In 2023, Global TV Shipments Reach a record low
With time and technological developments, the requirement for multiple products gets narrow. It was a time when users required different gadgets in order to carry out different activities like camera, calculator, music player, and others. Right now, all these activities can be carried out on just smartphones. Perhaps another tech product is experiencing this. We are talking about the TV industry. Even though fewer people are buying them, those that do prefer very high quality and larger screens.
Last year observed the continued decline in the global TV market. As compared to 2022, the sales dropped by 1.6%. it was the lowest number of TV units sold in a decade. There are several reasons for this. First and foremost, users now watch less TV. Nowadays, a lot of people like digital entertainment platforms that they can access on their computers, tablets, and phones.
Users who prefer big screens and high image quality are the potential buyers of TVs in today’s age. Such user interests lead to increased demand for high resolutions like 4K and 8K. it also impacted the sizes and now we have offerings in 49 inches and above. However, interest in these pricey models is also declining due to issues like worldwide inflation.
North America (7.5%), Latin America (2.3%), and Eastern Europe (3.4%) all witnessed increases in shipments year over year, with the United States seeing a substantial resurgence. Other regions, on the other hand, experienced yearly decreases. These include the Middle East and Africa (-3.0%), China (-8.4%), Western Europe (-11.5%), and Asia-Pacific (-0.2%). Besides this, all regions observed slow demand for new and replacement TV sales. This implies that, despite geographical differences, consumer trust in the TV market is generally declining.
In the second half of 2023, the Chinese TV market experienced a major decline. It was a time of significant downturn for the Chinese TV market. Reportedly, it was more than a monthly decrease of more than 10% year over year. In December 2023, the decline rate was more than 20%. At 36.56 million units, the yearly market size fell below 37 million units, the lowest number in the previous ten years.
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