Overview of Global Shipments
On October 23, TCL Electronics, a leader in the global consumer technology industry, announced its television global shipment data for the first three quarters of 2024. As of the third quarter, TCL’s total global television shipments reached 20.01 million units, reflecting a year-on-year increase of 12.9%. In the third quarter alone, TCL’s global TV shipments totaled 7.49 million units, up 19.7% compared to the previous year.
Strategic Focus on Premium and Large Screens
TCL Electronics attributes this growth to its steadfast commitment to a premium and large-screen strategy. Shipments of TCL televisions sized 65 inches and above grew 16.8% year-over-year, with their shipment share rising by 0.8 percentage points to 24.3%. Furthermore, shipments of TCL televisions sized 75 inches and above saw an impressive 35.3% increase, with their share climbing 2 percentage points to 11.8%. The average shipment size also improved, increasing by 1.3 inches to 51.8 inches.
Growth of Mid-to-High-End Products
Notably, TCL Electronics’ mid-to-high-end products, such as Quantum Dot TVs and Mini LED TVs, experienced significant growth in global shipments. The average shipment size of TCL TVs increased from 50.5 inches last year to 51.8 inches this year. Specifically, shipments of TCL Quantum Dot TVs and Mini LED TVs surged by 61.1% and 162.8%, respectively.
Industry Challenges and Responses
Analysis indicates that in the first half of 2024, television brands faced challenges such as rising panel prices and increased shipping costs. To improve revenue, manufacturers have continued to expand product sizes. For example, Chinese brands like TCL, Xiaomi, and Hisense have reduced the number of Mini LED zones to attract consumers with more competitive pricing. This strategy has successfully stimulated demand, and Mini LED TV shipments are projected to increase by 55% for the year, reaching 6.35 million units.
Financial Institutions’ Insights
Major financial institutions, including Haitong Securities and Pacific Securities, have released reports highlighting TCL Electronics’ first-mover advantage in Mini LED technology. The company is expected to maintain high shipment growth, potentially expanding its profit margins.
Future Projections for Market Competition
Looking ahead to 2025, predictions suggest that if Samsung cannot release highly competitive products, its market share in Mini LED TVs could be surpassed by TCL.
Leveraging Major Sporting Events
Data shows that TCL Electronics has effectively leveraged major sports events like the UEFA European Championship and the Olympics through targeted marketing in global markets. In the first three quarters, TCL TV shipments in international markets grew by 15.2% year-on-year. Notably, shipments of TCL TVs sized 65 inches and above increased by 29.3%, while shipments of 75 inches and larger skyrocketed by 85.9%. In the third quarter, TCL’s overseas market shipments of 75-inch and larger products surged by 97.7%.
Regional Performance Highlights
European Market Success
Regionally, the European market performed best, with shipments increasing 35.5% year-on-year, and 75-inch and larger products growing 126.5%. In countries like France, Sweden, and Poland, TCL TVs ranked second in retail sales, while in Spain, Greece, and Czechia, they ranked third.
North American Market Growth
In the North American market, TCL TV’s business also made significant strides. Thanks to partnerships with the NFL and adjustments in channel and product strategies, TCL TV shipments in North America rose 27.5% year-on-year in the third quarter, with a cumulative increase of 8.2% for the first three quarters. Shipments of 75-inch and larger products saw a 72.6% increase.
Expansion in Emerging Markets
In emerging markets, TCL Electronics is actively expanding its television business. In Latin America and the Middle East and Africa, channel expansion has yielded notable results, with shipments growing 12.1% and 22.7%, respectively. Additionally, TCL TVs maintain leading retail positions in countries like Australia, Philippines, and Myanmar, and rank high in Saudi Arabia, Vietnam, Thailand, South Korea, Brazil, and Argentina.
Strategy in the Chinese Market
In the Chinese market, TCL Electronics has implemented a dual-brand strategy, with the TCL brand targeting the premium segment and the Thunderbird brand aimed at younger consumers. Overall retail volume in the television industry remained flat year-on-year in the third quarter. According to data from AVC, the retail volume of the Chinese color TV market increased by 0.7% year-on-year in Q3 2024. Seizing the opportunity presented by the national “old-for-new” subsidy policy, TCL Electronics has continued to promote the “TCL + Thunderbird” dual-brand strategy, achieving growth despite market challenges. In the first three quarters, TCL Electronics’ shipments in the Chinese market rose 5.3%, with the Thunderbird brand experiencing a remarkable growth rate of 46.6%.
Conclusion: The Road Ahead
Top brands are intensifying their efforts in the global market, and the industry’s concentration is expected to further increase. The trend towards larger mid-to-high-end products raises industry barriers, benefiting leading enterprises with technological, supply chain, and channel advantages. The dominant position of TCL Electronics in the industry is expected to become even more entrenched.
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