TrendForce: Global LED industry revenue is expected to grow 3% in 2024

According to TrendForce's latest LED industry report, the global LED market will have a chance to resume growth in 2024, with an estimated output value of US$13 billion, a 3% year-on-year increase. This is mainly due to the gradual recovery of market demand for automotive lighting and display, lighting (general lighting, architectural lighting, agricultural lighting), LED display, ultraviolet/infrared LED, and the fact that Micro LED technology has been successfully introduced into large displays such as Samsung and watches such as Tag Heuer.

TrendForce said that automotive display is the field with the greatest growth potential this year. First of all, in terms of automotive lighting and display, benefiting from the sales of new energy vehicles, with the continuous advancement of advanced technologies such as adaptive headlights (ADB Headlight), Mini LED taillights, through-type taillights (Full-Width Taillight), (smart) ambient lights, and Mini LED backlight displays, the automotive LED market output value is expected to grow to US$3.4 billion this year.

Secondly, the knobs of the reading lights/knob buttons use Micro LED technology, which may be introduced to European car manufacturers; at the same time, European, American and Japanese car manufacturers plan to introduce Micro LED transparent displays. Since car manufacturers require Micro LED head-up displays to achieve a penetration rate of ≥70% and a curved design, as the technology and product prices gradually mature, it is expected that Micro LED transparent displays will be introduced into the automotive market in 2026-2027 for augmented reality head-up displays (AR-HUD) or window displays. In terms of Mini LED displays, market demand is growing rapidly, and major display manufacturers include Samsung, LG Electronics, Leyard, Unilumin, Absen, etc.

In terms of ultraviolet LEDs, UV-C LED manufacturers continue to launch related products to meet the market requirements for high-power sterilization and purification. It is expected that they will be introduced into the home appliance and dynamic water sterilization market applications from the second half of this year to 2026. For example, Huawei AITO uses UV-C LED air sterilization, and the order period is 2023~2025, which will help accelerate the introduction of automotive air sterilization applications by other car manufacturers. Compared to UV lamps, UV LEDs have a longer product life and simpler optical design. Nichia, Seoul Viosys, Violumas, etc. have launched complete UV-A/B/C LED product lines, which meet the needs of customers who replace UV lamps through complete wavelength solutions.

In terms of agricultural lighting, demand has become stronger as Central and Eastern Europe, such as the Czech Republic and Poland, have benefited from price cuts in plant lighting terminal products and the overall plant factory solution has a higher return on investment (ROI). At the same time, the investment in plant lighting for growing fruits, vegetables and forage in high-latitude Asia and Northern Europe to improve the adverse effects of the long winter on food supply is expected to drive the plant lighting LED market upward in 2024. (Text: TrendForce)