TCL, Hisense Surge in TV Market in Q4 2024 With MiniLED Storm
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.
Global TV Shipments by Brand for Screen Size >75”
Within this larger-size category, Hisense jumped to second place in Q4 2024 with growth of 102% YoY while TCL fell to third place with 48% YoY growth. LGE fell to a distant fourth place in the ultra-large sizes on growth of only 16% YoY.
Coincident with the trend toward larger sizes and the share gains by Chinese TV makers, the growth of MiniLED TV models is the third major trend in the TV market. MiniLED TVs typically compete at price points similar to OLED TVs, but because of the cost difference between OLED and LCD TV panels, consumers face a choice between a smaller OLED TV or a larger MiniLED TV. An increasing number of consumers are choosing the MiniLED, as shown by the next two charts.
Shipments (L) and Revenues (R) for OLED and MiniLED TVs
MiniLED TV shipments increased by 170% YoY in Q4 2024, and revenues increased by 153% as the average price decreased from $1,368 to $1,284. OLED TV shipments, meanwhile, increased by only 5% YoY and revenues increased by 4% YoY as prices edged down from $1,493 to $1,478. MiniLED’s share of the “super premium” segment increased to an all-time high of 61% in shipments and 58% in revenue. The average screen size of an OLED TV in Q4 2024 was 65”, while the MiniLED’s average screen size was 72”.
The pivot tables of the Global TV Shipment and Forecast Report allow for analysis across technologies, brands, product lines and geographies. Here are a few more insights from the report:
- In North America, TCL increased its share of TV shipments from 14% in Q4 2023 to 16% in Q4 2024 while Hisense increased its share from 11% to 13%.
- 36% of TVs sold globally go for less than $250, and 67% go for less than $500. Only 12% of TVs are sold for more than $1,000 and only 1% for more than $2,000.
- 82% of TVs employ standard LCD technology, and these generate 61% of TV revenues.
- Among the 18% of TVs employing a more advanced TV technology, half are QD-LCD, with MiniLED, White OLED, Nano Cell and QD-OLED having smaller stakes.
- LGD continues to dominate the OLED TV market with more than 50% share of both shipments and revenue. Samsung has displaced Sony as the #2 brand for OLED TVs, taking share from Sony, Panasonic and others.
- Samsung, once the dominant brand for MiniLED, fell to fourth place in MiniLED shipments in Q4 2024, behind Hisense, TCL and Xiaomi.
- Hisense, Xiaomi and TCL were the top three brands in terms of TV shipments in China in Q4 2024, in that order. In revenues, the top three were the same and Hisense also led, but TCL outsold Xiaomi.
Bob O'Brien
Research Director
COUNTERPOINT RESEARCH
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Author
Bob Obrien
Robert J (Bob) O’Brien joined Counterpoint Research as part of its acquisition of DSCC, where he was Co-Founder, Principal and CFO of DSCC. Bob has decades of experience turning market and business analysis into strategic insights in the display and electronics industries. At DSCC, Bob takes the lead role in analysis of display materials, including glass and AMOLED materials, and covers developments in TV and other large-screen display applications. He is the principal author of DSCC’s AMOLED Material Report, the Advanced TV Shipment Report, and the Display Glass Report, and Bob contributes regularly to the DSCC Weekly Review.