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
Kimball Electronics Thailand Namlee School
12/26/2024 | Kimball ElectronicsKimball Electronics Thailand (KETL) has continued its commitment to supporting education and community development in Thailand.
Diverging Electrification Goals between Honda and Nissan; Accelerated Resource Integration will be the Top Priority Post-Merger
12/25/2024 | TrendForceHonda and Nissan—two of Japan’s largest automakers—announced on December 23rd, 2024, that they have entered into merger negotiations, with plans to finalize an agreement by June 2025. Mitsubishi Motors is also expected to join the partnership.
Texas Instruments Announces Award Agreement for CHIPS and Science Act Funding
12/25/2024 | Texas InstrumentsTexas Instruments (TI) (Nasdaq: TXN) and the U.S. Department of Commerce today announced an award agreement of up to $1.6 billion in direct funding through the U.S. CHIPS and Science Act, following the preliminary memorandum of terms announced in August 2024.
Market-Comms, VNU Asia Pacific Unite to Drive THECA 2025 as a PCB Industry Game-Changer
12/23/2024 | EINPresswire.comThailand Electronics Circuit Asia (THECA) 2025 has officially announced its event partnership with Market-Comms Co., Ltd. (MCOMMS), No.1 local public relations firm, and VNU Asia Pacific, the designated show manager for the event.
IPC Announces New Training Course: PCB Design for Military & Aerospace Applications
12/23/2024 | IPCIPC announced the launch of a new training course: PCB Design for Military & Aerospace Applications.