Union Consultancy: China's old-for-new replacement subsidies combined with holiday promotions boost global TV brands' shipments by nearly 10% in the third quarter.

According to the latest survey from TrendForce intelligence, the global TV brand shipments in the third quarter of 2024 reached 52.33 million units, an increase of 9.6% compared to the previous quarter and 0.5% year-on-year. Due to the 15% to 20% old-for-new subsidies provided by China for eight categories of household appliances at the end of July this year, combined with the promotion scale of the Mid-Autumn Festival and National Day, the global TV brand shipments in the third quarter exceeded the estimate by 1%. Chinese brand manufacturers and distributors directly reflected the subsidy amount in the retail price this time. Combined with the subsidy deadline only until the end of 2024, it stimulated more demand for new machines, driving the sales volume during the Mid-Autumn Festival and the Golden Week holidays to increase by over 20% year-on-year, injecting vitality into the sluggish TV market. TrendForce intelligence stated that the expected hot sales situation will continue until the end of this year, combined with festival promotions and stocking in Europe and America, estimating that global TV demand in the fourth quarter will increase by 2.5% compared to the previous quarter to reach 53.63 million units, a year-on-year increase of 0.5%. Therefore, the total annual shipments in 2024 are expected to reach 196.7 million units, a year-on-year increase of 0.6%, ending the trend of five consecutive years of declining shipments. TCL's shipments have been steadily increasing quarter by quarter, challenging 28 million units for the whole year Starting from August this year, TCL began preparations for holiday promotions in Europe and America, with the average monthly export shipment volume increasing to 2 million units. Benefiting from the old-for-new policy, its domestic shipments in September increased by 27%. These factors drove TCL's third quarter shipment volume growth to 9.3%, surpassing Hisense once again and ranking second globally. TrendForce intelligence pointed out that it is expected that TCL will continue to promote the strategic convergence of its main brand and sub-brand, Thunderbird, in the fourth quarter of this year. TCL focuses on the high-end markets overseas and in China, while Thunderbird products mainly target young consumers in the domestic market. This strategy will help the company challenge 28 million units for the whole year of 2024, with a year-on-year growth of 12.3%. Mini LED TV shipments reaching new heights The old-for-new subsidies for household appliances in China have helped boost sales of large-size Mini LED TVs in 2024, pushing brand shipments to 6.75 million units, a year-on-year increase of 65%, an increase of 5.4% from previous estimates. TrendForce intelligence stated that in the past, Samsung Electronics has maintained the top position in the global TV shipments with over half of the market share in the Mini LED TV market. However, starting in 2023, global inflation has led consumers to shift their demand to other high-value-added products, and the growth momentum of Mini LED TV shipments in 2024 mainly comes from the Chinese market, with limited benefits to Samsung. Although it held the top position in total shipments in the third quarter, its Mini LED TV shipments this year were only 1.6 million units, a decrease of 6% year-on-year. On the other hand, the three major Chinese brands TCL, Hisense, and Xiaomi, besides launching traditional high-end models, also introduced cost-effective Mini LED TVs in 2024. With the promotion of energy-saving subsidies in the second half of the year, the combined market share of these three major players increased to 53%. Among them, Xiaomi entered the Mini LED TV market only in the second half of 2023, and its shipments in 2024 exceeded one million units, with a market share of 16%, successfully ranking third in Mini LED TV shipments this year.