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2025-03-26
Review and Prospect of LED Display Upstream and Supporting Markets
LED display chip market
As a core component of the display industry, the LED chip market has always been highly regarded. According to data from TrendForce, the global LED chip market is expected to reach approximately 2.96 billion US dollars in 2024, representing a year-on-year growth of 9%. Among them, the revenue of chip manufacturers in Chinese Mainland was $2.28 billion, up 9% year on year, and the market share remained at 77%.
Chinese Mainland and Taiwan occupy a dominant position in export, while the export share of other international manufacturers has declined year by year. The top ten manufacturers have a market share of 93% (+1% YoY), and the top three manufacturers have a market share of 55%, maintaining stability. In 2025, the Micro/Mini LED industry will continue to be promoted, but the market size is expected to increase by 5% due to the impact of the global market environment.
According to TrendForce Jibang Consulting, in 2024, the global LED chip market output value will be about 4.6 billion dollars, with manufacturers in Chinese Mainland accounting for 53%. By 2024, the total global production capacity of LED epitaxial wafers will exceed 6 million pieces per month (equivalent to 4 inches), with Chinese manufacturers accounting for over 80%. The global chip market presents a pattern dominated by mainland manufacturers.
In terms of the LED display chip market, TrendForce Consulting data shows that although the price of LED display chips continues to decline in 2024, the demand for Mini LED chips continues to grow, driving the output value of LED display chips to 650 million US dollars, a year-on-year growth of 10%. Although the price of LED display chips continues to decline in 2024, the demand for Mini LED chips continues to grow, driving the output value of LED display chips to 650 million US dollars, a year-on-year increase of 10%, and the proportion to 22.3%.
Mini LED chips have become the biggest highlight of the growth of display screen chips in recent years. According to TrendForce Consulting, in 2024, driven by COB technology, the shipment of Mini LED display chips exceeded 1.5 million pieces, a year-on-year growth of 92%. This growth is mainly reflected in the demand for epitaxial wafers, and it is expected that the output value will reach 200 million US dollars in 2024, with a growth rate of about 62%.
From the perspective of Mini LED chip supply, the current concentration of Mini LED display chip industry is still relatively high. In 2024, the combined market share of Zhaochi, Huacan, and Sanan will reach 87%, showing a tripartite trend. However, other manufacturers including Qianzhao and Shilan are also rapidly releasing their production capacity. In addition, Jucan has officially entered the market and market competition will continue in 2025.
LED display packaging market
According to preliminary statistics from TrendForce Consulting, the global LED packaging market will reach $12.7 billion in 2024, a year-on-year increase of 1%, with Mini LED and automotive LED becoming the main growth drivers. The market share of LED packaging for display screens is about 11%, and the overall proportion remains stable, with market demand steadily increasing.
The market size of LED packaging for display screens in 2024 is about 1.3 billion US dollars, which is the same as the same period last year. It is expected that the traditional SMD LED market will continue to decline in 2025, but MiP technology will show a rapid development trend, which is expected to promote the growth of LED packaging output value for display screens. The LED packaging market for display screens has a high degree of industry concentration, with the top five manufacturers accounting for nearly 80% of the market share by 2024.
The production capacity of Mini LED COB display screens is expected to be around 57600 square meters per month in 2024, with a compound annual growth rate of 126% from 2021 to 2024. The shipment volume of MiP packaged products has also achieved rapid growth, and more and more manufacturers are launching flip chip discrete devices. COB sells modules to the outside world, and MiP manufacturers are also moving towards modularization. The technological competition between the two will accelerate the modularization process of LED display screens.
LED display driver IC market
According to preliminary statistics from TrendForce Consulting, the global display driver IC market size is expected to reach approximately 376 million US dollars in 2024, a year-on-year decrease of 1%. Although the shipment volume increased by 6% to 14370KK, the price decline led to an overall decline in revenue. The market competition pattern is still changing, with industry leader Jichuang North firmly leading with a market share of over 40%. The top three manufacturers together hold 73% of the market share, but small and medium-sized manufacturers are growing rapidly, especially in the areas of shared cathode technology and leasing market.
With the intensification of market competition, the driver IC field will welcome more new entrants in 2024, such as Nova's titanium platinum strontium (TBSilicon), which will officially debut. It is expected that the rate of price decline for driver ICs will slow down in the future, and the market landscape will continue to evolve.
