Samsung, LG defend TV market dominance despite sluggish sales

Samsung Electronics Neo QLED [Photo provided by Samsung Electronics]

Samsung Electronics maintained lead in the global TV market in terms of cumulative sales for the first nine months of the year despite softening in global demand from high interest rates and inflation.

According to Omdia, a global market tracker, on Tuesday, the global TV market in the first nine months of the year fell 12.7 percent on year to $72.39 billion. The number of TVs sold during the period amounted to 143 million units, down 4.4 percent from a year ago.

Despite the drop in global sales, Samsung defended its lead in the TV market with a market share of 30.2 percent during the January to September period. LG Electronics ranked second with a share of 17.0 percent, followed by China’s TCL (9.3%) and Hisense (8.6%). Japan’s Sony took fifth place with a share of 8.0 percent. In terms of the number of TVs sold, Samsung topped the list with a share of 20.2 percent, followed by LG (12.0%), TCL (11.7%), Hisense (10.1%), and Xiaomi (6.5%).

Samsung and LG maintained dominance in premium mega-sized TVs. Samsung was behind 51.1 percent of the premium TVs priced over $2,500, selling its Neo QLED and Lifestyle TVs. LG took 21.2 percent of the premium market. The two made up 72.3 percent.

Sony and Hisense accounted for 20.3 percent and 1.5 percent, respectively. In the market for 75-inch or bigger TVs, Samsung and LG each made up 37.5 percent and 16.2 percent. They had made up more than half of the super-big TV market.

QLED TVs led by Samsung sold 9.14 million units globally, of which 70 percent, or 6.72 million units bore Samsung name. OLED TVs sold 4.3 million units, of which 2.55 million units were in LG brand.

Samsung Electronics shares were down 0.81 percent in the morning session on Tuesday, while LG Electronics shares fell 0.55 percent to 89,600 won.