After a disappointing 2023, the Advanced TV market returned to growth in the first quarter of 2024. That’s according to a new report released by DSCC, which highlights a 16% year-over-year increase in Advanced TV shipments and an 11% year-over-year increase in TV revenue. TV in the first quarter of 2024. The growth is driven by a sharp increase in MiniLED TV shipments from Hisense and TCL, with MiniLED technology looking to cannibalize the OLED TV market.
In fact, from the data collected in the report, it can be seen that shipments of Advanced TVs grew by 16% year-on-year in the first quarter of 2024, while shipments of OLED TVs decreased by 6% year-on-year, while shipments of Advanced LCD TVs increased 24% year over year. Advanced TV revenues increased 11% year-over-year, the first year-over-year increase in revenue after eight consecutive quarters of declines. OLED TV revenue fell 12%, while advanced LCD TV revenue rose 25%, as increased units, larger screens and a richer MiniLED mix offset price drops. The data is always year on year.
But what is an Advanced TV? In its analyses, DSCC defines “Advanced TV” (with a capital A) as any television with advanced display technology, including all WOLED, QD Display, QDEF, Dual Cell LCD and MiniLED televisions, with 4K and 8K resolution. In short, they are all OLED, QLED and MiniLED TVs, not traditional LCDs.
Samsung in the lead, but struggling
As regards the characteristics, it is the large Advanced TVs that are recording the most significant growth. Advanced LCD TVs larger than 75″ increased by 132%/95% in units/revenue, while OLED TVs 77″ or larger increased by 41%/7%.
The growth of larger screens has gone hand in hand with the growth of MiniLED, which are tipping the balance of power in the technological battle between LCD and OLED. Shipments of MiniLED TVs have in fact grown year over year, while those of OLEDs have decreased. However, if considered as a single “top of the range” category composed of MiniLED + OLED, today OLEDs maintain a market share of 54% in units and 55% in terms of revenues.
Moving on to the battle between brands, in the first quarter of 2024, Samsung retained the top position both in terms of units and revenues, but has lost ground to its Chinese rivals. Thus Hisense took third place, with an impressive 141% year-over-year increase in shipments, marking the fourth consecutive quarter of triple-digit percentage increases. In this way Hisense jumped from 7% in the first quarter of 2023 to 14% in the first quarter of 2024. Revenues also increased significantly (+ 152% year on year, with share going from 6% to 13%).
TCL fell to fourth place (nearly tied with Hisense) with a 69% year-over-year increase in shipments and increased its market share to 14% in Q1 2024 from 9% in Q1 2023. TCL’s revenues increased 86% year-on-year, and their share increased year-on-year from 8% to 13%.
Samsung’s shipments fell 2% year-over-year in units and Samsung’s market share fell eight points year-over-year, with revenue unchanged and market share down four points to 41%. LG’s shipments also remained flat year-over-year, with market share down three points year-over-year (now at 18%). Revenue, however, fell 21% year-on-year and LG lost seven points of market share (now 19%).
In short, these trends confirm what has been seen in the general TV market, which is declining for traditional TVs but with significant growth for these premium TVs.
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