Global LED market to grow to 11.9 billion Euros in 2024

The global LED market is set to grow by 3% in 2024, reaching a year-on-year forecast of 11.9 billion Euros according to TrendForce.
 

This improvement is believed to be driven by demand across various sectors, including automotive lighting and displays, general/architectural/agricultural lighting, LED video walls in large displays and luxury watches.

TrendForce identified that automotive displays can present significant growth in 2024, due in large part to the electric vehicle market thanks to adaptive driving beam (ADB) headlights, mini-LED taillights, full-width taillights, smart ambience lighting, and mini-LED backlit displays, aiming to propel the automotive LED market to 3.1 billion Euros. Micro-LED is also aiming to make inroads into reading lights and control knobs in European OEMs, according to TrendForce’s research.

Automakers also plan to introduce more micro-LED transparent displays, with auto-manufacturers requiring micro-LED heads-up displays (HUDs) to achieve a transparency rate in excess of 70% and accommodating curved designs. The automotive market aims to incorporate micro-LED displays for augmented reality HUDs or window displays by 2026-2027 as the technology matures.

The mini-LED video wall market is also seeing rapid growth, driven by manufacturers such as Samsung, LG, Leyard, Unilumin, and Absen.

Agricultural lighting is also gaining traction in central and eastern Europe, with TrendForce highlight the Czech Republic and Poland, where cost reductions in horticultural lighting products has seen improved return-on-investment of plan factory systems.

Investments in horticultural lighting or cultivating vegetables and fodder in Nordic regions also aims to counteract the effects of prolonged winters on food suppliers.

 

Source: Inavate