With the in-depth development of LED display screens, the stimulation of market demand has led to changes in the market structure of LED display screen segments, the market share of leading brands has been diluted, and local brands have gained more market share in the sinking market. Recently, a well-known market research organization released a forecast: the demand in the display field will surge in 2024. So in 2024, which application segments of LED display screens are worthy of our attention? Standing at the crossroads of the year, starting from the growth background, combined with the overall development trend, this article looks forward to the growth trend of LED display screen segments in 2024, and provides reference for LED practitioners who are planning for 2024.
Digital signage
In the past year, local policies have actively promoted the implementation of a series of consumption-promoting policies, promoting consumption in key areas such as home furnishings, automobiles, electronics, and catering. The recovery of consumption has driven the demand for advertising. In the first three quarters of 2023, the advertising market in mainland China grew by 5.5% year-on-year. Advertising is the core driving force of the digital signage industry, and the vigorous development of digital signage has driven all kinds of outdoor LED screens to be more popular with end users.
Another set of data shows that as the largest advertising market in the Asia-Pacific region, China’s advertising expenditure accounts for 51.9% of the region’s total advertising expenditure. It is expected that the scale of China’s advertising market will reach US$125.1 billion in 2024, a year-on-year increase of 4.7%. Following the three-year zero-out policy, China has entered the recovery stage, and stable growth has become the norm. Even if the market’s attitude towards media investment is more cautious than previously expected, it is expected that advertising expenditure will maintain a balanced quarterly growth trend throughout the year. It is expected that digital advertising expenditure will remain high in 2024, accounting for 80.0% of total expenditure, a year-on-year increase of 7.7%.
Specifically in terms of advertising forms, the increase in investment in most types of outdoor resources is higher than last year, especially for emerging advertisers and advertisers with small and medium budgets, and LED large screens have become one of the main reasons for the increase in investment. Based on this, the application of digital signage products in global commercial vertical fields is increasing, and LED display digital signage products will become one of the development trends of the market in 2024.
In-vehicle display
As consumers’ demands for in-vehicle entertainment experience continue to increase and car companies’ demands for differentiated competition become increasingly strong, in-vehicle display screens are constantly developing towards large screens and multiple screens, while in-vehicle display technology is also constantly upgrading and evolving. Judging from the situation of many auto shows in 2023, physical screen display technology is rapidly upgrading and evolving from LCD to Mini LED, Micro LED, etc. Among them, Mini LED backlight has outstanding advantages in in-vehicle display. Because the use environment of automobiles is prone to extreme conditions such as high and low temperatures and high humidity, more rigorous reliability testing is required for automotive-grade components. In addition to high reliability and high contrast for high-brightness display under strong sunlight, higher requirements are also placed on various optical indicators, color gamut, response speed, etc., which happens to be the advantage of Mini LED products. Therefore, Mini LED backlight displays have become the preferred solution for new displays of car manufacturers.
At the same time, various display forms and innovative display solutions such as holographic, transparent screen, AR/VR are also being launched and implemented, and 3D display is beginning to be used in cars. In-vehicle display screens have become one of the focuses of differentiated competition in automobiles. In 2024, in-vehicle display screens will begin to develop towards high-quality, immersive experience. Mini LED and Micro LED will usher in a good opportunity for development in the field of in-vehicle display.
Stage rental screen
The concert economy in 2023 has become a striking phenomenon. According to the iiMedia “2023-2024 China Concert Industry Development Trend Research Report”, it is estimated that the output value of China’s “concert economy” will reach 90.3 billion yuan from 2023 to 2024, which will achieve explosive growth compared with 24.36 billion in 2022 and 20 billion in 2019. It is not difficult to see from these soaring data that compared with previous years, the domestic market demand for concerts has achieved a leapfrog increase, which also means that the application and development of LED display screens has also ushered in a sharp increase in demand.
It is worth noting that this year, the National Development and Reform Commission issued 20 measures on restoring and expanding consumption, of which the sixth and seventh articles clearly pointed out that “enriching cultural and tourism consumption and promoting cultural, entertainment, sports and exhibition consumption”. This means that in terms of national policies, cultural and tourism consumption is fully supported. At the same time, against the background of overall economic recovery, offline consumption has fully recovered, which has led to a strong recovery in consumption in the entertainment industry, including performances. The concert economy in 2024 will continue to show a positive development trend and become a new engine to promote the development of LED stage rental screens.
LED conference all-in-one machine
According to iiMedia data, the market size of China’s video conferencing industry will reach 16.82 billion yuan in 2022, a year-on-year increase of 13.5%. As the application scope of video conferencing expands, the application needs of various industries become more diversified, and the market will further penetrate. It is expected that the market size will reach 30.41 billion yuan in 2025. Faced with the ever-changing environment and needs, digital workspaces and hybrid office modes have become the new normal for corporate offices. Nearly 50% of B and C-end users use video conferencing more frequently than in previous years. The business demand for video conferencing will be further released, and the market size of LED all-in-one machines is expected to expand further in 2024.
Compared with traditional LCD and commercial projectors, LED all-in-ones have greater advantages in visual experience and functional integration. Previously, due to factors such as cost, the shipment volume of LED all-in-ones accounted for a limited proportion of the entire conference market. With the maturity of technology and the reduction of costs, the product cost of LED all-in-ones has dropped rapidly, and sales have grown rapidly. LED all-in-ones are mainly aimed at the market above 110 inches, and are suitable for scenes such as medium and large conference rooms above 100 square meters. At present, many screen companies have actively entered the market and released multiple LED all-in-one products. At this stage, most LED all-in-one products use meetings as the main battlefield, and can be applied to a variety of application scenarios, but different scenarios will be equipped with different software and operating systems. In addition to meetings, the application scope of LED all-in-ones is becoming wider and wider, and they have penetrated into education, medical care, government and enterprises and other fields. I believe that with the promotion of more manufacturers, the penetration rate of LED all-in-ones will accelerate in 2024.
XR virtual shooting
As an emerging market, XR virtual shooting has developed rapidly in recent years. Not only has it been continuously promoted by national policies, but the brand side is also accelerating its layout. At the terminal level, there is no shortage of frequent empowerment from major manufacturers such as Alibaba and Tencent, which continues to penetrate the large audio-visual field. In terms of XR equipment, to achieve the ultimate immersive experience, it is necessary to enhance the visual immersion by improving the screen resolution, field of view and refresh rate. LED display screens have no choice but to become one of the hottest choices at the moment. The current mainstream application scenarios are film and television shooting, radio and television broadcasting, and education and teaching. In the future, as the scenarios continue to expand, it will also create a broader market space for XR virtual shooting, and bring new vitality to the LED display market where demand is slowing down. Some industry insiders predict that the compound growth rate of LED display under XR virtual shooting in China will remain above 80% in the next three years.
In the future, with the breakthroughs in hardware and software technologies such as AI big models and chips, a number of B-end products with commercial value will be put into use and applied in multiple scenarios such as education and training, exhibition hall entertainment, and live broadcast promotion. At the same time, the broader market of the C-end is gradually opening up, and the iteration of key technologies has brought a more extreme user experience. Entertainment forms such as XR games, concerts, and live broadcasts have begun to enter families. The ecology of the content end is becoming increasingly rich, and XR virtual shooting will inject vitality into the long-term development of the LED display industry.
The development of LED display screens has been very complete. How to jump out of the internal volume and achieve changes and breakthroughs is a common problem faced by the industrial chain. It is difficult to achieve a major breakthrough in technology in the short term, and expanding new application scenarios has become the focus of many terminal manufacturers. With the development of new technologies such as AI and the Internet of Things, the penetration of smart displays will be accelerated. At the same time, mobile smart screens in home entertainment and office scenarios also provide consumers with new experiences. Therefore, with the continuous growth of the terminal market size and the continuous breakthroughs of LED display screens in new processes, new technologies, and new fields, the application scenarios and application scope of downstream terminals are expected to be further expanded, and the industry has huge growth and development potential.
Post time: Feb-27-2024
