MICRO-LED MARKET ANALYSIS

Regional Analysis

Global Micro-LED Market: Regional Insights

On the basis of region, the global micro-LED market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America region held a major share in the global micro-LED market in 2019, owing to rising penetration of tablets and smartphones. For instance, according to the U.S. General Services Administration, smartphone and tablet accounted for 36% of all internet traffic in December 2015, which increased to 43% in December 2016.

Furthermore, Asia Pacific region is witnessing rapid growth in the global micro-LED market. This is due to the economies such as China, which play crucial role in the supply chain of global micro-LED market. Majority of the components for the micro-LED are manufactured in countries such as China due to low labor cost. Moreover, governments of these countries launched various schemes to drive growth of their manufacturing sector. For instance, in December 2019, Chinese LED chip producer Sanan Optoelectronics reported that the company received subsidies from the local government for its Micro LED project, which started by 2019 based on the company's US$ 1.7 billion investment in Hubei Province, China.