Global TV Shipments to Fall Below 197 Million Units for the First Time in 2023, Slight Growth of 0.2% Expected in 2024
November 29, 2023 | TrendForceEstimated reading time: 2 minutes
TrendForce’s latest research indicates that despite a decrease in the CPI in Europe and the US this year, consumer budgets are still constrained due to the current high-interest-rate environment, and the real estate bubble in China has suppressed TV demand. Moreover, a significant increase in TV panel prices this year has led brands to scale down promotional events, resulting in a decline in global TV shipments to 197 million units in 2023—a YoY decrease of 2.1%.
TrendForce points out that TV shipments have shown QoQ growth this year. However, the traditional peak Q4 season only saw a growth rate of 4.7%. With just 54.55 million units shipped and an overall decline of 1.7% YoY, this marks the lowest in nearly a decade of both growth momentum and shipment volumes.
Since the easing of the pandemic in Europe and the US in 2H21, there has been a noticeable reduction in Q4 TV shipments in both 2022 and 2023. This suggests that the demand for TVs has been prematurely depleted, with changes in consumer habits and economic uncertainty further hindering shipment growth.
Top five brands’ market share projected to increase by 1.7 percentage points, Hisense and TCL emerge as biggest winners
Samsung Electronics continues to lead in TV shipments this year, with an estimated 36.3 million units—a 9.8% decrease YoY and a significant market share reduction of 1.2 percentage points to 18.5%. Affected by high inflation in Europe and America, Samsung faced challenges in shipping mid to high-end products, with a decline in shipments of 8K, Mini LED, and QLED TVs. However, QD OLED TVs, supported by the group’s SDC panels, have experienced a 153% increase in shipments to 890,000 units, boosting Samsung’s OLED TV market share to 16.6%.
Hisense and TCL, ranked second and third, have achieved shipments of 27 million and 26.2 million units, up 12.4% and 16.3% YoY, respectively. Both Chinese brands have successfully raised their shipments volumes and market shares through low-cost export market strategies and localized production. Conversely, LG Electronics faced a downturn in OLED TV sales, with a nearly 30% YoY decline, leading to a 7.4% decrease in overall shipments to 22.91 million units.
TV demand unclear for 2024, shipment volumes remain variable
In 2024, TV manufacturers aim to improve profitability by increasing the proportion of large-sized products and accelerating the phasing out of loss-making models. The Paris Olympics and UEFA Euro 2024 are expected to support a slight growth of 0.2% in global TV shipments to 197 million units next year.
However, as panel makers adopt production and pricing control strategies, TV panel prices are unlikely to fall below cash costs. TrendForce believes this will restrict the growth of generic brands and pose a significant challenge to any substantial increase in global TV shipments. Moreover, if the global economy worsens due to geopolitical conflicts or other unforeseen factors, there is a potential risk of a decline in total TV shipments for 2024.
Suggested Items
America Projected to Triple Semiconductor Manufacturing Capacity by 2032, the Largest Rate of Growth in the World
05/08/2024 | SIAThe Semiconductor Industry Association (SIA), in partnership with the Boston Consulting Group (BCG), released a report on the global chip supply chain that projects the United States will triple its domestic semiconductor manufacturing capacity from 2022—when the CHIPS and Science Act (CHIPS) was enacted—to 2032.
Real Time with… IPC APEX EXPO 2024: The Driving World of e-Mobility with Indium
05/08/2024 | Real Time with...IPC APEX EXPOIn the competitive EV market, technology plays a crucial role facing the challenges of infrastructure. As Brian O'Leary explains, Indium's e-Mobility product suite includes proven solder and thermal management products for high reliability.
Incap Releases Unaudited Business Review for January–March 2024
05/08/2024 | IncapRevenue for the first quarter 2024 amounted to EUR 51.4 million (1–3/2023: EUR 72.2 million). Year-on-year the revenue decreased 29.3%, as expected.
Schweizer Electronic: Business Development in Q1 2024
05/08/2024 | Schweizer Electronic AGThe sales of the SCHWEIZER Group amounted to EUR 39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This corresponds to an increase of +5.5 percent compared to the same quarter of the previous year.
Key Tronic Announces Results for Q3 of Fiscal Year 2024
05/08/2024 | Globe NewswireFor the third quarter of fiscal year 2024, Key Tronic reported total revenue of $140.5 million, compared to $164.6 million in the same period of fiscal year 2023.