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Omdia reveals market is favoring China panel makers as TCL and Hisense fortifies LCD TV panel purchase power with 24% market share in 1Q23


News provided by

Omdia

16 May, 2023, 06:00 GMT

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LONDON, May 16, 2023 /PRNewswire/ -- Competition from China's top tier TV makers is on the rise as TCL and Hisense, rank second and third largest panel purchasers with a 24% market share in 1Q23 indicating the market is favoring Chinese panel makers, reveals Omdia's TV Display & OEM Intelligence Service. Previously at 22% in 2022, the latest combined market share for TCL and Hisense follows a historical four-year average with a total purchasing share of 19%.

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Top TV makers LCD panel purchases from suppliers - 1Q23

Over the past decade, Samsung has held the strongest purchasing power with a market share of 13% in 2022 though this was a much weaker result compared to the 18% of global LCD TV panels shipments supplied to Samsung back in 2021.

In 1Q23 Chinese top tier TV makers grew TV shipments to strengthen their global TV market position in the branded and OEM business.

Deborah Yang, Chief Analyst in Omdia's Display research practice said: "Our report shows that TCL and Hisense's increasing joint panel purchasing volume share is narrowing the competition gap with Samsung at 14% for LCD TV panel purchasing power. However, despite diminishing competition from Korean panel makers on LCD TV panels,  a gloomy forecast for global TV market demand continues to discourage Chinese panel makers. Strong panel purchasing volumes from China TV makers is essential for Chinese panel makers to consume their capacity and maximize supply chain efficiencies."

In 2022, 76% of the LCD TV panels that TCL and Hisense  purchased came from Chinese panel makers that include BOE, ChinaStar, HKC Display, CHOT, and CEC-Panda, an increase from a 73% share a year ago or 58% share in 2019.   

The retreat of Samsung Display and LG Display from the LCD TV panel business in 2023 is causing difficulties for South Korean TV makers, typically the most powerful panel purchasers in the market, when negotiating with external panel suppliers.

"It is expected the LCD TV panel allocations will change drastically, along with the competitive landscape for global TV makers. amid the global inflationary issues which will prove to be the most challenging for global premium TV players," concludes Yang.

ABOUT OMDIA

Omdia, part of Informa Tech, is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Contact
Fasiha Khan
fasiha.khan@omdia.com

Photo - https://mma.prnewswire.com/media/2077421/Omdia.jpg

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