Samsung Electronics, the world’s leading TV manufacturer, saw its market share in revenue and shipments decline in Europe, the largest premium TV market, during the first half of 2024. This drop occurred despite a resurgence in European TV demand. Meanwhile, competitors LG Electronics and China’s TCL increased their shares in the market.
In Europe, where consumers have traditionally favored premium brands, TCL’s growth is particularly notable. Once considered a low-cost alternative, Chinese TVs are now gaining traction in the premium segment. LG Electronics also performed well by expanding its lineup of Quantum Dot-LCD (QD-LCD) TVs.
According to data from market research firm Omdia, Samsung’s revenue share in the European TV market dropped to 33.6% in the first half of 2024, down from 39% a year earlier. During the same period, LG’s share increased from 19.6% to 21.1%, and TCL’s rose from 5.1% to 6.8%.
In terms of shipments, Samsung’s share fell from 26% to 22.6%, while LG’s increased from 15.8% to 16.8%. TCL saw a similar rise, growing from 6.5% to 8.1%.
Samsung’s decline in Europe is primarily attributed to weak sales of its QD-LCD TVs. Europe remains a key market for premium TVs, including QD-LCD and OLED models. Among the 12 leading global TV manufacturers, Samsung was the only one to report a decline in QD-LCD shipments in Europe, with its market share falling from 64.5% in the first half of 2023 to 47.1% this year.
Industry experts suggest Samsung’s premium TV strategy is facing challenges as it competes with LG and TCL. In the mid-range QD-LCD segment, Samsung has lost ground to lower-cost Chinese brands, while in the high-end market, LG’s expanded premium offerings have helped it gain market share.
“The bias against Chinese LCD TVs in Europe has already disappeared,” said an industry insider. “TCL is targeting Samsung’s QD-LCD lineup with aggressive marketing, while LG has successfully defended its premium segment against the Chinese competition by strengthening its own QD-LCD offerings.”
Europe’s TV market, which had been sluggish in recent years, saw renewed demand in 2024, driven by major sporting events like the Paris Olympics. During the first half of this year, European QD-LCD TV shipments grew by about 26%, benefiting LG and TCL. LG’s shipments increased by 26%, while TCL saw an 85% surge year-over-year.
Samsung’s differentiation strategy has been struggling to take hold, with its MicroLED TVs failing to capture significant demand. Analysts estimate that fewer than 1,000 MicroLED units are sold annually, making the sales numbers too small for tracking. Many of these units are believed to be display models.
Samsung’s Neo QLED 8K TV, another flagship product, has also struggled. Despite more than six years of marketing efforts, the European market has not responded. In 2021, 72,000 8K TVs were shipped in Europe in the first half, but that number fell to 19,000 units this year. The lack of 8K content and stricter energy regulations in Europe, which favor energy-efficient appliances, are contributing factors.
At IFA 2024 in Berlin, Lee Young-hee, head of global marketing for Samsung’s device experience division, acknowledged that the gap between Samsung and its Chinese competitors in terms of quality and design is closing. LG Electronics CEO Cho Joo-wan, after viewing TCL’s new TV lineup, said, “TCL has almost caught up with South Korean companies. We need to be seriously concerned.”
