excel in providing superior picture quality, offering deeper blacks, wider color gamuts, and higher contrast ratios. This enhanced visual experience has led to a surge in demand for LED and OLED displays in various sectors, including entertainment, gaming, advertising, and virtual reality. As consumers seek more immersive and engaging experiences, the market for LED and OLED displays continues to expand to meet these evolving demands, driving the growth of the industry.

Restraining Factors

"The Initial Greater Cost Relative To Conventional Lighting Alternatives Or Conventional Display Technologies Is One Restraint On The Expansion Of The Industry"

One restraining factor affecting the LED & OLED displays and lighting products market growth is the initial higher cost compared to traditional lighting options or conventional display technologies. LED and OLED technologies involve advanced manufacturing processes and require specific materials, which can contribute to higher production costs. This cost factor may deter price-sensitive consumers or businesses from adopting LED and OLED products, particularly in regions with limited purchasing power or budget constraints. However, as the technology continues to mature and economies of scale are realized, the cost is expected to gradually decrease. Additionally, government incentives, energy savings, and longer lifespan can help offset the initial higher investment, making LED and OLED products more economically viable over time.

LED & OLED Displays And Lighting Products Market Regional Insights

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"Asia Pacific Is Likely To Continue Its Dominant Position And Show Significant Development In The Market Because To A Mix Of Favourable Government Initiatives, A Growing Consumer Base, And Technological Improvements "

Asia-Pacific is the leading region in the market for LED and OLED displays and lighting products. The region encompasses major economies like China, Japan, South Korea, and India, which are witnessing significant growth in various industries, including consumer electronics, automotive, and infrastructure. These countries are home to prominent manufacturers and suppliers of LED and OLED products, contributing to the region's dominance. Moreover, the increasing urbanization, rising disposable incomes, and growing awareness of energy-efficient technologies in Asia-Pacific are driving the demand for LED & OLED displays and lighting products market share. With a combination of favorable government initiatives, expanding consumer base, and technological advancements, the region is poised to maintain its leading position and exhibit robust growth in the market.

North America is the second-leading region in the market for LED and OLED displays and lighting products. The region encompasses the United States and Canada, which have a strong presence of technology companies, innovative start-ups, and a well-established consumer market. North America has witnessed significant adoption of LED and OLED technologies in various sectors, including residential, commercial, and industrial applications. Factors driving the market share in the region include the demand for energy-efficient solutions, technological advancements, and the increasing focus on smart homes and smart cities. With a robust infrastructure, advanced manufacturing capabilities, and a tech-savvy population, North America continues to contribute significantly to the LED and OLED market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Cree (U.S.)
• Samsung (South Korea)
• GE (U.S.)
• Sharp (Japan)
• OSRAM (Germany)
• Daktronics (U.S.)
• Eaton (Ireland)
• LG Display (South Korea)
• Barco (Belgium)
• Luceco (U.K.)
• LED Lighting (China)
• Eagle Lighting (South Africa)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.