With the 2024 Double 11 shopping festival now concluded, e-commerce platforms have begun to release their reports, and one standout highlight has been the significant increase in Mini LED TV sales. According to data from JD.com, as of November 11th, the sales of large-screen Mini LED TVs saw a six-fold year-over-year increase, making it the star product in the home appliance sector. This surge is not only a result of platform discounts and government subsidies but also reflects growing consumer awareness and acceptance of the new Mini LED technology, underscoring its vast market potential. In the TV sector, brands are gearing up for a new “race,” suggesting that Mini LED TVs could become the next major battleground for LED companies.
Mini LED TVs Shine Bright: Data Breaks Records
This year’s Double 11 event began earlier and lasted longer than previous years. The addition of government trade-in subsidies, combined with platform discounts, created a powerful boost, delivering direct benefits to consumers and fueling strong demand. The extended sales period helped drive a concentrated release of demand for product upgrades.
Since the government’s trade-in policy came into effect, Tmall, one of the leading platforms for home appliances, has brought together thousands of brands like Haier, Gree, TCL, Midea, and Hisense, offering over 30,000 home appliance products. With the national subsidy combined with the platform’s Double 11 discount, some products were offered at up to 40% off. This led to Mini LED TVs benefiting from significant sales growth. According to data from JD.com, not only did first- and second-tier cities see a boom in trade-in consumption, but over 90% of rural county areas also participated in the program. Large-screen TVs became the first choice for consumers, with more than 60% opting for 75-inch or larger models. Mini LED TVs saw a remarkable six-fold increase in sales.
The surge in Mini LED TV sales not only reflects consumers’ pursuit of high-quality living but also signals a new wave of development opportunities in the consumer electronics industry driven by technological innovation and market demand. Data from Runto Technology confirms this trend: in Q3 2024, despite a decline in the overall TV market in China, Mini LED TVs saw a 470% year-over-year increase in sales and a 19.9% quarter-over-quarter rise. Forecasts suggest that by the end of 2024, the total shipments of Mini LED TVs will exceed 3 million units, a 231.5% increase compared to the 920,000 units shipped in 2023.
Price-to-Volume Strategy Pays Off, Mini LED TVs Show Clear Advantages
Despite the overall contraction in the Chinese TV market, Mini LED TVs have exhibited robust growth and are rapidly becoming a key focus for brands in the mid-to-high-end market. Mini LED technology, a new backlighting solution, uses smaller LEDs as backlight sources. Publicly available data reveals that Mini LED TVs outperform traditional LCD TVs in core image display metrics (such as brightness, contrast, color gamut, viewing angles, and response speed), and their display performance is comparable to that of OLED TVs.
In terms of average price comparisons, Mini LED TVs were approximately 1.6 times the price of equivalent-sized traditional LCD TVs in the first half of 2024, whereas OLED TVs were priced roughly 4 times higher than similar-sized traditional LCD TVs. This suggests that Mini LED TVs offer excellent image quality at a relatively affordable price, making them an attractive choice for consumers who seek both high performance and cost-effectiveness.
When looking at the main sales sizes, the average price of Mini LED TVs has been dropping rapidly in the first half of 2024. In contrast to the general price increases in upstream panel costs, brands have been able to secure significant market share through notable price reductions, as Mini LED technology matures and costs decrease.
Technological Innovations and Rising Competition Among Brands
The rise of Mini LED from a niche technology to a mainstream market solution is no accident. Leading companies such as Hisense and TCL have invested heavily in Mini LED technology over the years, accelerating technological advancements while also upgrading their production lines. This has significantly reduced the cost of Mini LED panels, making it possible to launch products at lower price points. In just a few years, the number of backlight zones in mid-range Mini LED models has surged from hundreds to thousands, and high-end models have exceeded 5,000 zones, with the industry now aiming for 10,000 zones. This increase in zones has effectively addressed the main issue with Mini LED TVs—halo effects. When the number of zones exceeds 1,000, halo issues are much easier to manage.
Data from GfK’s weekly retail monitoring shows that, from weeks 1 to 28 in 2024, newly launched Mini LED TVs have seen continued improvements in backlight zones and peak brightness. The share of models with over 2,000 backlight zones increased to 23.1%, a 7.7 percentage-point rise compared to the same period in 2023. The share of models with peak brightness exceeding 3,000 nits increased to 17.3%, up 13.6 percentage points from last year. This trend of continuous innovation is rapidly driving consumer upgrades.
As the trend towards premium TVs continues, Mini LED TVs are becoming a key focus for brands vying for a share of the mid-to-high-end market. In the first half of 2024, the number of Mini LED TV brands in China reached 22, an increase of 5 from the previous year. The number of models available grew by 124%, reaching 334 models. Meanwhile, Chinese brands have made significant strides in the global market, with their share increasing from 10.5% in 2023 to 23.8% in 2024. The evolving brand landscape for Mini LED TVs shows great potential for Chinese brands in international markets.
Seizing the Opportunity: Strategies for Success in the Mini LED Market
In the current competitive market, LED companies must seize the opportunity presented by government trade-in subsidies and develop targeted strategies for the Mini LED TV market. By implementing precise business strategies and offering tailored products and services, companies can distinguish themselves in the fierce competition and achieve sustainable growth in the evolving landscape of Mini LED technology.
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