With the deepening development of LED display screens, the stimulation of market demand has led to changes in the market structure of LED display screen sub sectors. The market share of top brands has been diluted, and local brands have gained more market share in the sinking market. Recently, a well-known market research institution released a prediction: the demand in the display field will surge in 2024. So in 2024, which sub sectors of LED display screen applications are worth our attention? Standing at the crossroads of the new year, this article starts with the growth background, combines with the overall development trend, and looks forward to the growth trend of the LED display screen segmentation field in 2024, providing reference for LED practitioners who plan for 2024.
1、 Digital signage
In the past year, local policies have actively promoted the implementation of a series of consumer promotion policies, promoting consumption in key areas such as home furnishings, automobiles, electronics, and catering. The recovery of consumption has driven the demand for advertising placement. In the first three quarters of 2023, the advertising market in Chinese Mainland grew 5.5% year on year. Advertising is the core driving force of the digital signage industry, and the booming development of digital signage has driven various types of outdoor LED displays to be more favored by 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 total advertising expenditure in the region. It is expected that the size of China's advertising market will reach 125.1 billion US dollars in 2024, a year-on-year increase of 4.7%. After three years of zero epidemic policies, China has entered a stage of recovery, with stable growth becoming the norm. Even though the market's attitude towards media investment is more cautious than previously expected, it is expected that advertising spending 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 and a year-on-year increase of 7.7%.
Specifically, in terms of advertising forms, the proportion of increased investment in most types of outdoor resources is higher than last year, especially for emerging advertisers and small and medium-sized budget advertisers, with LED screens becoming one of the main increased investments. Based on this, the application of digital signage products in the global commercial vertical field is constantly increasing, and LED display digital signage products will become one of the market development trends in 2024.
2、 In car display
With the continuous improvement of consumer demands for in car entertainment experience and the increasing demand for differentiated competition among car companies, in car display screens are constantly evolving towards larger and more multi screen displays, while in car display technology is also constantly upgrading and evolving. From the situation of multiple car shows and other auto shows in 2023, it can be seen that physical screen display technology is rapidly upgrading and evolving from LCD to Mini LED, Micro LED, and other technologies. Among them, Mini LED backlight has outstanding advantages in car displays. Due to the extreme conditions such as high, low, and high humidity that cars are prone to in their usage environment, strict reliability testing is required for vehicle grade components. In addition to high reliability and contrast required for high brightness display in strong sunlight, higher requirements are also put forward for various optical indicators, color gamut, response speed, etc. This is precisely the advantage of Mini LED products. Therefore, Mini LED backlight displays have become the preferred solution for new displays in car manufacturers.
At the same time, various different display forms and innovative display solutions such as holographic, transparent screen, AR/VR are constantly being launched and implemented, and 3D display is starting to be launched. Car mounted display screens have become one of the focal points of differentiated competition in automobiles. In 2024, car mounted display screens will begin to develop towards high-quality and immersive experiences. Mini LED and Micro LED will usher in a good opportunity for development in the field of car mounted displays.
3、 LED stage screen
The 2023 concert economy has become a remarkable phenomenon. According to the media's "Research Report on the Development Trends of China's Concert Industry from 2023 to 2024", it is expected 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 to 24.36 billion yuan in 2022 and 20 billion yuan in 2019. It is not difficult to see from these booming data that compared to previous years, the demand for concerts in the domestic market has achieved a significant increase, which also means that the application development of LED displays has also seen 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, among which the sixth and seventh articles clearly state that "enriching cultural and tourism consumption and promoting cultural and sports exhibition consumption". This means that in terms of national policies, cultural and tourism consumption is fully supported. At the same time, against the backdrop 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 and upward development trend, becoming a new engine driving the development of LED stage screens.
4、 LED conference all-in-one machine
According to media data, the market size of China's video conferencing industry reached 16.82 billion yuan in 2022, a year-on-year increase of 13.5%. With the expansion of the application scope of video conferencing, the demand for applications in various industries is becoming increasingly diversified, and the market will further penetrate. It is expected that the market size will reach 30.41 billion yuan by 2025. Faced with constantly changing environments and demands, digital workspaces and hybrid office models have become the new norm for enterprise offices, with nearly 50% of B and C end users using 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 further expand in 2024.
According to media data, the market size of China's video conferencing industry reached 16.82 billion yuan in 2022, a year-on-year increase of 13.5%. With the expansion of the application scope of video conferencing, the demand for applications in various industries is becoming increasingly diversified, and the market will further penetrate. It is expected that the market size will reach 30.41 billion yuan by 2025. Faced with constantly changing environments and demands, digital workspaces and hybrid office models have become the new norm for enterprise offices, with nearly 50% of B and C end users using 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 further expand in 2024.
5、 XR virtual shooting
XR virtual shooting, as an emerging market, has developed rapidly in recent years. Not only has the national policy been continuously promoted, but the brand side is also accelerating its layout. At the terminal level, it is also frequently empowered by major companies such as Alibaba and Tencent, constantly penetrating into the field of audiovisual technology. In terms of XR devices, to achieve the ultimate immersive experience, it is necessary to enhance visual immersion by improving screen resolution, field of view angle, and refresh rate. LED displays have no choice but to become one of the hottest choices today. At present, the mainstream application scenarios are film and television shooting, radio and television broadcasting, and education and teaching. With the continuous expansion of scenarios in the future, it will also create a broader market space for XR virtual shooting, and bring new vitality to the LED display market with slowing demand. 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.
XR virtual shooting, as an emerging market, has developed rapidly in recent years. Not only has the national policy been continuously promoted, but the brand side is also accelerating its layout. At the terminal level, it is also frequently empowered by major companies such as Alibaba and Tencent, constantly penetrating into the field of audiovisual technology. In terms of XR devices, to achieve the ultimate immersive experience, it is necessary to enhance visual immersion by improving screen resolution, field of view angle, and refresh rate. LED displays have no choice but to become one of the hottest choices today. At present, the mainstream application scenarios are film and television shooting, radio and television broadcasting, and education and teaching. With the continuous expansion of scenarios in the future, it will also create a broader market space for XR virtual shooting, and bring new vitality to the LED display market with slowing demand. 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.
