Mini LED Product Shipments Expected to Rebound, Surpassing 13.79 Million Units by 2024

According to TrendForce’s latest report on the “2024 New Mini LED BLU Display Trend Analysis,” the Mini LED market is expected to experience a temporary decline in shipments due to a decrease in consumer electronics demand. However, the report also highlights a positive outlook for the market, with a projected rebound in 2024 and continued growth through 2027.
The decline in shipments is attributed to decreasing prices for Mini LED products, which is creating a favorable environment for sustained growth. In 2023, shipments are expected to reach 13.337 million units, but by 2024, they are estimated to rise to 13.792 million units. The report forecasts that shipments could reach as high as 31.453 million units by 2027, with a compound annual growth rate (CAGR) of approximately 23.9% from 2023 to 2027.
In the television sector, despite the increasing prices of LCD panels and the high depreciation costs of OLED products, Mini LED component prices are on a downward trend. This makes Mini LEDs a more cost-effective solution for enhancing contrast compared to White OLED and QD OLED. As a result, TrendForce predicts a positive outlook for Mini LED TVs, with shipment volumes expected to reach 6.21 million units by 2024, representing a year-on-year (YoY) increase of 53.5%. By 2027, shipment volumes are projected to reach 24.4 million units, capturing approximately 12.1% of the overall TV market. The CAGR for this segment from 2023 to 2027 is estimated to be around 56.7%.
In IT applications, Mini LED monitor shipments are expected to reach 296,000 units in 2023. The flexible cost structure of monitors, including Chip-on-Board (COB) and Package-on-Board (POB), makes Mini LED monitors an attractive option as the costs continue to decrease. The report suggests that Mini LED monitors will enter a growth phase between 2026 and 2027, with a significant increase in market penetration expected by 2027, estimated at around 3.1%.
However, Mini LED Tablets and notebooks face potential threats from the expansion of RGB OLED technology. The shipment volume for Mini LED notebooks is estimated to decrease by approximately 39% YoY, while the discontinuation of the 12.9-inch iPad Pro in 2024 is expected to lead to a 15.6% YoY decrease in Mini LED tablet shipments. These two applications are the only ones expected to decline.
In the automotive market, despite a slowing global economy and price wars among automakers, the adoption of Mini LEDs in automotive displays is gradually expanding. With the development of smart cockpits, there is a trend towards higher-end upgrades of in-car screens. Notable automakers such as BMW, Mercedes-Benz, Volvo, NIO, Roewe, and Li Auto are actively entering the Mini LED automotive display market. The competition in this market lies between Mini LED COB technology, which uses blue LED combined with quantum dots/phosphor, and Mini LED POB/OLED display technology.
Overall, while the Mini LED market may experience a temporary decline in shipments, the long-term outlook remains positive. As prices continue to decrease and Mini LEDs offer enhanced contrast and cost-effectiveness, various industries are expected to embrace this technology, leading to sustained growth in the coming years.

Technology Explained

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OLED: Organic light-emitting diode (OLED) technology is a cutting-edge display technology that has revolutionized the computer industry by producing superior image quality and superior energy efficiency. OLED technology works by using organic compounds to create an efficient and flexible light source. This type of technology has enabled thinner and lighter designs as well as improved color range and resolution. OLED technology is currently used in laptop displays and is increasingly used in televisions and mobile devices. Its benefits, such as relatively low power consumption and extraordinary brightness, give a more vivid and more powerful image even in dim areas. OLED technology has also improved computer performance, as its power efficiency passes on to other computer components and leads to extended battery life. OLED technology also features shorter response time and full color reproducibility, making it ideal for fast-paced action games.