Driven by poor global macroeconomic conditions, the overall demand for TV sets is expected to dip for the remainder of 2023 and into 2024.
For the remainder of 2023, a further drop in shipments of 4.1% can be expected, with total unit shipments for 2023 coming in at 210.9 million units, predicted market research consulting company Futuresource Consulting.
In terms of value, Futuresource expects the TV market to shrink by 4.4%, primarily due to a dip in the mid-tier TV segment. While more consumers are choosing large screen sizes and premium TV technologies such as QLED, MiniLED, and Micro LEDs, the falling prices of these premium models due to intense price competition will keep value on a falling trajectory, said Futuresource.
Samsung continues to lead the global TV market in the first half of 2023, while LG remains the leading brand for OLED TV sets but is now facing increasing competition from Chinese brands TCL and Hisense.
Chinese TV brands, Futuresource added, will maintain their growing market share in 2023 due to their lower prices, increased global presence including in developing markets, and expansion of the premium TV segment.
“Less affluent customers are being affected by the current economic downturn, which is stifling demand – however, the situation is expected to improve in the future,” said Futuresource, who expects TV shipments to ease into recovery in 2024 before registering a low level of growth in 2025.