Micro Light emitting diode (µLED) emissive displays have emerged as promising solution for low power mobile displays. In this work, we discuss the prospects of µLED displays for mobile display applications through physics‐based simulations. Our aim is to assess the possible achievable performance of µLED displays for low power applications. We compare simulated power consumption of µLED displays to experimental data obtained on state‐of‐the‐art mobile devices with OLED displays to determine the minimum required µLED efficiencies to achieve at least 2× lower emitter power. Surprisingly, it is found that, in comparison to state‐of‐the‐art OLED displays, µLED displays can exhibit two times lower emitter power consumption using modest values of µLED power efficacies for red (~10 lm/W), green (~100 lm/W) and blue (~10 lm/W) µLEDs. The simulation results show that µLED displays are a promising candidate for ultralow power mobile displays that are currently being heavily investigated by the industry.