China’s TCL eyes premium TV market with large screens in a bid to revamp brand image
- Driven by the increasing popularity of larger display TVs, revenue for the TV business grew 30 per cent year on year in the first three months of 2024
- Globally, TCL and its Chinese rival Hisense were the second-largest TV makers in the world by shipments, both taking 11 per cent of the market last year
Chinese television set maker TCL is looking to reposition itself as a premium brand, hoping that increased sales of higher-end, larger screen models will help boost its image.
Widely known as a “value for money” TV brand, TCL will move to transform itself into a maker of “affordable premium products”, Dmitri Hu, vice-president of TCL Industries, said at a press briefing in Wuhan, capital of central Hubei province, on Friday during the company’s Global Partners Conference.
Driven by the increasing popularity of TVs with larger displays, revenue for the company’s TV business grew 30 per cent year on year in the first three months of 2024, TCL Industries vice-president Bill Jiang said at the briefing.
TCL is now betting it can extend that momentum this year, as more consumers prefer large-sized screen models, and as mini LED technology allows it to offer larger devices at price points more competitive than OLED TVs of the same size.
In 2023, premium TV shipments in China grew 39 per cent, while revenue in the same segment grew 49 per cent, driven by Chinese brands’ “aggressive pricing and promotions” for mini LED TVs, according to a report by research firm Counterpoint in February.
Globally, TCL and its Chinese rival Hisense were the second-largest TV makers in the world by shipments, both taking 11 per cent of the market last year, according to Counterpoint. Samsung Electronics maintained its top spot with 16 per cent of worldwide share, the research firm wrote.
