Technological advancements often reduce the need for multiple products. Remember when you needed a separate camera, music player, calculator, and game console? Now your smartphone does it all. The same thing is kinda happening with TVs. People might buy them less, but when they do, they want bigger screens and super high quality. Here are the details…

Global TV shipments in 2023 hit a ten-year low

In 2023, the global TV market continued its decline. Sales dropped by 1.6% compared to the year before. This is the lowest number of TVs sold in ten years. There are a few reasons why this happened. Certainly, the first reason for these trends is that people are watching less TV. In today’s world, many individuals prefer digital content platforms accessible from their phones, computers, and tablets.

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TVs are now mainly the first choice for users focused on large screens and high image quality. This leads to a higher demand for resolutions such as 4K and 8K, with sizes of 49 inches and above. However, factors like global inflation are also reducing interest in these expensive models.

Shipments increased year-over-year in North America (7.5%), Latin America (2.3%), and Eastern Europe (3.4%), with the U.S. experiencing a notable rebound. However, other regions faced annual declines: Asia-Pacific (-0.2%), China (-8.4%), Western Europe (-11.5%), and the Middle East and Africa (-3.0%). Notably, both new and replacement TV sales remained sluggish across all regions. This suggests a general weakening of consumer confidence in the TV market, despite regional variations.

The decline in the Chinese TV market intensified in the second half of 2023. During the latter half of 2023, the Chinese TV market experienced a significant downturn, surpassing a monthly year-on-year decline of over 10%. In the final month of the year, the decline rate exceeded 20%. The annual market size dropped below 37 million units to 36.56 million, marking the lowest level in the past decade.

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