Counterpoint Research also indicates that the two main market drivers during these first three months of the year are TCL and Hisense, reflecting the rise of Chinese brands in recent years, and more particularly 2024. Each has more than doubled its TV shipments compared to the same period last year and is closing in on Samsung, the market leader for the past twenty years.
Hisense and TCL, the kings of the Chinese TV market££££
In terms of territories, China is leading the race. "Thanks to government measures encouraging consumers to replace their old TVs with new models, and aggressive promotions by domestic brands, premium TV sales in China have seen triple-digit growth," says Bob O'Brien, research director at Counterpoint Research. He adds: "Chinese consumers have been buying larger and more expensive TVs with more advanced display technologies." Larger TVs boosted sales growth, and therefore revenue, in the first quarter. In fact, shipments of 75" premium TVs are up +79% year-on-year, while revenue has increased by 59%.
TV market, China the world's powerhouse££££
Growth in the Chinese market, combined with market share gains in other key markets around the world, has driven growth for Hisense and TCL. Both companies have recorded triple-digit percentage increases in shipments year-on-year. Hisense and TCL's revenues increased by 87% and 74% year-on-year, respectively. Hisense's (actually Hisense + Toshiba) volume market share in the premium TV market has increased from 14% in Q1 2024 to 20% in Q1 2025, and its value market share from 13% to 17%. TCL's volume market share jumped from 13% to 19% and its value market share increased from 13% to 16%. Beyond the top two in China, Xiaomi and Skyworth also recorded significant gains.
TV market, China versus South Korea battle££££
The gains of two Chinese brands were largely made at the expense of the two South Korean giants, LG and Samsung. While the firms from the Land of the Morning Calm were banking heavily on the OLED TV market segment (especially LG), companies from the Middle Kingdom have put OLED on the back burner in the premium TV market by developing Mini LED technology on the one hand, and large screen sizes on the other, in recent years. The more time passes, the more Mini LED occupies a significant share of the premium, and even "super premium" TV market. The proof ? Mini LED TV shipments and revenues have surpassed those of OLED as early as Q2 2024.
The word to Bob O'Brien, Research Director at Counterpoint Research££££
“Mini LED TVs are generally priced similarly to OLED TVs, but due to the price difference between the two screen categories, OLED and LCD, consumers must choose between a smaller OLED model or a larger Mini LED TV,” continues O'Brien. He adds: “A growing number of consumers are choosing MiniLEDs.”
TV market, Samsung's dominance threatened££££
TCL was the first brand to introduce Mini LED in 2019, but Samsung's introduction of Mini LED technology in 2021 allowed it to quickly dominate the premium TV category. Thus, Samsung was still the industry leader in 2023, but was overtaken in 2024, first by TCL then by Hisense, and finally by Xiaomi. In the first quarter of 2025, Samsung ranked 4th in terms of number of units and 3rd in terms of turnover. For the first time in two decades (see our news TV market 2024: Samsung world leader for the 19th consecutive year), Samsung sees its leadership threatened in the TV market.
Chinese brands, notably TCL and Hisense, but also Xiaomi and Skyworth, have chosen a different strategy from Samsung: not to compete with the Korean group in the OLED TV market but to exploit Chinese domination in the LCD market to significantly lower the production cost of their TV (see our news TV market: Chinese LCD screens ever larger (130'') and more affordable), to then take advantage of this price advantage and actively promote very large diagonal Mini LED LCDs with prices beyond the reach of Korean brands.
The Counterpoint Research report indicates that month after month, quarter after quarter and now year after year, consumers demonstrate that Chinese brands have made the right choice.