Affected by the sluggish domestic market demand in 2024, the global LED display market will grow by only 2.8%. From a regional perspective, the overseas market is the main driving force, and the proportion of output value will increase year by year in the future. It has become a key operating area for major brand manufacturers, especially in non-developed economies such as Asia, Africa, and Latin America, where there is relatively large room for growth.
Small-pitch displays below P2.5 will still be the main driving force for future market growth, and the compound growth rate is expected to reach 10% from 2023 to 2028. With the continuous maturity of COB and MiP technologies and the continuous expansion of production capacity, the price of ultra-small-pitch LED displays has declined year by year, and the proportion of market demand has increased, driving the growth of output value.
In the long run, the LED display market will continue to maintain growth, and the main growth logic includes:
Market growth logic 1-Expanding from developed economies to non-developed economies
China is the global manufacturing base of LED displays and the birthplace of LED displays. The first stage is to develop from the Chinese market to overseas developed economies, and markets such as Europe and the United States are already very mature. The continuous decline in the cost of LED display screens has pushed the regional market into the second stage, expanding from the market of developed economies to the market of non-developed economies.
Market growth logic 2-Expanding from government and large corporate customers to small and medium-sized customers
The continuous decline in prices has promoted the expansion of the customer base of LED display screens, developing from the to G market to the to B market, and may enter the to C market in the future. From the perspective of manufacturers, the proportion of distribution models has continued to rise in recent years, and the market demand for channel-type LED display screens has gradually increased. Manufacturers are also strengthening channel layout, building a distribution system in China and even the world, covering a wider customer base.
Market growth logic 3-Expanding from traditional applications to emerging applications
Enterprise conference space is still the largest application scenario for LED small-pitch display screens, followed by retail and exhibitions, and security monitoring has a large demand in the Chinese market. At the same time, emerging applications such as all-in-one machines, virtual shooting, home theaters, and cinemas have also shown a rapid development trend in recent years. Although the current scale is small, there is huge room for growth in the future.
Among them, in the movie screen market, there are more than 200,000 movie screens in the world, including more than 30,000 high-end screens. In 2024, China will have more than 60 LED movie screens, and future growth is expected to accelerate further. At present, the cost of a 10×5 meter 4K LED movie screen has dropped to about 1 million yuan, and the market potential is huge.
In the LED rental screen market, live events (concerts, election events, etc.) drive the rental market demand. In 2024, the size of the LED display rental market will have the opportunity to reach 1.596 billion US dollars (+13%). As the price of LED display screens declines, the market popularity increases, and various live events are driven to use more LED rental screens to achieve cooler on-site effects and meet visual needs; coupled with the filmization of concerts pushing up the specifications of LED rental screens, it is estimated that rental screens will show a steady growth trend in the future.
