TCL Frameless Full HD HDR TV with Android TV – S5400A (Image courtesy of TCL Europe)
SEOUL, Dec. 19 (Korea Bizwire) – China’s TV industry has made a significant leap in the global premium market, with leading brands TCL and Hisense overtaking South Korea’s Samsung Electronics in key segments.
According to market research firm Omdia, TCL captured 23% of the 80-inch-and-above TV market in Q3 2024, maintaining its lead over Samsung for two consecutive quarters. Samsung’s market share in this segment dropped from 26% in Q3 2023 to 19% in Q3 2024, while Hisense has narrowed the gap with Samsung to just 1.65 percentage points.
Chinese TVs are no longer perceived as cheap, low-quality options. With advanced features such as AI-powered processors and ultra-large screens, Chinese brands now rival South Korean models in performance.
For example, during Black Friday 2024, Hisense sold its 100-inch TV for $1,599, while TCL’s 98-inch Mini LED TV was priced at just $1,999. In comparison, Samsung’s 98-inch Mini LED TV retailed for $8,997.
Chinese manufacturers have capitalized on their control over LCD panel supply chains, allowing them to offer competitive prices while improving quality. As a result, they have gained traction among consumers seeking high-performance, cost-effective options.
Korean companies, including Samsung and LG, face increasing challenges as Chinese brands pursue aggressive premiumization strategies. Samsung’s revenue share in the TV market dropped from 40% in Q3 2023 to 31% in Q3 2024, while TCL’s revenue share doubled from 9% to 18%.
Korean firms are under pressure to pivot from hardware-centric approaches to software-driven innovations, such as operating systems and platform businesses. However, experts warn that Chinese companies are also rapidly advancing in this space.
The competition underscores the shifting dynamics in the global electronics market, with South Korea’s dominance in yet another industry under threat from China’s low-cost manufacturing and high-end product strategies.
The Korean electronics sector now faces a critical juncture as it seeks to reclaim its leadership in the premium market.
Kevin Lee (kevinlee@koreabizwire.com)
