Omdia: Direct view LED video display global shipments saw 20.2% year-on-year increase in 4Q23

Nov 01, 2024

March 11, 2024

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LONDON, March 11, 2024: According to Omdia's latest LED video display market tracker, the global direct view LED market not only grew by 1.3% compared to the previous quarter in 4Q23, but also increased by 20.2% compared to the same period last year.

Asia & Oceania showed the largest growth among major regions at 26.5% quarter-on-quarter (QoQ) and 66.7% year-on-year (YoY), primarily driven by growth in India. In China, domestic vendors recorded noteworthy quarterly sales, also reporting a high growth rate of 19.2% YoY. Despite a negative QoQ performance of -24.3% due to seasonality, North America also showed a healthy increase in shipments of 15.8% YoY. However, Western Europe showed a decrease of -7% compared to the previous quarter, still plagued by lingering inflation impacts in key countries.

In 4Q23, shipments in the LED video display market grew by 1.3% compared to the previous quarter, while growing by 6.7% QoQ in terms of revenue. Tay Kim, Senior Principal Analyst from Omdia’s ProAV practice commented: “As global inflation impacts lessened in different regions toward the end of 2023 and during the onset of 2024, many end users and customers are choosing value-added products, even if the prices remain relatively high. This trend is facilitating the expansion of LED video displays occurring this quarter.”

Sales of fine pixel pitch (FPP) products, which Omdia defines as LED video displays with a pixel pitch of less than 2mm, grew by 31.5% YoY, recording the largest growth rate in the entire pixel pitch line-up. Outdoor LED video displays utilizing wider pixel pitch product lines of 10mm or more reported negative performance of -6.7% compared to the same period last year, while the 5~9mm pixel pitch product range, which accomplishes denser resolution, increased by 17.9% YoY.

Omdia’s latest data also records strong growth for All-in-One (AIO) LED video displays products of 78.3% YoY, despite its higher price range. “Shipments of AIO LED products are continuing to gain momentum in key vertical markets based on their ease of installation and usability compared to general LED cabinet products. Display vendors are targeting the expansion of AIO LED products utilized within the corporate sector, especially within conference rooms and huddle rooms,” noted Kim. AIO LED displays are also competing fiercely with large-format LCD displays but offer advantages in terms of more diverse size offerings and aspect ratios compared with LCDs. In terms of size and resolution, since AIO LED display products offered in 136” and 163” FHD were using 1.5mm and 1.8mm pixel pitch products for the last five years, the sales have continued to meet the demand for both high cost-effectiveness and large screen size. The sales of 110” FHD or 146” UHD AIO LED products using 0.8mm and 1.2mm pixel pitches have recently increased even though the price is much higher than the products using wider pixel pitches.

Another key growth area offering ample opportunities within the LED video display market is the expansion of rental product lineups targeting the virtual production sector. Rental LED products typically carry a higher price range than general fixed installation products due to the addition of special coatings to improve durability. The increase in rental LED products used for virtual production studios recorded a significant lift during the pandemic, contributing to the overall revenue growth of the entire LED video display market. LED video displays used in virtual production for film and TV studios began in 2019, offering complementary technology to green screens. Implementation of LED video displays used for virtual production studios has also increased as the technology offered benefits in cost reduction for content production, convenience of visualization effects and improved quality of work compared to green screens.

Recently, corporate and education sectors have also begun setting up small virtual production studios for meetings, presentations, podcasts, lectures, and training sessions. Omdia anticipates the number of LED video displays sold for virtual production studios for both corporate and higher education purposes will rapidly increase in coming years.

Omdia is launching an in-depth analysis of the virtual production sector focusing on the overall ecosystem, key trends, vendors, and route-to-market strategies, part of its ProAV Vertical Solutions Spotlight Service in April 2024.

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