As compared to an LED, an LCD has the distinct advantage of

Advantages of LCD:

• They have low power consumption; A seven-segment display requires about 140 μW (20 μW/segment); This is a great advantage over LEDs which require about 40 mW per numeral
• They have a low cost

Disadvantages of LCD:

• LCDs are very slow devices; The turn-on and the turn off times are quite large
• The turn-on time is typical of the order a few milliseconds while the turn off time is ten milliseconds
• When used on DC their span is quite small, therefore, they are used with AC supplies having a frequency less than 500 Hz
• They occupy a large area
• They require an additional light source