国泰海通｜电子：苹果暂停后，2025 Micro LED涅槃重生——新型显示行业系列观察报告之二

Core Viewpoint - The Micro LED industry is expected to experience a revival after facing significant challenges in 2024, with potential for expanded applications and market growth starting from 2026 [1][4]. Group 1: Industry Challenges and Developments - The Micro LED industry faced a "darkest moment" in 2024, primarily due to Apple's halt in internal efforts to adopt Micro LED technology, which was seen as a successor to OLED [3]. - Key challenges included difficulties in mass production, high costs, and the complexity of transferring millions of micro-sized LED chips [3][4]. - The industry is gradually overcoming these challenges, with advancements such as Q-Pixel's Q-Transfer technology achieving over 99.9995% transfer yield [4]. Group 2: Future Outlook and Applications - By 2025, Micro LED technology is expected to be commercially viable, as evidenced by Garmin's launch of the world's first Micro LED smartwatch, the Fenix 8 Pro [4]. - The technology is anticipated to expand into larger applications, including ultra-high-end TVs and commercial displays, as well as high-end automotive HUD displays [1][4]. - Micro LED's advantages include extreme performance, long lifespan, and impressive energy efficiency, making it a promising candidate for various applications [2].