TCL and Hisense both reached all-time highs in global TV market share in Q4 2024, according to Counterpoint Research’s Global TV Shipment and Forecast Report, released last week. The two companies rode tailwinds in their home market of China and aggressively promoted large MiniLED TVs to gain share in the premium TV market.
Counterpoint’s Global TV Shipment Report helps understand market dynamics by providing TV shipments by brand, display technology, size and resolution. The report covers 22 brands, 8 regions and all display technologies including White-OLED, QD-OLED, MicroLED, MiniLED LCD, QD-LCD, Nano Cell LCD and 8K TVs. The report combines top-down corporate-level surveys and bottom-up model-level data collection with Counterpoint’s proprietary models developed through decades of industry experience. Q4 2024 results were released last week, and an updated forecast will be released later this month. In this article, we will review the latest quarter and 2024.
In Q4 2024, global TV shipments increased 2% YoY to 61 million. Global TV revenues increased 6% YoY to $30 billion. For the full year 2024, global TV shipments increased by 2% to 231 million units while global TV revenues decreased 2% YoY to $104 billion.
Global TV Revenues by Region
The first chart here shows revenues by region. While North America and Western Europe saw the typical Q4 peak in revenues, there was little to no growth on a YoY basis, with Western Europe managing 2% growth YoY and North America declining 2% YoY. In contrast, TV revenues in China surged 26% YoY, making it the biggest regional market for TV revenue for the first time in years.
Remarkably, this revenue growth came from only a 1% YoY growth in units, as Chinese consumers purchased bigger, more expensive TV sets. This pattern was helped by a government subsidy scheme that provided a larger subsidy for more expensive TVs.
The revenue growth in the China market, plus market share gains in other key regional markets, drove global share growth for both TCL and Hisense. TCL’s revenue share increased from 11% in Q4 2023 to 14% in Q4 2024, while Hisense’s revenue share increased from 10% to 13% in the same period.
Those gains came largely at the expense of the two South Korean giants. Samsung’s share of global TV revenues fell from 28% in Q4 2023 to 24% in Q4 2024, while LG’s share fell from 16% to 15%.
Within the global TV market, one of the key trends that helped the Chinese brands make these gains was the increase in TVs with very large sizes. The global growth of 2% YoY in Q4 2024 came from larger sizes. For TVs under 70”, which continued to make up 86% of all TVs, unit volume decreased by 1% YoY and revenue decreased by 4%. Volume growth increased with increasing sizes – 70”-79” TV shipments grew 8% YoY, 80”-89” shipments grew 56% YoY and 90”+ shipments grew 118% YoY.