Micro LED display market to reach 34.6 million units by 2031 reports Omdia

Rhea-AI Summary

Omdia forecasts that micro LED display shipments will reach 34.6 million units by 2031, representing only 0.9% of the total display market. Following Apple's postponement of its micro LED watch display project in February 2024, some brands have slowed their component development, leading Omdia to revise its market projections.

The market is expected to reach 1.7 million units by 2027, primarily driven by LEDoS technology in XR devices, particularly smart-glasses designed for outdoor use. By 2031, XR devices are projected to represent 24.4% of the micro LED display market.

In 2024, manufacturers showcased new micro LED prototypes targeting automotive, public displays, and virtual studios. Display suppliers are focusing on market segments where OLED or LCD technologies face limitations in meeting specific size and performance requirements.

Positive

• Projected significant market growth to 34.6M units by 2031
• Expected 1.7M unit shipments by 2027
• Strong potential in XR devices segment (24.4% market share by 2031)
• Successful development of small form factor (0.15-inch) displays for smart-glasses

Negative

• market penetration (only 0.9% of total display market by 2031)
• Development slowdown following Apple's project postponement
• Low cost-competitiveness compared to existing technologies
• Market forecast significantly revised downward

LONDON, Jan. 13, 2025 /PRNewswire/ -- New research from Omdia projects that shipments of micro light-emitting diode (LED) displays will surge to 34.6 million units by 2031. Despite this impressive growth, micro LED displays are expected to account for just 0.9% of the total display market, as the technology remains competitive only in select applications over the forecast period.

Following reports in February 2024 that Apple postponed its micro LED display project for its watch, some set brands and related suppliers have slowed their development of associated components and equipment. As a result, Omdia has significantly revised its market forecast  compared to projections made earlier in 2024.

Despite some delays, many industry players continue to aggressively develop micro LED display technology. Omdia forecasts that shipments in the micro LED display market will reach 1.7 million by 2027, driven primarily by light-emitting diode on-silicon backplane (LEDoS) in ultra small sized display device such as extended reality (XR) devices, particularly smart-glasses designed for outdoor. By 2031, XR devices are expected to account for 24.4% of the micro LED display market.

"Smart-glasses require light-weight designs, low-power consumption and high readability under sunlight," said Jerry Kang, Senior Research Manager at Omdia. "A few LEDoS suppliers have already achieved diagonal sizes as small as 0.15-inch, making them more suitable for lightweight on smart-glasses compared to other display technologies."

In 2024, numerous display manufacturers unveiled new micro LED display prototypes, that mainly targeted automotive, public displays, and virtual studios. This trend suggests that suppliers are anticipating  greater adoption of micro LED displays in niche applications.

"Due to the low -cost competitiveness, many display suppliers are focusing on penetrating product segments where OLED or LCD struggle to meet customer demands for specific display sizes and performance," said Kang. "Simultaneously, several component and equipment suppliers are proactively introducing advanced technologies to enhance the manufacturing of micro LED displays."

Omdia's 'Micro LED Display Market Tracker – 4Q 2024' provides valuable insights into technology trends and market developments in the micro LED display industry. The report covers market growth forecasts, cost analyses, and technical outlooks across the supply chain, panel manufacturers, and set brands.

ABOUT OMDIA

Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Contact

Fasiha Khan: fasiha.khan@omdia.com

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SOURCE Omdia

FAQ

What is the projected size of the micro LED display market by 2031?

According to Omdia, the micro LED display market is projected to reach 34.6 million units by 2031, representing 0.9% of the total display market.

How did Apple's micro LED project postponement affect the market?

Apple's postponement of its micro LED watch display project in February 2024 led to a slowdown in component development by other brands and suppliers, causing Omdia to significantly revise its market forecast.

What is the expected micro LED display market size by 2027?

Omdia forecasts that micro LED display shipments will reach 1.7 million units by 2027.

Which market segment is expected to drive micro LED display growth?

XR devices, particularly smart-glasses designed for outdoor use, are expected to drive growth, accounting for 24.4% of the micro LED display market by 2031.

What are the main target applications for micro LED displays in 2024?

In 2024, manufacturers are primarily targeting automotive, public displays, and virtual studios for micro LED display applications.