Samsung is the biggest TV brand in the world. With its new set of TVs coming out every year, the company has managed to eat the biggest pie of the market. Samsung, along with LG, dominates the global TV market share, and that amounts to about 50% of the global TV market share. However, the recent report by research agency Omida doesn't show good news for the company.
According to the new report, LG and Samsung's combined global market TV share has dipped down to 48.9% in the first half of this year. However, Samsung managed to be the leader in the ultra-large and high-end TV segments, selling over 30.65 million QLED TVs Also, it accounted for 48.6% of the 80-inch or larger TV segment. LG's OLED TV sales for 40-50 inches and 70 inches (and larger) increased by 81.3% and 17%, respectively.
Global TV demand is falling at an alarming pace
While this may seem like good news, the combined market share for both companies saw a dip and came down to 50.6% in the first quarter. As noted by BusinessKorea, the reason behind this is the rise of Chinese TV companies that are coming in with less expensive alternatives to the likes of Samsungs and LGs. For instance, TCL's share went up from 8% to 8.7%, and that of Hisense rose from 7.6% to 8.2% in Q2 2022.
Also, Chinese TV brands are adopting and developing new technologies faster and providing them at an affordable price. In the QLED TV market, Samsung is the clear leader with a 75.5% market share, TCL's share rose from a mere 0.9% to 13.9% in a matter of just 3 years, which is amazing for the company. Hisense also buckled up and jumped to 5% for the first time in the first half.
As far as global TV demand is concerned, it is falling rapidly amid inflation. As per the report, this year’s annual shipments are estimated to remain at 208,794,000 units, which is down 2.22% YoY, the lowest since 2010.