The global quantum dot LED (QLED) lighting market is expected to increase from $156.2 million in 2018 to $1.4 billion in 2024, at a compound annual growth rate (CAGR) of 42.3%. The television segment dominates the market, accounting for a market share of around 70% in 2018. However, during the forecast period, the smartphone QLED display market is expected to experience significant growth, growing at a CAGR of 67.1% to reach $404.0 million by 2024.

Quantum dots are man-made, semiconducting nanoscale particles. QLEDs, which are based on quantum dot technology, outperform organic light emitting diodes (OLEDs) in terms of color reproduction, reliability, cost, and power consumption. At present, the cost of quantum dot production is high compared to that of OLED, but in the near future, this cost will go down due to the development of cost-effective manufacturing methods.