According to statistics, the global LED display market size reached US$8.96 billion in 2023, a year-on-year increase of 12%. It is expected that the market size will further grow to US$10.33 billion in 2025, with a compound annual growth rate of 7.2%.
In this report, we will offer an in-depth analysis of the LED display market, covering market size, growth trends, technological advancements, and competitive landscapes.
1. Industry Overview
1.1 Definition and Classification of LED Display Technology
LED display technology is a display method that controls semiconductor light-emitting diodes (LEDs). It is composed of tens to hundreds of thousands of LED pixels evenly arranged and can display text, graphics, images, animations, videos, etc.
- According to the display color, LED display screens can be divided into monochrome, dual-color and full-color displays.
- According to the application scenario, they can be divided into indoor LED screen and outdoor LED screens.
- According to the technical characteristics, they can be divided into the traditional LED display, small-pitch LED display and micro LED display technology.
1.2 Industry Development History
China’s LED display technology started in the 1990s, with low-end products in the early stage, mainly used in outdoor advertising and traffic signs. With technological progress and policy support, the LED display market has gradually developed into high-end and intelligent.
After 2010, the breakthrough of small-pixel pitch LED display technology promoted the rapid growth of the industry. Since 2020, the rise of Mini/Micro LED display technology has further expanded the application field, and the industry has entered a new stage driven by technology.
1.3 Industry Policy Background
In recent years, China has introduced a series of policies to support the development of the LED display market. These include the development goals of the semiconductor lighting industry proposed in the “14th Five-Year Plan” and the release of industry standards such as the “General Technical Specifications for Micro LED Displays.” These policies provide financial, technical, and talent support to the LED display market and promote its standardization and regularization.
2. LED Display Market Size & Growth Trends
2.1 Global Market Size
In 2022, the global LED display market reached $8.29 billion and is expected to increase to $8.96 billion in 2023. The Asian LED display market is dominant, with LED display manufacturers in China accounting for more than 50% of the LED display market share.
2.2 China Market Size
In 2023, China’s LED display screen market size will reach 53.7 billion RMB, a year-on-year increase of 8.9%. With policy support, LED screen technology upgrades, and expanded application areas, the market size is expected to increase to 63.4 billion RMB in 2024, a growth rate of 18%.
2.3 Market Segment Performance
Small pixel pitch LED display (P2.5 and below):
Small pixel pitch LED display sales in 2023 are expected to be 15.5 billion RMB, down 6.1% year-on-year. However, the shipment area of small pixel pitch LED screens will increase by 16.7% to 1.084 million square meters, reflecting the downward trend in unit prices. Sales are expected to rebound to 17.4 billion RMB in 2024, up 11.8% year-on-year.
Mainstream LED display pixel pitch ratio: P1.4-1.1 (29.6%), P2.0-1.7 (26.7%), P1.6-1.5 (21.0%).
Micro LED display:
The global Micro LED chip market size will be only $27 million in 2023, but it is expected to grow to $62 million in 2024 and reach $580 million in 2027, with a compound growth rate of over 100%.
2.4 Future Growth Forecast
The LED display market is very broad, and its application scenarios are ubiquitous:
● In the streets and alleys of bustling cities, outdoor advertising LED screens are gorgeous and eye-catching, attracting the attention of passers-by with shocking visual effects, becoming an excellent position for brand promotion;
● In indoor places such as shopping malls, airports, and train stations, LED screens display various commercial advertisements, travel information, and flight dynamics in real time, providing convenience for people’s travel and shopping;
● In the stadium, the huge stadium LED screen presents the live game, the replay of the wonderful moments and the advertising sponsorship information clearly, so that the audience will not miss any exciting moment;
● In stage performances, the stage LED screen serves as the background or the core of the special effects display, and cooperates with music and lighting to bring the audience a dreamlike immersive experience;
● There is also a traffic command center and a monitoring room. The LED display screens accurately present various monitoring images and data, helping staff make efficient decisions and ensuring the orderly operation of the city.
By 2029, the overall LED display market size in China is expected to reach 962.5 billion RMB, with an average annual growth rate of 5.2%. The popularization of Mini/Micro LED display technology will become the main growth driver.
3. LED Display Industry Chain Analysis
3.1 Upstream: Raw materials and core technologies
The upstream mainly includes LED chips, packaging materials, driver ICs, etc. Among them, LED chips are core components, and their cost accounts for a large proportion of the total cost of display screens. In recent years, technological breakthroughs in silicon carbide substrates and sapphire substrate materials have provided important support for the development of the industry.
3.2 Midstream: Manufacturing and Assembly
The midstream link involves the manufacturing and assembly of LED display screens, including PCB boards, lamp bead packaging, module assembly, etc. Guangdong Province (especially Shenzhen) is an important base for China LED display manufacturing, with a large number of production companies concentrated there.
3.3 Downstream: Application Areas
LED screens are widely used in advertising, media, stage, commercial display, security monitoring, car LED display, and other fields. In 2023, outdoor applications accounted for 59% and indoor applications accounted for 41%. In the future, with the development of Mini/Micro LED display technology, the application field will be further expanded to emerging markets such as VR/AR and smart wearables.
Indoor LED Display
Benefiting from the market demand for high resolution and high dynamic range (HDR), the LED display market applied in Corporations & Education, Virtual Production, Home Theater & Cinema is growing steadily.
All-in-One LED display specifications are moving towards 135-146-inch 2K 16:9. In addition, the demand for 21:9 for video conferencing or 32:9 for lecture halls is gradually increasing in the European and American markets.
Virtual reality shooting is booming in Southeast Asian countries. The filming of concerts (such as Taylor SWIT concert movies) has also driven the market opportunities for high-end virtual reality shooting. After the launch of Micro LED TVs, they have been introduced into the home theater, exhibition display, corporate conference and education space markets.
Micro LED transparent displays are very suitable for use in retail department stores, art spaces (art galleries, museums, aquariums), and the hospitality industry as an auxiliary product display and introduction, and will shine in 2026.
Outdoor LED Display
Benefiting from live events and sports/education applications, the demand for outdoor LED screen screens has grown steadily. In addition, creative LED displays such as spheres and naked-eye 3D have successfully enhanced urban landscapes and attracted the attention of passers-by, bringing visual shock.
Outdoor LED fine-pitch LED screens are mainly used for street furniture and bus shelter displays. The market demand has expanded to the United States and Europe (the United Kingdom, the Netherlands, and Germany). NBC has adopted Leyard’s LUO-1.5 LED outdoor fine-pitch display screen for the 2024 Paris Olympic Games broadcast.
4. LED Display Market Demand Analysis
① Advertising and digital signage: According to relevant data, the demand for digital advertising and LED signage display markets will continue to grow in 2024, especially in the retail LED display market. Digital signage allows merchants to dynamically adjust advertising content, and improve customer interaction and advertising effectiveness. As digital transformation accelerates, retailers and businesses are actively adopting LED displays to increase brand exposure and customer engagement.
② Commercial applications: LED screens are used in shopping malls, exhibitions, airports and other places to display information. It is estimated that in 2024, the global commercial LED display market will account for 35% of the total market.
③ Sports and entertainment: The demand for LED displays is growing for large events such as sports events and concerts. Sports venues have an increasing demand for high-definition, large-size, and flexible displays, especially for LED billboards, large on-site screens, and replacement billboards.
④ Smart cities and traffic management: The application of LED displays in the fields of smart transportation and public safety continues to expand, especially in the public information system, traffic signs, and dynamic traffic management systems. As the construction of smart cities accelerates around the world, the demand for LED displays will also grow simultaneously.
5. Technology Development Trends
5.1 Mini/Micro LED Display Technology
Mini/Micro LED technology has become the focus of industry technology innovation with its high brightness, high resolution, and low power consumption. In 2024, the global Micro LED display market is expected to reach US$1.4 billion and will continue to grow in the future. As Mini LED display technology matures year by year and production capacity expands, P1.2 Mini LED displays will expand to >P1.5-P1.6 and ≤P0.625 products.
Comparison between Mini LED and Micro LED technology:
| Parameter | Mini LED | Micro LED |
| Chip size | 50-200μm | 1-60μm |
| Application Areas | TV, Commercial Display | AR/VR, Wearable Devices |
| Power consumption | Lower | Very low |
| Difficulty of mass production | Medium | High (mass transfer technology) |
5.2 Small Pixel Pitch LED Display
Small pixel pitch LED displays (dot pitch ≤ P2.5) are in great demand in high-end scenarios such as conference rooms and command centers. In 2024, as the price of LED small-pixel pitch displays declines, in addition to the European and American markets, the penetration rate of small-pitch LED displays in Asia, Africa, and Latin America will increase year by year.
Overall, the demand in the Chinese small-pixel pitch LED display market is sluggish, but the other countries’ market continues to grow. Looking ahead to 2025, it is estimated that the penetration rate of small-pitch LED displays in other countries’ markets will continue to increase. Especially the performance of the Asian small-pixel pitch LED display market is expected to drive the global small-pitch LED display market output value to grow to $4.866 billion in 2025.
5.3 Virtual Photography Market Trends
According to the survey, the LED display market size used in entertainment and cinema will have the opportunity to grow to 18% in 2024. Entertainment and cinema applications include virtual shooting, home theater, and cinema , emphasizing high resolution, high grayscale, high refresh rate, and high dynamic range images, which is the application market that LED display manufacturers compete for.
Looking ahead to the development of the virtual filming market in 2024, with the Thai government announcing that foreign film production companies can receive subsidies for location filming in Thailand, it is foreseeable that virtual filming will flourish in Southeast Asian countries.
In addition, the cinematographic filming of concerts has also driven business opportunities in the high-end virtual filming market, and the overall industry has extended to filming for movies, television, drama, music, and advertising.
5.4 LED Conference Machine Market Trends
All-in-One LED Display is a standardized product with integrated controller, mainly used in corporate conference and education spaces, events, retail displays, lecture halls, control rooms, gaming venues, and even home theaters.
According to LED display market analysis, in 2023, all-in-one LED display manufacturers increased their promotion efforts in overseas markets. In addition to the Chinese market, shipments in Europe, the United States, Asia and other markets also continued to increase.
Overall, the global all-in-one LED display shipment growth rate will reach 34% in 2023. The shipments of Leyard and Samsung have increased significantly, and more and more manufacturers are entering the LED all-in-one display market.
5.5 Other Innovative Technologies
COB (chip on board) technology, transparent LED display technology, etc., are driving the industry toward higher resolution and thinner direction.
Transparent LED display: As an emerging technology, transparent LED display has gained more attention in 2024. This technology allows display content to be displayed on glass without blocking the view and is widely used in retail stores, smart buildings, and transportation advertising.
Flexible LED display: Flexible LED display provides a wide range of possibilities for further innovation in display technology, especially in the fields of creative advertising, public art, and wearable devices. As the technology matures, the flexible LED display market demand is expected to gradually increase in 2025.
6. Competition Landscape & Key Manufacturers
It can be seen from the foregoing that Colorlight Color Adapt is widely used in various LED display projects that require high-precision image display and color consistency, bringing users an excellent visual experience. The following are several major common applications:
6.1 Regional Competition Landscape
Guangdong Province is the core area of China LED display industry, with leading LED display manufacturers such as Leyard, Unilumin, and LianTronics concentrated in it. Fujian Province, Zhejiang Province, and Jiangsu Province in China also have advantages in the layout of the industrial chain.
6.2 Top 10 LED Display Manufacturers in China
As an important base for the global LED display industry, China has many well-known companies. After years of development, China’s LED display market industry has formed a complete industrial chain.
These leading LED display manufacturers continue to promote industry progress through technological innovation, market development and service optimization, and provide high-quality products and solutions to global customers.
According to market research and industry data in 2024, the following is the ranking of the top 10 LED display manufacturers in China and related information:
| Serial number | Manufacturer |
| 1 | QIANGLI |
| 2 | LEYARD |
| 3 | Unilumin |
| 4 | Absen |
| 5 | CAILIANG |
| 6 | LianTronics |
| 7 | Ledman |
| 8 | AOTO |
| 9 | SANSI |
| 10 | Lopu |
① QIANGLI
Company Profile: Founded in 2004, Qiangli is a world-renowned LED display manufacturer, focusing on the research and development, production and sales of LED screens. The company has two major intelligent manufacturing bases in mainland China, and its products are exported to more than 130 countries and regions around the world.
Main advantages: The strong sales network covers the whole country, and the products are widely used in smart conferences, security monitoring, stage rental and other fields.
② LEYARD
Company Profile: Founded in 1995, Leyard is a leading company in the field of LED video wall and information display screens, focusing on full-color LED display products, system display products and creative LED display products, and focusing on the research and development of small-pitch LED displays and Micro LED display technology.
Main advantages: It has significant advantages in the high-end display market and is widely used in urban rail transit, sports stadiums and other fields.
③ Unilumin
Company Profile: Unilumin was founded in 2004 and is committed to providing full-color LED screens, smart lighting and urban landscape lighting solutions. The company is at the forefront of the industry in Mini LED display, 5G+8K and other fields, and has strong competitiveness in outdoor LED display and commercial LED display market.
Main advantages: Strong technological innovation capabilities and products are widely used in more than 160 countries and regions around the world.
④ Absen
Company Profile: Founded in 2001, Absen focuses on the production and sales of full-color LED displays. Its products cover advertising LED displays, stage LED displays, commercial LED displays and other fields.
Main advantages: Extensive international layout, business in more than 120 countries, and 140 invention patents.
⑤ CAILIANG
Company Profile: Cailiang is a brand of Haijia Group, focusing on the research and development and production of LED display application products. Its products are widely used in monitoring command centers, commercial centers and other fields.
Main advantages: Cailiang has a complete industrial chain layout in the LED display market and provides efficient product delivery services.
⑥ LianTronics
Company Profile: LianTronics was established in 2003 and focuses on the research and development, manufacturing and engineering installation of LED display equipment. Its service network covers more than 20 countries and regions around the world.
Main advantages: Known for customized solutions, widely used in command monitoring, commercial LED display retail and other fields. Mainly high-end customized LED screens, widely used in stage and advertising fields
⑦ Ledman
Company Profile: Founded in 2004, Leman focuses on the 8K ultra-high-definition industry, with Micro LED ultra-high-definition display products based on COB technology as its core.
Main advantages: It has a leading technological advantage in the field of ultra-high-definition display, and its products are widely used in sports venues, advertising media and other fields.
⑧ AOTO
Company Profile: Founded in 1993, Aoto provides intelligent video solutions, and its products cover LED display screens, financial electronics and other fields.
Main advantages: Providing one-stop solutions in the film, television, finance and other industries, and owning thousands of patents.
⑨ SANSI
Company Profile: Sansi was founded in 1993 and focuses on LED screens, LED lighting, and intelligent transportation system solutions.
Main advantages: It has technological advantages in the fields of LED lighting and intelligent transportation, and has a strong ability to earn foreign exchange through product exports.
⑩ Lopu
Company Profile: Founded in 1988, Lopu focuses on LED display systems and intelligent engineering and is a leader in high-end LED display market technology in China.
Main advantages: It has unique advantages in the field of LED ball screen technology and high-end display.
The above 10 manufacturers occupy an important position in the LED display market industry. They not only perform outstandingly in technological innovation and market share but also demonstrate strong competitiveness in the global LED display market.
6.3 Industry Concentration
The industry concentration is high, and the leading manufacturers occupy most of the LED display market share. In 2023, the CR5 (market share of the top five enterprises) of China’s LED display industry will exceed 50%.
6.4 Top 10 LED Display Manufacturers in the World
According to market research and industry data in 2024, the following are the top 10 LED display manufacturers in the world and their related information:
| Serial number | Manufacturer |
| 1 | Leyard |
| 2 | Unilumin |
| 3 | Qiangli |
| 4 | Absen |
| 5 | Daktronics |
| 6 | LianTronics |
| 7 | Ledman |
| 8 | Samsung |
| 9 | Barco |
| 10 | Sansi |
① Leyard
Company Profile: Founded in 1995, it is a leading manufacturer in the global LED display market, focusing on the research and development and production of full-color LED display products, system display products, and creative display products. The manufacturer has significant advantages in the high-end display market and is widely used in urban rail transit, sports stadiums, and other fields.
Main advantages: Leading LED display technology, rich product lines, and the world’s leading LED display market share.
② Unilumin
Company Profile: Founded in 2004, the manufacturer is committed to providing LED full-color screens, smart lighting and urban landscape lighting solutions. The manufacturer is at the forefront of the industry in Mini LED display, 5G+8K and other fields.
Main advantages: Strong technological innovation capabilities and products are widely used in more than 160 countries and regions around the world.
③ Qiangli
Company Profile: Founded in 2004, it is a world-renowned LED display manufacturer with a complete LED display product R&D, manufacturing, sales and service system. The company has built two major intelligent manufacturing bases in mainland China, and its products are exported to more than 130 countries and regions around the world.
Main advantages: The strong sales network covers the whole country, and the products are widely used in smart conferences, security monitoring and other fields.
④ Absen
Company Profile: Founded in 2001, it focuses on the production and sales of full-color LED displays. Its products cover advertising LED displays, stage LED displays, commercial LED displays and other fields, and its business covers more than 120 countries.
Main advantages: Extensive international layout, 140 invention patents and leading technology.
⑤ Daktronics
Company Profile: A leading global LED display manufacturer, focusing on outdoor advertising, sports stadiums and traffic information display. The company has a wide LED display market share worldwide.
Main advantages: It has significant advantages in the field of outdoor LED display, and its products are widely used in large-scale sports events and commercial advertisements.
⑥ LianTronics
Company Profile: Founded in 2003, it is a leading LED display supplier, focusing on the development, production and sales of LED application products. The company’s service network covers more than 20 countries and regions around the world.
Main advantages: Known for its customized solutions, it is widely used in command monitoring, commercial LED display retail and other fields.
⑦ Ledman
Company Profile: Founded in 2004, it focuses on the 8K ultra-high-definition industry, with Micro LED ultra-high-definition display products based on COB technology as the core, and is widely used in sports venues, advertising media and other fields.
Main advantages: Technological leadership in the field of ultra-high-definition display.
⑧ Samsung
Company Profile: A world-renowned electronics giant, its LED display business has significant advantages in the high-end LED display market and is widely used in commercial display and outdoor LED advertising.
Main advantages: strong brand influence and strong technical strength.
⑨ Barco
Company Profile: A global leading visual technology solutions provider, focusing on the R&D and production of high-end LED display screens and projection systems. The company has significant advantages in the fields of commercial LED display and entertainment.
Main advantages: Leading high-end display technology, products are widely used in large-scale events and commercial displays.
⑩ SANSI
Company Profile: Founded in 1993, the company focuses on LED display screens, LED lighting and intelligent transportation system solutions. The company has technical advantages in the fields of LED lighting and intelligent transportation and has strong export and foreign exchange earning capabilities.
Main advantages: strong technical research and development capabilities, and products are widely used in multiple fields.
The above 10 LED display manufacturers occupy an important position in the global LED display industry. They not only perform outstandingly in technological innovation and market share but also demonstrate strong competitiveness in the global LED display market market.
7. LED Display Market Challenges & Opportunities
7.1 Fluctuation of Raw Material Prices
Price fluctuations of key raw materials such as LED chips and driver ICs have a significant impact on production costs. LED screen manufacturers need to reduce costs through technological innovation and large-scale production.
7.2 Technical Barriers and Patent Competition
The research and development of Mini/Micro LED LED technology requires a large amount of capital investment and faces high technical barriers. Manufacturers need to strengthen their patent layouts and enhance their core competitiveness.
7.3 Emerging Market Opportunities
With the rapid development of emerging markets such as VR/AR and in-vehicle displays, the LED display market will usher in new growth points. Enterprises need to actively expand application areas and seize market opportunities.
8. 3 Logics of the LED Display Market Future Growth
Affected by factors such as government budget, price competition and technological competition, China’s LED display market demand will be average in 2024, but other countries’ LED display markets will continue to grow.
Among them, the European and American markets will maintain stable development, and the Asia-Pacific region (especially Southeast Asia and the Middle East) will perform well. In the long run, the LED display market will continue to grow, and the main growth logic includes:
① Expanding from developed economies to non-developed economies. China is the global manufacturing base of LED displays and the birthplace of LED displays. In the first phase, the development of the Chinese LED display market to other countries’ developed economies has been completed. As the cost of LED displays continues to decrease, the LED display market has entered the second phase and will continue to expand to non-developed economies.
② From government and large corporate customers to small and medium-sized customers. After more than 20 years of development, the price of LED display industry has continued to decline, the customer base has gradually expanded, the market is developing from To G to To B, and it is possible to expand to To C in the future.
From the perspective of manufacturers, the proportion of distribution sales models has continued to rise in recent years, and the channel-based LED display market demand has begun to grow. Manufacturers are also actively adjusting their business strategies, laying out channel markets, and establishing distribution systems in China and around the world to cover a wider range of customer groups.
③ Expanding from traditional applications to emerging applications. Traditional applications mainly include corporate meetings, security monitoring, retail exhibitions, public areas, transportation and outdoor advertising. With the emergence of Micro/Mini LED technology, the application scenarios of LED screens continue to increase, such as all-in-one LED displays, virtual shooting and cinemas/home theaters, and there is still significant room for growth in the future.
9. Conclusions & Recommendations
9.1 LED Display Industry Future Outlook
In 2024, the LED display industry will continue to maintain its growth momentum, with technological innovation and expansion of application areas being the main driving forces. The popularization of Mini/Micro LED display technology will further encourage the industry to develop in the direction of high-end.
9.2 Manufacturer Development Suggestions
- Increase R&D investment to break through the bottleneck of Mini/Micro LED technology;
- Expand emerging application areas, such as VR/AR, in-vehicle display, etc.;
- Strengthen industrial chain collaboration, reduce production costs, and enhance LED display market competitiveness.
References:
① Foreseeing 2024: “2024 China LED Industry Panorama” (with market size, competition pattern and development prospects, etc.)
② Analysis of the current situation and prospects of China’s LED display industry in 2024_Market_Technology Upgrade_MicroLED
③ Interpretation of the LED display market in 2024: Three major growth logics lead the industry forward_Emerging_Technology_Application
④ Prospects of China’s LED display market in 2024: Opportunities and challenges coexist_Technology_Raw materials_Silicon carbide
④ 2024 China LED display industry chain panoramic analysis: market demand and technological innovation revealed_Industry_Development_MicroLED
⑤ 2024 China LED display market status and industry development prospects forecast analysis
⑥ 2024 China LED display market segmentation status in-depth analysis and future development trend forecast report
