Juan Carlos López
Senior WriterAn engineer by training. A science and tech journalist by passion, vocation, and conviction. I've been writing professionally for over two decades, and I suspect I still have a long way to go. At Xataka, I write about many topics, but I mainly enjoy covering nuclear fusion, quantum physics, quantum computers, microprocessors, and TVs.
Samsung has sold the most televisions for 18 years. Its unchallenged leadership in such a competitive market is unusual, but one player is already threatening its dominance. And it’s not compatriot LG, the company it has fought most fiercely for most of its reign. The fastest-growing TV manufacturers in the world are from China, and they seem poised to snatch the throne from Samsung.
According to consulting firm Counterpoint Research, Samsung’s share of the global TV market was 15% in the third quarter of 2024, while Chinese companies Hisense and TCL reached 12%. However, the trend is noteworthy. Samsung’s share dipped slightly compared to the second quarter of 2024, while Hisense’s rose 19% compared to the same quarter in 2023.
Panasonic Faces a Tough Decision in Uncertain Times
Hisense seems unstoppable. Its growth put it in second place behind Samsung in the third quarter of 2024, surpassing TCL. These two Chinese brands also overtook LG’s market share by 2% in the same quarter. This “snapshot” helps identify where the TV market stands, but we can go further by looking at the always-interesting premium TV segment.
In the high-end TV market, Samsung’s share dropped from 43% in the third quarter of 2023 to 30% in 2024.
Again, according to Counterpoint, in the high-end TV market, Samsung’s share dropped from 43% in the third quarter of 2023 to 30% in 2024. Interestingly, in the same period, Hisense and TCL followed a different trajectory. Hisense’s share jumped from 14% to 24%, while TCL’s climbed from 11% to 17%. These numbers are significant because they show that Chinese brands aren’t just selling low-cost TVs but are also making inroads into the high-end market.
Without straying from the premium segment, LG has fallen from second place in this category, with a 20% market share, to fourth place with 16%. It now trails Samsung, Hisense, and TCL. Over the past few years, I’ve reviewed several TVs from these two Chinese brands, and objectively, their technology is highly competitive. They aren’t just pressuring the South Korean companies. Japanese brands are also feeling the heat.
Panasonic president Yuki Kusumi recently said the company is ready to sell its TV manufacturing division. “We are prepared to sell it if necessary, but we have not yet decided on a plan,” Kusumi said. Panasonic has embarked on a wide-ranging corporate restructuring to boost its competitiveness in the medium term and increase agility in adapting to the market. One last interesting note: In 2024, Chinese TV manufacturers, led by TCL and Hisense, captured more than 50% of the Japanese market.
Image | Kaboompics.com
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