Hisense and TCL Challenge Samsung’s TV Market Dominance

Samsung’s long-standing dominance in the global TV market, which has remained unchallenged for 18 consecutive years, is facing an unprecedented threat from rising Chinese brands. As recently as March 2024, Samsung was celebrating its status as the world’s top TV seller, a title it has consistently claimed year after year. This annual acknowledgment had become such a regular occurrence that it almost seemed like a formality, with little suspense surrounding the announcement. However, recent data from the global market research firm Counterpoint Research reveals that Samsung’s reign as the world’s leading TV brand is now under serious pressure. Surprisingly, the competition is not coming from its usual rival, LG, but from two Chinese manufacturers: Hisense and TCL. This shift marks a significant change in the landscape of the global TV market, where Samsung’s market share is being steadily eroded by these aggressive Chinese brands.

Counterpoint Research’s TV sales data for the third quarter of 2024 highlights just how much Samsung’s market position has been weakened. Samsung’s global TV shipments, which previously held a comfortable lead, now represent just 15% of the total market—only 3% ahead of both Hisense and TCL, which have each captured 12% of the global TV market share. Samsung’s market share has decreased slightly from the previous quarter, while Hisense has experienced an impressive 19% increase in sales compared to the same period in 2023. This surge in sales has allowed Hisense to leapfrog TCL into second place for Q3 2024 TV shipments. Meanwhile, TCL also posted strong growth, closing the gap with Samsung. Notably, both Chinese brands now outpace LG, which holds 13% of the market share in the third quarter of 2024. Hisense and TCL’s combined growth indicates that the real challenge to Samsung’s leadership is no longer coming from its South Korean rival, but from the aggressive expansion of Chinese brands.

While Samsung still leads the global TV market, it faces a much greater challenge in the premium TV segment. This category, which includes high-end technologies like Quantum Dot Mini LED, Quantum Dot LCD, 8K LCD, Quantum Dot OLED, WOLED, and Micro LED, is crucial for manufacturers looking to maximize profits. Samsung’s dominance in this segment has also started to erode, with its share dropping dramatically from 43% in Q3 2023 to just 30% in Q3 2024. In contrast, both Hisense and TCL have made substantial gains. Hisense’s market share in the premium TV segment has increased from 14% to 24%, while TCL’s share grew from 11% to 17%. These gains reflect a significant shift in the market, with the Chinese brands effectively doubling their sales of premium TVs compared to the same time last year. As a result, LG, which previously held second place in the premium TV market, has been pushed down to fourth, with a market share of just 16%. The rise of Hisense and TCL in the premium category has been fueled by a strategic push to offer large-sized TVs, particularly those in the 85-inch and larger range. Samsung, while still maintaining a significant presence in this space, has not pursued the ultra-large screen market with the same level of aggression. Hisense and TCL have embraced the demand for king-sized screens, catering to a growing segment of consumers who desire even bigger, more immersive viewing experiences.

One of the key factors driving the competition in the TV market is the increasing demand for larger screens. Counterpoint Research points to the surging interest in 85-inch and larger TVs, which have become increasingly popular in recent years. Hisense and TCL have recognized this trend and are actively targeting this segment, offering competitive pricing and high-quality models. Samsung, while still a major player in the large TV market, has struggled to keep pace with the aggressive pricing strategies employed by its Chinese counterparts. Despite the challenges, Samsung is not standing idly by. The company has announced plans to focus on expanding its offerings in the super-sized TV category, with particular emphasis on models 100 inches and above. This move is aimed at regaining ground in the large TV segment, which has seen its market share gradually slip away over the past year. Whether Samsung’s strategy will succeed will depend largely on the quality and value proposition of its new super-sized TVs, especially in comparison to the offerings from Hisense and TCL, which are known for their competitive pricing.

Despite these challenges, the overall global TV market remains healthy, with shipments increasing year on year. In fact, global TV shipments grew by 11% in Q3 2024 compared to the same period in 2023. The premium TV segment saw an even more impressive increase, with shipments up by a staggering 51%. Mini LED TVs, which Samsung has dominated, saw a 102% increase in shipments, further solidifying Samsung’s position as a leader in this category, even as its Chinese competitors make significant strides. The ongoing battle between Samsung, LG, Hisense, and TCL reflects the intense competition in the global TV market. While Samsung’s leadership may be under threat, its ability to innovate and adapt to changing market demands will play a crucial role in maintaining its position. The company’s focus on super-sized TVs for 2025 suggests it is committed to regaining its lost ground, but it will face tough competition from Hisense and TCL, which have proven to be formidable adversaries.

The biggest winner in this increasingly competitive TV market may well be the consumer. With more players in the market offering high-quality, feature-packed TVs at competitive prices, consumers are poised to benefit from a wider array of options and more attractive pricing. Whether it’s a premium 8K TV, a massive 85-inch display, or an affordable yet high-performance model, the choices for TV buyers are expanding rapidly. As the battle for supremacy in the global TV market heats up, we can expect to see even more innovations and price wars in the coming years. Samsung, Hisense, TCL, and LG are all vying for a larger share of the pie, and this competition is likely to result in better products and more value for consumers. With the TV market growing and evolving, 2025 is shaping up to be an exciting year for buyers looking to upgrade their home entertainment systems.