Mini LED TV Market: Samsung Reigns Supreme, LG and Sony Lag Behind
This year, in the high-end television market, Samsung, once the dominant player with an overwhelming market share, has seen a decline in shipments, particularly of its mini LED TV products, where market share has significantly decreased. In contrast, Chinese television companies like TCL and Hisense are experiencing a surge in sales. The competition between South Korean companies’ flagship OLED TV products and Chinese companies’ mini LED TV products has intensified.
According to Business Korea, supply chain statistics reveal that as of the third quarter of this year, Samsung held a 39% share in the global mini LED TV market, closely followed by Hisense and TCL at 27% and 26% respectively, while LG and Sony trailed with just 4% and 1%.
It’s noteworthy that last year, Samsung maintained over a 70% share in the global mini LED TV market. However, this year, their shipments have decreased by 26%, leading to a significant reduction in market share. Concurrently, Hisense’s shipments of mini LED TVs have increased eighteenfold in just one year, while TCL’s shipments have grown by 112% compared to the previous year.
Over the past three to four years, the mini LED TV market has flourished. With the establishment of the mini LED component supply chain in the Greater China region, Chinese companies have further solidified their price advantage. TCL, through its subsidiary CSOT, has successfully vertically integrated a complete panel and product line, ensuring a stable supply. As Chinese companies grow increasingly dominant in the mini LED field, they are challenging Samsung and LG’s supremacy in the high-end television market. Data indicates that mini LED TVs have become formidable competitors in the high-end segment against OLED TVs. In the third quarter of this year, shipments of mini LED TVs grew by 26% year-on-year, reaching 905,000 units, closely following the 1.36 million units of OLED TVs.
Last year, TCL’s TV shipments surpassed LG for the first time, climbing to second place, while Hisense has now risen to third. Samsung and LG are hoping to leverage their technological edge to counter the low-cost strategy of Chinese companies.
