According to a report by Yonhap News Agency on February 23, data released by Omdia, a UK-based market research firm, showed that in 2024, the combined shipments of Chinese TV brands TCL, Hisense, and Xiaomi accounted for 31.3% of the global market share, surpassing South Korea's Samsung and LG (28.4%) for the first time.
The report stated that the shipment share of Chinese TV manufacturers was 24.4% in 2020, and it has increased annually since then, breaking the 30% mark for the first time last year. South Korean manufacturers accounted for 33.4% in 2020 but have since declined annually to 28.4% last year.
The data revealed that Chinese brands led the global market with a 19.8% shipment share in the large-screen TV market for TVs larger than 75 inches. In the ultra-large screen TV market for TVs larger than 98 inches and 100 inches, Hisense held 30.3% and 58.8% of the shipment share, respectively, ranking first globally.
Benefiting from the positive shipment trend, the sales share of Chinese TV manufacturers has surged. Based on last year's sales, although Samsung has ranked first in the global TV market for 19 consecutive years and LG has ranked first in the global OLED TV market for 12 consecutive years, the gap with China is narrowing. From 2020 to 2024, the sales share gap between South Korea (Samsung and LG) and Chinese brands (TCL and Hisense) narrowed from 48.4% versus 13.5% to 44.4% versus 22.9%.