According to a report by TrendForce, the market shipments of Mini LED backlight technology products will grow in 2024 after a downturn in 2023 and are expected to grow to 31.45 million units by 2027, showing strong growth momentum and market potential.
According to market research firm Omdia's latest Mini-LED Backlight Market Tracker, there will be 6.2 million LCD TV displays equipped with mini-LED backlight units in 2024, while Samsung Display and LG Display will produce 6.8 million OLED TV displays (including both WOLED and QD OLED TVs). However, by 2025, it is expected that there will be 9.3 million mini-LED backlit TVs, surpassing the 7.5 million units of OLED TVs for the first time.
Technological advancements and cost reductions are key to driving the development of Mini LED backlight technology. In addition, the range of applications for Mini LED backlight technology is rapidly expanding. From high-end TVs, laptops, and tablets to in-vehicle displays and VR devices, Mini LED backlight technology is being widely used in a variety of display products to meet the needs of high-quality displays in different scenarios.
With its unique advantages, Mini LED backlight technology is gradually changing the landscape of the TV market. Compared to traditional LCD displays, Mini LED backlight technology significantly improves the contrast and layering of the picture by reducing the size of the LED lamp beads, achieving higher brightness and finer local dimming. At the same time, due to the longer life of Mini LED lamp beads, this also provides a longer service life for the TV.
Figure: Shipment trend of OLED and mini LED backlit displays in the past decade (Source: Omdia)
At the same time, although OLED displays have advantages in contrast, response time, viewing angles, etc., problems such as relatively low brightness and display life have always been challenges. By combining quantum dot material technology, the Mini LED backlit LCD display not only improves the display effect, but also reduces the cost, making it more competitive in terms of cost performance.
According to data from market research institutes, Mini LED TVs will be shipped 6.2 million units in 2024, while OLED TVs will be 6.8 million units. However, it is expected that in 2025, the shipment of Mini LED TVs will reach 9.5 million units, surpassing OLED TVs to become the mainstream of the market. This forecast is mainly based on the continuous advancement of Mini LED technology, the decline in costs, and the growing consumer demand for high-end TVs.
From the perspective of the supply chain, the effective management of the Mini LED backlight supply chain and the advancement of quantum dot material technology have provided strong support for the cost reduction of Mini LED TVs. This makes Mini LED TVs more competitive in price, further expanding their market share.
In addition, a number of major high-end TV manufacturers such as Samsung, LG Electronics, Sony, TCL and Hisense have paid great attention to Mini LED technology. These manufacturers expect their Mini LED TV shipments to grow by double digits year-on-year in 2024 and 2025, which further proves the market prospect of Mini LED backlit LCD displays.
