Asia, Oceania and North America have seen growth while Europe saw a 2.1% YoY decline.
Global shipments for the direct view LED market saw a notable increase of 23.1% quarter-over-quarter (QoQ) and 18.5% year-over-year (YoY) in the third quarter (Q3) of 2023. Despite the growth in shipments, revenue growth was more moderate due to inflation. Global revenue increased by 13.9% QoQ and 7.7% YoY.
Tay Kim, Senior Principal Analyst at Omdia, observed that Inflationary pressures led end-users and system integrators to opt for cheaper or lower-resolution products. Fine pixel pitch products (2mm or less) grew by 18%YoY, while the wider indoor product line (2~4.99mm) showed a higher growth rate of 29%.
After a negative growth period in 2022 due to COVID-19 policies, China rebounded with growth rates of 23.4% QoQ and 23.6% YoY in Q3 2023. The Asia & Oceania region experienced growth, particularly with a boost from increased demand in India.
In Europe, high inflation levels contributed to a decline of 2.1% YoY, alongside lower price competitiveness compared to LCD. However, despite inflation, the North American market remained stable and showed a 15.7% YoY growth, partly due to currency advantages.
COB (Chip On Board) technology use in direct view LED video products is increasing. It offers advantages over SMD (Surface Mount Device) technology in screen uniformity, durability, heat generation, and power management. COB technology grew by 31.2% YoY in Q3 2023.
All-in-one direct view LED video displays are gaining traction, especially for large-size applications (110-inch and above) in conference rooms. They offer advantages in size and aspect ratio flexibility over LCDs, though they generally have lower resolution and less sensitive touch functions. The AIO dvLED market saw a rapid increase of 57.4% YoY in Q3 2023.
As the price competitiveness of the overall direct view LED product line improves, it is expected to more directly compete with LCD, especially in the corporate and conference room market. This competition is anticipated to drive further growth in the digital signage display market.
