Three logics for interpreting the future growth of the LED display market

January 20, 2025

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Due to factors such as government budget, price competition, and technological competition, the demand for LED display screens in the domestic market is expected to be average in 2024. However, the overseas market continues to grow, with stable development in the European and American markets, and good performance in the Asia Pacific region (especially Southeast Asia and the Middle East). In the long run, the LED display market will continue to maintain growth, with the main growth logic including:


1. Expanding from developed economies to underdeveloped economies. China is the global manufacturing base for LED displays and also the birthplace of LED displays. The first stage of China's market development towards developed economies overseas has been completed. With the continuous reduction of LED display costs, the market has entered the second stage and will continue to expand to underdeveloped economies.


2. Expand from government and large corporate clients to small and medium-sized clients. After more than 20 years of development, the price of the LED display industry has continued to decline, the customer base has gradually expanded, and the market is moving from to G to to B, with the possibility of expanding to C in the future.
From the perspective of manufacturers, the proportion of distribution and sales models has been continuously increasing in recent years, and the demand for channel based LED display screens has begun to grow. Manufacturers are also actively adjusting their business strategies, laying out channel markets, and establishing distribution systems in China and globally to cover a wider customer base.


3. Expand from traditional applications to emerging applications. Traditional applications mainly include enterprise meetings, security monitoring, retail exhibitions, public areas, transportation, and outdoor advertising. With the emergence of Micro/Mini LED technology, the application scenarios of LED displays continue to increase, such as LED all-in-one machines, virtual shooting, and cinemas/home theaters, and there is still significant growth space in the future.
Overall, TrendForce predicts that the global LED display market size will reach $7.516 billion (+2.8% YoY) by 2024, and is expected to increase to $10.2 billion by 2028, with a compound annual growth rate of 7% from 2023 to 2028.

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