China Bolsters Expansion in High-End TV Market
In the dynamic world of consumer electronics, the fourth quarter of 2023 saw some significant shifts in the global TV market. According to the latest reports from DSCC and Counterpoint Research's Global TV Shipment Tracker, a total of 223 million units were shipped last year, marking a 3% decrease compared to the previous year.
Despite the overall decline, the premium TV segment showed promising growth, particularly in China. The country experienced a 39% increase in premium TV shipments, with Chinese consumers driving the growth in premium models. This trend was also reflected in the revenues, as China saw a 49% increase in revenues from premium TVs in 2023.
Leading Players and Market Shifts
Samsung Electronics maintained its dominance in the market, securing the top spot in TV shipments. In the Advanced TV segment, Samsung also led the pack with 45% of all shipments in Q4 2023. LG followed closely in second place with 20% of all Advanced TV shipments, while TCL took the third spot with 11%. Interestingly, Chinese brands TCL and Hisense gained share in the Advanced TV market during this quarter.
Other leading premium TV manufacturers in China, including Hisense and TCL, grew alongside Changhong's premium brand CHiQ. These companies are expanding their presence in key markets such as Europe (Germany, France) for Hisense, where laser TV sales have surged, and Southeast Asia (Thailand), where TCL and Changhong are intensifying their presence and production capabilities. Changhong, in particular, is making significant strides in the Thai market through partnerships and nationwide rollout.
Technology Trends
In the technology arena, Advanced LCD TV shipments increased by 10% Y/Y to 5 million units in Q4 2023, contributing to a 9% Y/Y increase in revenues to $4.8 billion. However, OLED TV shipments saw a decline of 17% Y/Y to 1.9 million units, resulting in a 18% Y/Y decrease in revenues to $2.8 billion.
Despite the growth in the Advanced LCD TV segment, the overall Advanced TV market grew by a modest 1% Y/Y in Q4 2023, reaching 6.9 million units. The strength in the US market could not offset market declines in China and Europe, according to the study.
In conclusion, while the global TV market experienced a slight decline in 2023, the premium segment, particularly in China, showed promise. As partnerships and technological advancements continue, we can expect to see further shifts and developments in the TV industry.
Read also:
- MRI Scans in Epilepsy Diagnosis: Function and Revealed Findings
- Hematology specialist and anemia treatment: The role of a hematologist in managing anemia conditions
- Enhancing the framework or setup for efficient operation and growth
- Hydroelectric Power Generation Industry Forecasted to Expand to USD 413.3 Billion by 2034, Projected Growth Rate of 5.8% Compound Annual Growth Rate (CAGR)
