Samsung's Global TV Market Share Hits 32.4% 'Quarterly Record'... LG Electronics Also Expands

[Asia Economy Reporter Kim Hyewon] Amid a double-digit contraction in the global TV market in the first quarter of this year due to the impact of the novel coronavirus infection (COVID-19), Samsung Electronics and LG Electronics have expanded their market shares. In particular, Samsung Electronics set a new record for the highest quarterly performance ever, thanks to strong performance in key markets such as North America and Europe despite COVID-19.

According to market research firm Omdia (formerly IHS Markit) on the 19th, global TV shipments in the first quarter totaled 46.5 million units based on confirmed figures, down 10.2% compared to the same period last year. In terms of value, it amounted to $20.595 billion, a decrease of 17.9% from last year.

Despite the simultaneous sluggishness of Chinese and Japanese companies such as TCL, Hisense, and Sony, Samsung Electronics and LG Electronics expanded both TV shipments and market shares in the first quarter. Based on value in the first quarter, brand market shares were Samsung Electronics 32.4%, LG Electronics 18.7%, Sony 7.1%, TCL 6.4%, and Hisense 6.1%, in that order.

Samsung Electronics’ global TV market share in the first quarter was 32.4%, up 3.1 percentage points from the same period last year. Following 32.3% in the fourth quarter of last year, it once again set a new quarterly market share record.

Global TV Market Share by Brand

It is analyzed that the increase in market share in North America (42.6%) and Europe (41.1%) played a driving role. In particular, North America’s market share grew by a remarkable 5.8 percentage points from 36.8% in the first quarter of last year.

Samsung Electronics explained, "This is the result of further strengthening our leadership by showing strong sales in the premium market over $2,500 centered on QLED TVs and the ultra-large TV market over 75 inches."

Samsung Electronics maintained its industry-leading position with a market share of 48.8% in the over $2,500 market and 50.4% in the ultra-large TV market over 75 inches, based on value.

LG Electronics’ global TV market share in the first quarter increased by 2.2 percentage points from 16.5% last year to 18.7%.

An industry insider explained, "In the first quarter, only China, where the COVID-19 outbreak occurred first, experienced production disruptions, while Korea was spared from production issues due to strong quarantine measures," adding, "Fortunately, demand was steadily supported mainly by premium products in the first quarter."

The problem lies in the second quarter when COVID-19 hit Western countries such as the United States and Europe in full force. It is expected that demand sharply declined in the largest sales markets due to COVID-19, and the forced shutdown period of major overseas factories was prolonged, causing significant damage on the production side as well. An industry insider said, "From the end of March, difficulties arose in sales sites in the U.S. and Europe, followed by challenges in local production," adding, "Even if domestic factories operate normally, export orders will inevitably decrease, which will affect performance."

This content was produced with the assistance of AI translation services.