Demand Rebounds, Global LED Industry Revenue Expected to Grow 3% in 2024 with Market Focus on Automotive Displays

Estimated reading time: 1 minute

TrendForce’s latest LED industry report indicates that the global market is set to recover in 2024, with estimated revenues reaching US$13 billion—marking a YoY growth of 3%. This resurgence is primarily driven by demand across various sectors, including automotive lighting and displays, general/architectural/agricultural lighting, LED video walls, and UV/IR LEDs. Additionally, the successful deployment of Micro LEDs in large displays by Samsung and luxury watches by Tag Heuer has played a significant role in this growth.

TrendForce points out that automotive displays present significant growth potential this year. Thanks to momentum from the NEV market, advanced technologies like ADB headlights, Mini LED taillights, full-width taillights, smart ambient lighting, and Mini LED backlit displays are set to propel the automotive LED market value to $3.4 billion. Furthermore, Micro LED is making inroads into reading lights and control knobs in European OEMs.

Meanwhile, European, American, and Japanese automakers plan to introduce Micro LED transparent displays. With automakers requiring Micro LED HUDs to achieve a transparency rate exceeding 70% and accommodate curved designs, the automotive market is set to embrace transparent Micro LED displays for AR-HUD or window displays by 2026–2027 as the technology matures and becomes more cost-effective.

The Mini LED video wall market is witnessing rapid growth, propelled by leading manufacturers like Samsung, LG Electronics, Leyard, Unilumin, and Absen.

In the UV LED segment, manufacturers continue to roll out high-power sterilization and purification products to meet market demands. The application of UV-C LED in air sterilization by Huawei AITO—with orders spanning 2023 to 2025—is poised to hasten the adoption of automotive air sterilization applications. Compared to traditional UV lamps, UV LEDs offer a longer lifespan and simpler optical design. Companies such as Nichia, Seoul Viosys, and Violumas have launched comprehensive UV-A/B/C LED product lines to satisfy the demand for UV lamp alternatives.

Agricultural lighting is gaining momentum in Central and Eastern Europe, particularly in Czechia and Poland, where the cost reduction of horticultural lighting end products has improved the ROI of plant factory solutions. Furthermore, investments in horticultural lighting for cultivating vegetables and fodder in high-latitude Asian and Nordic regions aim to mitigate the adverse effects of prolonged winters on food suppliers, promising to uplift the horticultural lighting LED market in 2024.