TCL’s premium TV shipments more than double year-on-year, overtaking LG

In brief: You’d be forgiven for thinking TCL is behind LG when it comes to premium TV shipments, but the Chinese giant has overtaken its Korean rival in this market segment. Samsung still leads the pack, but TCL’s share has grown an impressive 8% year-on-year.

TCL, known for its affordable yet high-quality 4K, QLED, and Mini-LED TVs, shipped more than twice as many premium TVs YoY in Q4 2024. It captured 20% of global premium TV shipments, according to data from Counterpoint Research (via Flatpanels). That puts it ahead of LG, which held a 19% share.

The two companies’ shipment figures have gone in opposite directions since Q4 2023, when LG held a 26% share and TCL was on 12%.

Samsung remains the leader when it comes to premium TVs. Its share dropped from 41% to 29% year-on-year, but it’s still comfortably ahead of second-place TCL.

Chinese brands are showing impressive growth in this market. Hisense also saw its shipment share rise, from 10% in 2023 to 16% in Q4 2024.

With so many marketing terms now flooding the TV market, what falls into the category of a premium TV isn’t always clear – some mid-range TVs are being marketed as QLED or mini-LED sets.

Counterpoint writes that it classifies QD-MiniLED, QD-LCD, NanoCell, LCD 8K, QD-OLED, WOLED, and MicroLED TVs as premium TV models. The segment grew 51% YoY to reach a record high in the fourth quarter, with full year shipments up 38%.

In terms of global shipments (i.e., not just the premium sector), TCL overtook LG in 2022, with Hisense doing the same a year later. Samsung also leads this area, though its share is only 2 percentage points higher than TCL’s.

Counterpoint notes that Mini-LED LCD TV sales are growing rapidly, having increased by more than 170% YoY.

While premium TV shipments have increased, the overall TV market grew by just 2% in the final quarter of 2024. Calvin Lee, a researcher at Counterpoint Research, warns that the 25% tariff on imports from Mexico implemented by the Trump administration today will have an impact on Mexican-produced TVs. Samsung, LG, Hisense, TCL, Sony, Panasonic, and Vizio all have production facilities – or their contract manufacturers do – in the country.