For the first time, China has surpassed South Korea in global TV shipments

China's TV shipments surpass South Korea for the first time. Chinese companies are rapidly expanding in the large-screen TV market, and the "bigger the better" in the large-screen TV market has become a mainstream trend, posing an increasing threat to Samsung Electronics and LG Electronics.
According to market research firm Omdia, in 2024, the combined market share of shipments of China's three major TV manufacturers, TCL, Hisense, and Xiaomi, will reach 31.3%, exceeding the combined share of Samsung Electronics and LG Electronics of 28.4%. This is the first time that Chinese manufacturers have surpassed South Korea in market share. China's TV market share has been rising sharply, from 24.4% in 2020 to 26.3% in 2021, 28.4% in 2022, and 29.6% in 2023, breaking the 30% mark in 2024. In contrast, South Korea's share fell from 33.4% in 2020 to 32.6% in 2021, 31.3% in 2022, and 29.8% in 2023. Chinese manufacturers are strengthening their share in the large-screen TV market, especially for models 75 inches and larger. TCL's market share in this segment nearly tripled from 5.1% in 2020 to 15.0% in 2024, approaching LG Electronics' 15.1%, which holds the second largest share in this category. Hisense's market share also grew from 4.2% to 14.6% during the same period. China's aggressive pricing strategy continues to dominate the cheap TV market. Due to weak price competitiveness, Samsung Electronics and LG Electronics tried to stand out through artificial intelligence (AI) features and content, but it was difficult to get rid of Chinese manufacturers with advanced technology. As a result, the market share gap gradually narrowed. The combined market share of Samsung Electronics and LG Electronics fell from 48.4% in 2020 to 44.4%, while the share of Chinese manufacturers, mainly TCL and Hisense, expanded from 13.5% to 22.9% during the same period. Although Samsung Electronics has maintained its global TV sales leadership in terms of revenue for 19 consecutive years, its market share fell from 31.9% in 2020 to 28.3% in 2024. LG Electronics also fell slightly, from 16.5% to 16.1% during the same period. Meanwhile, TCL's market share increased significantly from 7.4% in 2020 to 12.4% in 2024, while Hisense's share broke through the 10% mark, reaching 10.5% in 2023. Despite challenges in the mass market, Samsung Electronics and LG Electronics remain strongly competitive in the high-end TV segment, which is priced over $2,500 (about 3.6 million won). In 2024, Samsung will maintain its top spot in the segment with a market share of 49.6%, and LG will be second with a share of 30.2%. In contrast, TCL and Hisense, which focus on the budget TV market, only account for 1.6% and 0.9% of the high-end market, respectively.