High-End TV Market Recovery, Growth Trends, and the Battle between OLED and MiniLED
TapTechNews September 19th news, market research institutions Counterpoint and DSCC released reports today stating that in 2023, the shipments and revenues of high-end TVs both decreased, but started to recover from the first quarter of 2024 and accelerated growth in the second quarter, and will continue to be strong throughout 2024. The growth momentum is expected to continue until 2028, when it will increase to 30 billion US dollars (TapTechNews note: currently about 212.685 billion Chinese yuan).
In the second quarter of this year, the total shipments of high-end TVs increased by 45% year-on-year, and the expected full-year year-on-year growth rate is 22%. TapTechNews summarizes the detailed data:
OLED TV sales increased by 2% year-on-year in the second quarter of 2024, and the full-year is expected to increase by 4%.
High-end LCD TV sales increased by 53% year-on-year in the second quarter, and the full-year is expected to increase by 29%.
Large screens will drive the growth in 2024, among which the 77-inch and above OLED TV shipments are expected to increase by 14%, while the 75-inch and above high-end LCD TV shipments are expected to increase by 105%.
The institution predicts that the revenue of high-end TVs will increase by 15% year-on-year throughout the year.
OLED TV revenue is expected to decrease by 8% year-on-year, and the revenue of all screen size categories is expected to decrease year-on-year.
High-end LCD TV revenue is expected to increase by 29% year-on-year, among which the 75-inch TV revenue increased by 22% year-on-year, and the revenue of TVs over 75 inches increased by 87% year-on-year.
In the competition between OLED and MiniLED, MiniLED has grown rapidly since 2021, but still lags behind OLED in terms of sales and revenue share in 2023. Driven by the aggressive pricing and promotion of Chinese brands TCL, Hisense, and Xiaomi, MiniLED exceeded OLED in both sales and revenue in 2024, and the large-screen MiniLED TV performs well in competing with the smaller-screen OLED TV in terms of price.
The institution says that although OLED is still the top product in every screen size, with the highest price and the most high-end brand, the advantage of MiniLED in large sizes enables its revenue share to match the sales share.
OLED TV revenue peaked in 2021 and declined in 2022 and 2023, and is expected to continue to decline in 2024, while MiniLED shows a growth trend.
In the high-end MiniLED + OLED category, the revenue share of MiniLED TVs increased to 38% in 2023, and this share is expected to continue to increase to 51% in 2024, and then the shares of these two technologies will stabilize, each accounting for about 50%, with MiniLED slightly dominant.