Mini LED TV: Samsung's market share has significantly declined, and Chinese companies are emerging
In 2023, Samsung Electronics' market share in the Mini LED TV market significantly decreased, while Chinese companies such as Hisense and TCL increased their sales and actively caught up. Korean companies focus on organic light-emitting diodes (OLEDs), while Chinese companies are in a leading position in Mini LEDs, which is expected to intensify competition in the high-end TV market.
According to data recently released by Display Supply Chain Consultants (DSCC), as of the third quarter of this year, Samsung Electronics has a 39% market share in the global Mini LED TV market. Chinese companies Hisense (27%) and TCL (26%) followed closely behind. Sony (4%) and LG Electronics (1%) rank fourth and fifth respectively.
Until last year, Samsung Electronics dominated the market with Neo QLED, with a share of over 70%. However, due to a 26% decrease in shipment volume compared to last year, its market share has significantly declined this year. During this period, Hisense and TCL significantly increased their market share by significantly increasing their shipment volume. The shipment volume of Hisense Mini LED TVs has only increased by 18 times in one year, while the shipment volume of TCL has increased by 112% year-on-year.
The rise of Chinese enterprises is the result of dominating the LCD panel market. In the past 3-4 years, with the booming development of the Mini LED market, the Mini LED component supply chain has been established in China, consolidating the price advantage of Chinese television. TCL, through its display subsidiary Huaxing Optoelectronics, has successfully vertically integrated complete products and displays, ensuring a stable supply of LCD panels.
Chinese companies are expected to leverage their solid position in the Mini LED TV market to challenge Samsung and LG Electronics' dominant position in the high-end TV market. In the third quarter, the shipment volume of Mini LED TVs in the high-end market increased by 26% year-on-year to 905000 units, closely following OLED TVs (1.36 million units). According to DSCC analysis, "In the high-end TV market, the Mini LED product line has become a competitor to OLED TVs."
The progress of Mini LED in the limited high-end market inevitably poses a threat to Korean companies. Last year, TCL surpassed LG Electronics for the first time in terms of annual TV market shipments, firmly ranking second. This year, Hisense has risen to third place. Other South Korean TV manufacturers such as Samsung Electronics and LG Electronics plan to leverage their technological advantages to cope with the competition brought about by the low price strategy adopted by Chinese companies.
Until last year, Samsung Electronics dominated the market with Neo QLED, with a share of over 70%. However, due to a 26% decrease in shipment volume compared to last year, its market share has significantly declined this year. During this period, Hisense and TCL significantly increased their market share by significantly increasing their shipment volume. The shipment volume of Hisense Mini LED TVs has only increased by 18 times in one year, while the shipment volume of TCL has increased by 112% year-on-year.
The rise of Chinese enterprises is the result of dominating the LCD panel market. In the past 3-4 years, with the booming development of the Mini LED market, the Mini LED component supply chain has been established in China, consolidating the price advantage of Chinese television. TCL, through its display subsidiary Huaxing Optoelectronics, has successfully vertically integrated complete products and displays, ensuring a stable supply of LCD panels.
Chinese companies are expected to leverage their solid position in the Mini LED TV market to challenge Samsung and LG Electronics' dominant position in the high-end TV market. In the third quarter, the shipment volume of Mini LED TVs in the high-end market increased by 26% year-on-year to 905000 units, closely following OLED TVs (1.36 million units). According to DSCC analysis, "In the high-end TV market, the Mini LED product line has become a competitor to OLED TVs."
The progress of Mini LED in the limited high-end market inevitably poses a threat to Korean companies. Last year, TCL surpassed LG Electronics for the first time in terms of annual TV market shipments, firmly ranking second. This year, Hisense has risen to third place. Other South Korean TV manufacturers such as Samsung Electronics and LG Electronics plan to leverage their technological advantages to cope with the competition brought about by the low price strategy adopted by Chinese companies.