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Embracing Innovation: A Glimpse into the 2024 LED Market Trends

Embracing Innovation: A Glimpse into the 2024 LED Market Trends

March 29, 2024

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As we venture into 2024, the LED market is poised for a resurgence, with various sectors such as automotive lighting and displays, general lighting, architectural lighting, agriculture lighting, UV/IR LEDs, and LED screens gradually regaining momentum. Notably, despite Micro LED technology experiencing a slower-than-anticipated growth trajectory, it has successfully penetrated major sectors such as large-scale displays (as seen with Samsung) and timepieces (such as Tag Heuer), marking a significant stride towards commercialization.

Insights into Market Dynamics

  • Micro LED Applications: While the introduction of Micro LED versions for wearables, including the anticipated Apple Watch slated for 2026, faces setbacks due to recent project cancellations, select players like panel giants such as Yuanda have begun small-scale shipments to brands like Tag Heuer. However, challenges persist in scaling Micro LED applications for wearable devices.

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  • Challenges in Large-scale Displays: Hindered by production challenges in achieving desired yields and maintaining high costs, the progress in Micro LED large-scale displays remains modest, with actual shipments still in the hundreds. Despite efforts to miniaturize chips, advancements in reducing chip sizes for large displays are not yet definitive, posing a hurdle in cost reduction efforts.

  • Innovations in Automotive Displays: Micro LED technology presents an opportunity to revolutionize automotive displays, offering features like high brightness, contrast, wide color gamut, and rapid response times. we indicate potential applications of Micro LED technology in European vehicles for knobs, reading lights, and rotary button interfaces, with plans for transparent Micro LED displays in European, American, and Japanese car models, targeting augmented reality head-up displays (AR-HUD) and window displays by 2026-2027.

Driving Forces in Automotive Lighting and Displays

Anticipating a modest 2-3% growth in global passenger and logistics vehicle sales in 2024, spurred by the rise of new energy vehicles, advancements such as adaptive headlights, Mini LED taillights, full-width taillights, smart ambient lighting, and Mini LED backlight displays continue to enhance driving experiences. However, price competition in the automotive market may impact the pricing of LED products.

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Unveiling UV-C LED Innovations

Responding to the demand for high-power sterilization and purification solutions, UV-C LED manufacturers are introducing single-crystal high-power LEDs and UV-C COB LED integrated packaging. Anticipated reintroduction of UV-C LEDs into household appliances and dynamic water sterilization markets by 2H24-2026, along with initiatives like Huawei's AITO utilizing UV-C LED air sterilization, underscores the industry's commitment to fostering cleaner environments.

Rising Demand for Mini LED Displays

The market demand for Mini LED (COB) displays is on the rise, with major players such as Samsung, LG Electronics, Leyard, and Mykas Led leading the charge.

Stay tuned for more updates as we navigate the ever-evolving landscape of LED technology!

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