After three consecutive quarters of YoY declines, the global TV market recovered for a YoY growth in Q2 ‘24, fed by strong shipments to developed regions gearing up for major sporting events, according to Display Supply Chain (DSCC). TV shipments in the quarter increased 3% YoY despite weak shipment numbers in the #3 geographic region, China.
Both North America and Western Europe posted 14% gains YoY and were joined by Eastern Europe in the double-digit category, growing 15% YoY. On the other hand, shipments dropped dramatically in China with a 21% YoY decrease in Q2, the fourth consecutive quarterly YoY decline and the third consecutive decline in double digits %.
Samsung continues to maintain its leading position in TV shipments, but its share fell below 15% for the first time in more than two years. Samsung shipments were flat YoY in Q2 '24 at 8.2M, and with the overall market growing Samsung’s share dropped from 15.1% in Q2’23 to 14.6% in Q2 '24.
The battle for #2 in the global TV market has been a three-way race between Hisense, TCL and LG, but LG has fallen behind its two Chinese rivals in the last year. Hisense and TCL have been trading places for the last five quarters, and Q2'24 was TCL’s turn to take the #2 spot while Hisense came in at #3.
Looking at a different cut of the data shows the encouraging growth of large screen sizes. While shipments of TVs below 40” decreased by 7% YoY, shipments in all screen sizes larger than 40” increased YoY. Shipments of 60-69” TVs managed a 1% increase YoY, but shipments of TVs from 70-79” increased by 8% YoY and shipments of TVs 80” and larger increased by 29% YoY.
The global TV market's return to growth in Q2 '24 marks a positive shift after a prolonged period of decline, driven largely by robust demand in developed regions ahead of major sporting events. While Samsung remains the market leader, its diminishing share reflects increasing competition, particularly from Chinese brands like TCL and Hisense. The growth in larger screen sizes underscores a shifting consumer preference, with strong gains in shipments of TVs 70 inches and above, suggesting that demand is tilting towards premium, larger-screen models. Despite regional disparities, including a notable decline in China, the overall market's resilience hints at a promising outlook for the remainder of the year.
