Global TV shipments fell to 200 million units, a record low in the past decade

[Secret News]In 2023, the global economic environment will face many challenges, and the growth momentum of the world economy is obviously insufficient. This macroeconomic environment has had a profound impact on the global television market, resulting in a lack of upward driving force in the market. At the same time, the high prices of upstream panels have further compressed the profit margins of brand manufacturers. Coupled with the fragmentation of users’ entertainment time and changes in living habits, terminal demand continues to be sluggish. Under the combined effect of these unfavorable factors, shipments in the global TV brand market have further declined.

According to the latest “Global TV Brand Market Shipment Quarterly Tracking” report released by RUNTO, in the whole year of 2023, the global brand TV market shipments reached 201 million units, a year-on-year decrease of 1.6% in 2022, a record high of nearly Decade low. Among them, LCD TV shipments were 196 million units, a year-on-year decrease of 0.9%; OLED TV shipments were 5.48 million units, a year-on-year decrease of 20.6%. Although the scale of shipments continues to decline, the trend of large sizes is still deepening. The average size of global TV shipments will reach 49.3 inches in 2023, an increase of 1.6 inches from 2022.

From the perspective of sales region, shipments in the three major markets of North America, Latin America and Eastern Europe achieved year-on-year growth, with increases of 7.5%, 2.3% and 3.4% respectively. Especially in the US market, terminal sales have shown a relatively strong recovery. In contrast, shipments in Asia Pacific, China, Western Europe and Central and Eastern Africa all declined year-on-year, with declines of 0.2%, 8.4%, 11.5% and 3.0% respectively. Whether it is replacement or new demand, these areas appear relatively weak. Although the reasons vary from region to region, the overall market does not have enough confidence in TV consumption.

In the Chinese market, the decline in the TV market mainly occurred in the second half of the year. In the second half of 2023, the decline of the Chinese TV market was fully apparent, with monthly year-on-year declines of more than 10%, and it exceeded -20% in the last month of the year. The full-year market size fell below 37 million units to 36.56 million units, which also hit a new low in the past decade. The core reason for this trend is that the current Chinese living room has weakened the functions of display and hospitality. The accelerated pace of users’ lives has led to the fragmentation of entertainment time and the diversification of viewing equipment choices. These factors together make TV sets no longer a necessity for Chinese families.

Looking forward to 2024, the general environment of the TV market in the global and Chinese markets is still not optimistic. At the same time, although China's domestic economic recovery trend has not changed, it is still not strong enough, effective demand is insufficient, and residents' consumption and enterprises' willingness to invest is not strong enough. The real estate market, which is closely related to home appliance consumption, will still be in an adjustment cycle for a long time.

However, it is worth noting that 2024 is a big year for sports. The promotion of events such as the European Cup, Olympic Games and America's Cup will be an excellent driving force for market sales, especially large-size TVs. In addition, while the Chinese market is adjusting its product structure upward, it is also waiting for the introduction of the details of the trade-in policy. RUNTO predicts that in 2024, the overall global TV shipments will increase by at least 5 million units to 206 million units, achieving a restorative growth of 2.4% and ending three consecutive declines.

Overall, despite the many challenges and headwinds facing the global TV market, the market is still likely to achieve restorative growth in 2024. This is mainly due to the promotion of sports events, the implementation of the trade-in policy and the adjustment of product structure. However, the market's road to recovery remains uncertain and requires joint efforts from all parties to address various challenges.

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