South Korean TV brands LG Electronics and Samsung along with Japanese TV brand Sony have dominated the Australian TV market for decades, now that is changing and quickly despite the TV market being in decline in Australia with LG falling behind both TCL, Hisense and Samsung globally.
While Historically, Samsung, Sony and LG have dominated the premium TV market, its Chinese brands Hisense and TCL who are rapidly gaining ground, according to new market data with both Chinese brands stripping big chunks of share from LG and Samsung.
Samsung’s share of premium TV shipments dropped significantly from 43% in Q3 2023 to 30% in Q3 2024, according to Counterpoint Research.
LG’s share also declined, from 20% to 16% during the same period.
Hisense who recently released a $24K 110-inch premium TV in Australia, saw their market share surge from 14% in 2023 to 24% in 2024.
TCL the world’s biggest manufacturer of TV’s also gained share rising from 11% in 2023 to 24% in Q3 2024.
“Chinese companies are already leading the market in standard LCD, and now they are focusing on the premium TV group that was dominated by Korean and Japanese companies. said Lee Je-hyeok, analyst at Counterpoint Research.
“They are improving profits by adjusting their product portfolios and expanding their presence in all regions by enhancing their brand image,” he added.
Counterpoint defines premium TVs as OLED, QD-OLED, miniLED LCD, micro-LED, 8K LCD and ‘QD-LCD’, the latter encompassing edge-lit LCD TVs such as Q60, Q70, and Samsung’s Frame TV.
Counterpoint claims that Samsung’s Frame should not qualify as a ‘Premium TV.
‘Without the frame and their Q60 and Q70 TV’s, Samsung’s premium, market share would be notably lower, the research group claims.
Helping Hisense and TCL to grow share is the 102% year-over-year increase in miniLED LCD TV sales.
It was also revealed that TCL has surpassed Samsung in the market for ‘super large TVs’ over 80 inches, according to Omdia Research.
LG’s share primarily reflects its OLED TVs, as it does not have significant miniLED LCD sales.
One bright point is that Samsung is growing its share in OLED with QD-OLED TVs.
With CES looming Hisense and TCL are both set to make major TV announcements at CES 2025.
Both Companies claim that they aim to maintain momentum in 2025 as consumers increasingly gravitate towards XXL TVs, a segment still dominated by LCD technology.
Beyond premium TVs, the global TV market grew 11% year-over-year in Q3 2024.
