Global TV shipments have reached 90.717 million units in the first half of 2024, marking a year-on-year increase of 0.8 percent, according to TrendForce’s latest report.
China faced weaker sales due to a sluggish real estate market and shifting viewing habits among younger consumers.
North America maintained steady demand thanks to persistent low-price competition.
Europe benefited from a combination of major sporting events and a low base from the previous two inflation-impacted years, leading to better-than-expected shipments.
As the peak season for TV demand approaches in the second half of the year, TV shipment growth is expected to continue but at a slower pace. Rising panel prices and consumers’ preference for affordable TVs have forced brands to scale back promotional activities.
Instead, they are shifting focus toward developing larger, mid-to-high-end products, which is anticipated to increase the average TV size by 1.4 inches to 55.5 inches in 2024.
Despite this, TrendForce forecasts a slight decline of 0.2 percent in overall TV shipments for the year, totaling 195.09 million units.
TCL’s Market Surge and Mini LED TVs Drive Growth
Samsung Electronics, Hisense, TCL, LG Electronics, and Xiaomi are the top five TV brands in the first half of 2024.
TCL, which trailed closely behind Hisense, made significant strides in Q2, surpassing Hisense with 6.68 million units shipped, and both its quarterly and annual growth exceeded 10 percent.
TCL is poised to challenge for second place in overall shipments for the year with robust market coverage in Europe and emerging regions.
Mini LED TVs shipments are projected to increase by 55 percent year-on-year, reaching 6.35 million units. Chinese brands like TCL, Xiaomi, and Hisense have stimulated demand by offering competitively priced Mini LED products, resulting in a combined market share that is expected to surpass 50 percent, potentially overtaking Samsung’s lead in this segment.
OLED TVs Show Signs of Recovery
After a 20 percent decline in OLED TV shipments in 2023, brands have adjusted their promotional strategies for 2024, leading to a rebound.
LG Electronics, responding to Samsung’s entry into the white OLED TV market, increased its promotional discounts during the peak season, driving OLED TV shipments up 15.9 percent to 6.23 million units.
LG and Samsung currently dominate the OLED TV market with 53.3 percent and 22.5 percent shares, respectively. However, TrendForce cautions that without significant cost optimizations or broader brand adoption, OLED TV shipments may stagnate between 6 and 6.5 million units in the coming years.
Baburajan Kizhakedath
