Mini LED TV is expected to overtake OLED in 2024, and domestic brands may usher in new development opportunities

[Home Secret]The performance of the TV market in the past two years has not been optimistic. According to data from Luotu Technology, global TV brand shipments will be 201 million units in 2023, a decrease of 1.6% year-on-year in 2022, and the total volume has hit a new low in the past decade. Among them, global OLED TV shipments were 5.48 million units, a year-on-year decrease of 20.6%; while Mini LED TV shipments, one of the most widely accepted high-end TV technologies in the market, increased steadily to 4.25 million units, a year-on-year increase of 24.7%. .

In the context of the simultaneous decline in OLED TV growth and the continued rise of Mini LED, it is not difficult to wonder whether Mini LED has the opportunity to overtake OLED technology. In this regard, Luotu Technology also predicts that the growth rate of Mini LED TVs will expand to 6.59 million units in 2024, and will exceed 10 million units by 2025. As for global OLED TV shipments in 2024, Luotu Technology predicts that its market size will reach 6.4 million units, a year-on-year increase of 17%. Nonetheless, this forecast indicates that OLED TV shipments will be surpassed by Mini LED for the first time.

The house secret believes that this may have a certain impact on LG, Sony and Samsung. According to the data, Sony, LG, and Samsung occupy the majority of the share. The three combined shipments accounted for 85.5% in 2023, an increase of 3.5 percentage points from 2022, of which LGE shipments accounted for 55%.

For domestic manufacturers, this may become a new opportunity for overtaking in corners. In the past two years, Mini LED TVs have become the focus of many manufacturers. Almost all major brands have launched flagship products using this technology, trying to awaken the market's mood for renewal through this technology.

At the same time, some manufacturers have begun to gradually lower the prices of such products in order to promote the popularity of Mini LED. Take Xiaomi TV for example. I noticed that this year’s AWE flagship, Xiaomi TV has started pre-sales for the new S Mini LED series. There are two sizes available, the 55-inch will start at 2,799 yuan and the 65-inch will start at 3,499 yuan. Recently, it has been warmed up. The 75- and 85-inch Xiaomi S Mini LED TVs are pre-priced at 5,499 yuan and 7,999 yuan.

As Xiaomi TV continues to promote the popularization of Mini LED TV products, many domestic brands may continue to accelerate the layout of their Mini LED products and have the opportunity to surpass foreign brands with Mini LED TVs.

In recent years, with the rapid development of mobile Internet technology, mobile phones and other consumer electronic products have occupied most of people's lives. It is undeniable that people's needs and purposes for TV have begun to change. The TV industry is facing a period of industrial adjustment. Moreover, as competing products continue to emerge, the functions of TV products are gradually being diverted by more and more electronic products, leading to multi-category competition for consumption. The “time and space” of consumers has become an inevitable trend, which will also promote the evolution of TV products to higher-end technologies. In this process, domestic brands have the opportunity to fully surpass foreign brands with Mini LED technology.

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