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In 2023, the global TV market will be affected by a combination of factors such as slow global economic recovery, continued geopolitical conflicts, high inflation, and lack of international sports events, and the annual shipment scale will continue to decline5m, down 35%；Shipping area 1464m, up 12%；The average size of the shipment is 521", an increase of 12”；Under the influence of high inflation, the decline in purchasing power and the impact of Mini LED, game TVs and other products, the global high-end OLED TV shipments in 2023 will be 54m, down 20 percent year-on-year1%。
From 2016 to 2023, global TV shipments will be compared with the same period last year
Data**: Ovirivo (**C Revo) unit: million units, %
In the first three quarters of 2023, under the trend of consumption downgrade, North American channel brands have increased their sales volume significantly by virtue of their cost-effective advantages, driving the annual North American shipment scale to 459m, up 2% year-on-year. In 2023, the sales of "Black Friday" will be poor and market confidence will be frustrated, but in 2024, under the expectation of US dollar interest rate cuts, U.S. home sales are expected to improve, which will have a partial positive effect on TV demand, and the scale of TV shipments is expected to remain stable throughout the year.
Lack of consumer confidence is the main problem faced by the Chinese market, in addition, the performance of the real estate industry is still sluggish, and TV products are facing a double squeeze on content channels (short**, rapid growth of online live broadcast users) and smart hardware (diversion of smart projection, mobile phones, tablets and other products), and the scale of TV shipments in the Chinese market in 2023 will be 382m, down 11 percent year-on-year5%。The scale of shipments in 2024 is expected to be difficult to recover.
The Russia-Ukraine war is still ongoing, and with the efforts of the European Central Bank to raise interest rates, European inflation will ease in 2023, but it will still be higher than the target value, and TV demand will be sluggish, and the scale of European TV shipments will fall by 8 in 20235%。Stimulated by the low base and events such as the European Cup, European TV shipments are expected to grow in 2024, but since December 2023, the continuous fermentation of the Red Sea crisis, the freight rate from the Asia-Pacific region to Europe has increased significantly, and inflation is facing the risk of intensification, bringing uncertainty to the growth of European TV shipments.
In 2023, shipments in emerging markets to Asia-Pacific and Latin America will increase year-on-year, respectively. 2%, emerging markets have a huge population base, strong domestic demand, and the suspension of US dollar interest rate hikes is conducive to the return of funds to emerging markets and promote economic recovery, and shipments in Asia-Pacific and Latin America are expected to maintain growth in 2024; The Middle East and Africa are affected by the high base of last year's World Cup and the Palestinian-Israeli conflict, and shipments will decline by 2% in 20236%, and it is expected that the shipment scale will be difficult to grow in 2024.
In 2023, TV shipments by region will be compared with the same period last year
Data**: Ovirivo (**C Revo) unit: million units, %
With the increasing importance of the display industry chain in Chinese mainland and the guidance of the overseas expansion strategy of leading Chinese brands, foreign mainstream brands such as South Korea and Japan have been impacted, and the market scale has continued to decline. Hisense and TCL market size to maintain growth; Under the trend of consumption downgrade, North American channel brands that focus on cost-effective routes have ushered in growth opportunities.
The shipment scale of the global TV TOP10 brands in 2023
Data**: **C Revo unit: million units, the above data include sub-brands.
Samsung: 36 global shipments4m, down 7 percent year-on-year7%。In 2023, the scale of overseas shipments in various regional markets (excluding Japan) will rank first, of which the proportion of internal shipments from emerging markets will increase from 38 in 20216% to 43 in 20233%, shipments were relatively stable, with only a slight decline; Affected by the suspension of sales in the Russian market, high inflation in developed markets, and the impact of Chinese brands, shipments in North America and Europe fell significantly, and the proportion of internal shipments increased from 59 in 20219% to 55 in 20231%。In terms of high-end products, since the start of sales of OLED TV in 2022, in just two years, the shipment scale of OLED TVs in 2023 has reached nearly one million units. In terms of procurement strategy, it plans to increase the proportion of procurement from Taiwan and Japanese panel factories in 2024 to reduce dependence on mainland panel factories.
Hisense: Global shipments 259m, up 5 percent year-on-year9%。Hisense adheres to the principle of "independent brands going overseas" and "high-end going overseas", optimizing the global industrial layout, with the help of sports event marketing, as well as the improvement of brand power, channel power, and product power, overseas shipments will increase by 12% in 20232%, the North American market accelerated, the European market grew in a balanced manner, the Japanese market has obvious leading advantages, and the emerging markets in the Asia-Pacific and Latin America shipments increased.
TCL: Global shipments 255m, up 9 percent year-on-year6%。TCL conforms to the trend of high-end and large-screen in the global TV industry, and launches products that meet the needs of different people. In 2023, TCL's shipments in the Chinese market will increase by 05%, Mini LED TV is far ahead in the domestic market share; Overseas shipments increased by 131%, of which emerging market shipments increased by 211%, North American shipments increased by 105%, the scale of European shipments is stable. In terms of display technology layout, TCL continues to strengthen the strategic position of Mini LED, and will launch a series of new products such as X11G, X11G Max, Q10G Pro, Q10H, and C11G Pro in 2023, with the size up to 115 inches.
LGE: Global shipments 214m, down 7 percent year-on-year3%。In 2023, shipments in Asia-Pacific and Latin America will increase respectively. 2%, the shipment scale of other overseas markets declined. Under the impact of consumption downgrade in developed markets, reduced high-end demand and competition from Samsung's QD-OLED products, LGE high-end OLED TV shipments will be 28m, down 28 percent year-on-year5%。In terms of monetization, LGE's product lineup on the hardware side has not changed much, and on the software side, it expects to increase profitability from WebOS, platform content and advertising.
Xiaomi: Global shipments 113m, of which shipments from Eastern Europe increased by 266%。In order to cope with the changeable market environment and fierce market competition, Xiaomi has made a number of changes, first of all, organizational adjustments: dividing TV BU into mobile phone BU, using the group's ** chain resources and large-scale procurement advantages, strengthening the right to speak in the procurement of the TV industry; secondly,Panel procurement strategy adjustment:XiaomiTVThe success in the Chinese market is largely based on cost-effective advantages,But its TV panel self-procurement ratio is low,**Chain discourse power is relatively weak。 At present, the logic of the panel market has changed,Under the strategy of panel factory control production and price protection,Order achievement and ** advantage weakened,Product market competitiveness is facing a test,2024Xiaomi's goal is to rapidly increase the number of TV panel self-procurement or control buy; In addition, in the direction of new technologies, following the attempt in the direction of OLED TV, the S Pro series of mini LED TVs will be launched in 2023, and the volume will start rapidly.
From the perspective of the macro environment, the global economy will still be in a recovery channel in 2024; Major currencies such as the US dollar have raised interest rates for more than a year, and inflation in North America and Europe has eased, helping to increase consumer purchasing power. The pause in interest rate hikes by the US dollar and the expectation of interest rate cuts in 2024 will help ease the pressure on emerging market currencies, and the return of funds to emerging markets will be conducive to economic recovery and boost consumption.
From the perspective of the industrial environment, 2024 is the year of events, and the holding of many sports events such as the Olympic Games, the European Cup, and the America's Cup will have a stimulating effect on TV demand; Under the weak demand of the terminal and the measures of panel factory production and price protection, the panel market is relatively stable, and there will be no rollercoaster ups and downs, and the instant consumption psychology of consumers is worth paying attention to; Due to the cost** caused by the Red Sea shipping crisis, the increase in inflation in some regions, the scale of shipments in some regions and overseas large-size demand may be affected, which has brought uncertainty to the growth of global TV shipments.
On the whole, the global TV shipment scale of Ovirivo (**C Revo) in 2024 will increase by 06%。