China's TV Market Update in the First Half of 2024 Trends and Insights
TapTechNews July 8th news, according to the latest released data of China TV Market Brand Shipment Monthly Tracker from RUNTO, in the first half of 2024, the total brand shipment volume of the TV market in Chinese mainland was 16.39 million units, a 4.2% decrease compared to 2023.
Among them, the shipment volumes of the first and second quarters were 8.44 million units and 7.95 million units respectively, with a decrease of 0.9% and 7.5% respectively compared to the same period last year. RUNTO said that in the first half of the year, except for the shipment volume in January achieving an unexpectedly high growth, all the following five months saw a year-on-year decrease.
TapTechNews learned from the report that 75 inches simultaneously became the largest size in retail volume in both the online and offline markets, with market shares reaching 20.6% and 25.6% respectively. The total retail sales of TV in the first half of this year increased significantly by about 10% year-on-year to 52.2 billion yuan, with an average unit price reaching 3,733 yuan, an increase of 14.7% year-on-year.
In addition, in the online and offline markets, the sales proportions of MiniLED TVs were 7.1% and 8.2% respectively, increasing significantly by 5.2 and 3.7 percentage points respectively year-on-year. It is expected that the shipment volume of MiniLED TVs in the Chinese market in 2024 will reach 1.85 million units, achieving continuous doubling growth year-on-year.
According to RUNTO data, in the first half of 2024, the total shipment volume of the top 8 brands in the Chinese TV market, that is, Hisense, Xiaomi(Xiaomi), TCL, Skyworth, Changhong, Huawei, Konka, Haier, and including the shipment volumes of their sub-brands was 15.57 million units, a 3.7% decrease compared to the same period last year; together, they accounted for 95.0% of the overall market share.
Among them, Hisense, Xiaomi(Xiaomi), and TCL ranked the top three in market sales with a market share of about 20% and a slight gap.
Changhong, Konka, and Haier's combined shipment volume in the first half of the year was about 2.25 million units, a 3.5% decrease compared to the same period last year, and the combined market share reached 13.7%.
Huawei's shipment volume in the first half of the year was close to 0.7 million units, achieving a significant growth of over 50% year-on-year.
The total shipment volume of the four foreign brands Sony, Samsung, Sharp, and Philips in the first half of the year was less than 0.6 million units, and the combined shipment volume decreased by 19.5% year-on-year, with a market share of less than 4%.