In the high-end TV market, LG Electronics has fallen to fourth place after being surpassed by Chinese TV brands. LG’s OLED TVs are struggling in China, where Mini LED TVs are leading the market.
Market Share Decline for LG Electronics
According to market research firm Counterpoint Research on October 22, LG Electronics’ market share in high-end TV shipments for Q3 2024 was 16%. This marked a drop to fourth place, behind China’s Hisense and TCL. This represents a two-step decline compared to Q3 2023, when LG held second place with a 20% market share.
Mini LED Gaining Market Share
High-end TVs are products equipped with the latest technologies, such as OLED, quantum dot (QD) LCD, and Mini LED-based LCD displays. Despite global high-end TV shipments increasing by 51% year-over-year in Q3 2024, LG Electronics performed poorly. This was largely due to the driving force behind market growth being China’s Mini LED technology.
During this period, Mini LED-based LCD TV shipments surged by 102% year-over-year, surpassing OLED TV shipments, which grew by just 13%.
Samsung and Hisense Lead the High-End TV Market
Samsung Electronics led the high-end TV market with a 30% market share, although this represents a 14 percentage point decline from the previous year. Hisense took second place with a 24% market share, up 10 percentage points from last year. The gap between Hisense and Samsung shrank from 29 percentage points in Q3 2023 to just 6 percentage points in Q3 2024. Observers believe that the number one position in the high-end market could soon change.
TCL Also Surpasses LG Electronics
TCL held a 17% market share, slightly ahead of LG Electronics. Analysts suggest that China is using OLED TVs to challenge LG’s high-end strategy. Despite a sluggish global TV market, TCL continued to experience rapid growth, with overall sales of Mini LED TVs increasing by 122.4% year-over-year in the first half of 2024.
Mini LED TVs Offer Price Advantage Over OLED
In Q3 2024, both Hisense and TCL saw their high-end TV sales more than double compared to the previous year. Compared to OLED products, Chinese-made Mini LED TVs offer a significant price advantage. TV manufacturers can source LCD panels at lower prices from domestic panel makers such as BOE and CSOT. With support from the Chinese government, these local panel makers dominate the global LCD market.
LG Electronics Struggles in the Overall TV Market
In the overall TV market, which includes both LCD and Mini LED, LG Electronics ranked fourth in shipments. Thanks to strong performance in Europe, its shipments grew 7% year-over-year. For Q3 2024, LG’s overall TV market share barely maintained a double-digit figure at 10%.
Samsung led the global TV market with a 15% share, followed by Hisense (12%) and TCL (12%).
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