Samsung Maintains Top Spot, But Gap with China Narrows to 2 Percentage Points
TCL and Hisense Increase Market Share in Premium TV Segment
Mini LED TV Shipments Surpass OLED TVs in Fourth Quarter
Samsung Electronics maintained its No. 1 position in the global TV market, but the gap with Chinese companies is narrowing. Last year, Chinese TV brands surpassed Korea in shipment market share for the first time, and TCL and Hisense are also intensifying their offensive in the premium TV market.
According to market research firm Counterpoint Research on the 27th, global TV shipments reached 230 million units last year, a 2% increase compared to the previous year. Shipments in the fourth quarter reached 61 million units.
In the fourth quarter TV market, Samsung Electronics recorded a 16% market share, maintaining its top position. However, TCL (14%) and Hisense (12%) closely followed with narrow margins. LG Electronics ranked fourth with a 10% market share.
In the third quarter of last year, Samsung Electronics had a 15% share, while Hisense and TCL each had 12%, showing a 3 percentage point difference from Samsung Electronics.
Chinese companies are also expanding their market share in the premium TV market. Fourth quarter shipments of mini LED LCD TVs increased by more than 170% year-on-year, surpassing OLED TV shipments. QD-LCD TVs also grew by 46%, surpassing 5 million units shipped in a quarter for the first time.
On the 13th, at the 'Unbox & Discover 2024' event held at Samsung Electronics Seocho Building in Seocho-gu, Seoul, a promotional model is unveiling the 'Neo QLED 8K'. Photo by Jinhyung Kang aymsdream@
Samsung Electronics recorded a 29% market share in the premium TV market in the fourth quarter, but this was a 12 percentage point drop from 41% a year earlier. LG Electronics also fell from 26% to 19%. Meanwhile, TCL rose from 12% to 20%, pushing LG Electronics down to second place. Hisense also expanded from 10% to 16%, closely pursuing behind.
Notably, last year China surpassed Korea in the global TV market in terms of shipment volume for the first time. According to market research firm Omdia, the combined market share of Chinese brands such as TCL, Hisense, and Xiaomi was 31.3%, exceeding Samsung Electronics and LG Electronics' combined 28.4%. Just one year ago in 2022, Korea (30.0%) was ahead of China (29.5%) by 0.5 percentage points, but within a year, it fell behind by 2.9 percentage points.
Chinese companies are aggressively targeting the premium market with large-sized mini LED TVs based on LCD technology. At CES 2024 held in Las Vegas, USA, in January this year, TCL and Hisense led the competition in large-sized TVs by unveiling 115-inch and 110-inch mini LED TVs, respectively.
Counterpoint Research analyzed, "If the tariff policies of the new Trump administration are implemented, Korean companies, which are strong in the North American premium TV market, are likely to suffer greater damage," adding, "It is urgent to prepare countermeasures in response to market changes."
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