China Mainland LED Display Exports Fall 4.1% YoY in Jan–Nov 2025, While Western Europe and Latin America Grow

Data Source: QF Electronics (QF) internal export database & analysis. | Units: RMB 100 million, %, and USD (as reported by QF).

The LED display industry continues to face structural pressure: persistent overcapacity and intense price competition remain difficult to resolve in the short term. At the same time, rising uncertainty in global trade conditions is adding friction to export markets, putting additional pressure on overseas shipments.

China Mainland LED Display Exports: Jan.–Nov. 2025 Down Year-on-Year

According to QF Electronics (QF) data, China Mainland’s cumulative LED display exports totaled RMB 90.6 (亿元) from Jan.–Nov. 2025, representing a 4.1% YoY decline. In USD terms, exports reached USD 1.27 billion, down 4.9% YoY.

Quarterly Trend: Broad-Based Softness, with a Sharper Dip in Q1

Export value declined in every quarter. Q1 saw the most noticeable drop (influenced by February seasonality), with exports down 9.2% YoY.

Chart: China Mainland LED Display Export Value & Change (Jan.–Nov. 2025)

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QF View: Two Forces Resonating—Tariff Barriers + Intensifying Price War

QF analysis suggests the current decline is not driven by a universal collapse in global demand, but by two overlapping pressures: (1) higher external tariff barriers and (2) a domestic “price-for-volume” competition cycle that continues to compress export value.

• External barriers: The U.S. remains the largest single export destination for China’s LED displays. Since early 2025, QF observes that higher tariffs on certain China-origin LED display products have created direct headwinds for exports. In some cases, the combined rate is estimated by QF to reach up to 47.5%, significantly raising landed costs and limiting shipment momentum.
• Internal competition: A sustained “price war” has lowered average export prices, particularly across fine-pitch categories, dragging down overall export value even when shipment volumes hold up.

Regional Insights: Western Europe and Latin America Stand Out

Despite overall market pressure, Western Europe and Latin America delivered both export value growth and share gains—rare bright spots under a declining total. These shifts also reflect an industry-wide effort to diversify markets and deepen regional demand capture.

Western Europe: Premium “Stock” Market, Deepening High-Value Demand

Companies are reinforcing competitiveness through technology upgrades and brand-building, sustaining demand in premium use cases such as: LED all-in-one solutions (meeting & education), high-end rental (events & entertainment), and virtual production. Leading brands are also strengthening local service capability via showrooms, service centers, regional factories, and channel partnerships.

QF data shows exports to Western Europe totaled nearly RMB 11.2 (亿元) from Jan.–Nov. 2025, up 4.9% YoY. Western Europe represented 12.4% of total exports, with share up 1.1 percentage points. Germany, Italy, the UK, and France together accounted for over 65% of Western Europe shipments.

Latin America: Emerging Growth Market, Supply Chain “Forward Deployment”

Supported by cost advantages and localized supply strategies, Chinese brands are expanding their presence across emerging markets such as Brazil. Smart city programs, lighting upgrades, and related policies continue to support demand. To reduce trade friction, some companies have also invested in facilities in regions such as Mexico to accelerate localized production.

QF data shows exports to Latin America reached RMB 6.4 (亿元) from Jan.–Nov. 2025, up 4.8% YoY. The region contributed 7.0% of total exports, with share up 0.6 percentage points.

Chart: China Mainland LED Display Exports by Region & Change (Jan.–Nov. 2025)

Note: China in this dataset includes Hong Kong, Macao, and Taiwan, as defined by QF.

Additional Growth Directions: Vietnam, Middle East & Africa

QF also observes growth in markets such as Vietnam and select Middle East & Africa countries, driven by three shared factors:

• Faster market diversification: Companies are actively spreading risk and expanding into Belt & Road and other alternative markets.
• Rising demand in emerging economies: Growth, urbanization, and large infrastructure projects are creating new demand poles.
• Technology iteration broadening scenarios: As COB/Mini LED matures and costs decline, fine-pitch products become more accessible, while new applications (LED all-in-one, virtual production) create incremental demand.

QF Electronics Outlook

This article is based on QF Electronics (QF) internal data and analysis for industry discussion. All figures are shown in RMB (亿元) and %, unless stated otherwise.