Global TV shipments are expected to fall below 197 million units in 2023, a 2.1% YoY decrease, according to TrendForce. This would be the lowest shipment volume in nearly a decade.
| Vendor | 2023 Shipments (Million Units) | Growth vs 2022 | Market Share |
|---|---|---|---|
| Samsung | 36.3 | -9.8% | 18.5% |
| Hisense | 27 | +12.4% | 13.7% |
| TCL | 26.2 | +16.3% | 13.3% |
| LG Electronics | 22.91 | -7.4% | 11.6% |
| Total Market | 197 | -2.1% | 100% |
Industry leader Samsung Electronics is projected to ship 36.3 million TV units in 2023, down 9.8% from last year. The strained economic climate in Europe and North America hampered Samsung’s shipments of mid-range to high-end models like 8K, Mini LED and QLED TVs. However, booming sales of QD OLED TVs, leveraging the company’s SDC panels, jumped 153% to 890,000 units. But Samsung’s overall market share still eroded by 1.2 percentage points to 18.5% this year.
Meanwhile, emerging Chinese brands Hisense and TCL captured greater market share on the back of low-cost export strategies and localized manufacturing. Hisense shipments climbed 12.4% to 27 million units, while TCL volumes expanded 16.3% to 26.2 million. Established Korean vendor LG Electronics suffered from declining OLED TV uptake, registering a 7.4% YoY contraction in total shipments.
TV panel price increases led brands to scale back promotions, impacting shipments of higher-end models like 8K and QLED TVs. The outlook for 2024 shipments is uncertain. A slight rebound of 0.2% growth is expected thanks to major sporting events, but production constraints and economic risks could cause volumes to decline instead.
TrendForce attributes the decline to constrained consumer budgets in Europe and the United States due to high interest rates, as well as a real estate slump in China suppressing demand. Moreover, a sharp rise in TV panel pricing this year led brands to minimize promotional campaigns, further dampening shipments. Although quarterly TV shipments exhibited some growth in 2023, the critical Q4 peak season saw muted shipment expansion of just 4.7% YoY. With tepid holiday sales volumes, TV demand has been prematurely exhausted worldwide, with changing consumer habits and lingering economic uncertainty hindering a recovery.
