Samsung Accounts for 33% of Global TV Market Revenue in Q3
Samsung Electronics posted the highest ever TV market revenue share in the third quarter of 2020. LG Electronics also finished second with increased sales, beating Chinese companies.
According to global market research company Omdia, a total of 62.87 million TV units, valued at US$28.15 billion, were sold globally in the third quarter of 2020, up 14.7 percent from a year earlier in volume terms and an 11.8 percent increase in revenue terms.
The COVID-19 pandemic fed demand for TVs as people stayed home due to infection concerns. The pent-up demand from those who put off buying TVs in the first half of 2020 also boosted TV sales in the third quarter.
Samsung sold 14.85 million units worth US$9,315.63 million in the third quarter, up 39 percent and 22 percent from a year earlier in volume and revenue terms, respectively. In particular, the global TV giant accounted for 33.1 percent of the global TV market revenue, breaking the previous record of 32.4 percent set in the first quarter of 2020. The growth was driven by its premium QLED TVs.
LG Electronics also fared well. The company ranked second with a 16.6 percent market revenue share, beating Sony with 10.1 percent and China's TCL and Hisense with 7.3 percent each.
Samsung and LG together accounted for 49.7 percent of the global TV market revenue in the third quarter.
In terms of sales volume, Samsung Electronics topped the list with a 23.6 percent share, while LG Electronics, which had fallen to third place in the second quarter, returned to second place with 11.6 percent. TCL followed with 10.9 percent and HiSense with 9.0 percent.
In terms of sales quantity, Korean companies took up 35.2 percent of the global market, outperforming Chinese companies with 33.8 percent. Korean companies' TV shipments hit an all-time high in the third quarter of 2020.
Sales of large-screen TVs also increased. Samsung Electronics’ revenue share reached 53.5 percent in the market for 80-inch or bigger TV models. Sony came in second with 21.5 percent and LG with 14.1 percent.