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Press Releases
Explosive Inflationary Pressure and Slumping Consumer Demand, Global TV Shipments Fight to Hold at 200 Million Units in 2022, Says Trendforce

2022/07/26

Consumer Electronics

According to TrendForce research, global TV shipments in 2H22 reached 4517 million units, falling 5% QoQ and 68% YoY This was the first time shipments fell below a record low of 46 million units in the second quarter The economies of Europe and the United States have been hit by rising inflation and interest rate hikes In addition, China has been affected by the spread of the COVID-19 pandemic and has repeatedly implemented measures such as lockdowns and a dynamic zero-COVID policy These three major TV sales regions are facing different facet of economic issues, seriously affecting overall shipments and sales TV shipments from Samsung and LG, mainly sold in Europe and the United States, were revised downward by nearly 30% in 2Q22 and, with a combined market share of nearly 32%, this development sent shockwaves through on the market TrendForce further indicates, as the world was enveloped by inflation this year, global TV shipments reached 9272 million units in 1H22, a decrease of 58% YoY Under the sustained influence of inflation and the conflict between Russia and Ukraine, shrinking consumer budgets mean TV sales have missed forecasts, causing inventory levels to rise It has become a foregone conclusion that there will be no peak in the 2H22 peak season for TV shipments Therefore, TrendForce once again revises this year's TV shipments down to 202 million units, a decrease of 38% YoY Although TV brands are actively creating new promotion opportunities, if results are not as expected, continued risk of annual shipment volume being downgraded to below 200 million units cannot be rule out Shipments from international brands fail to meet expectations, Hisense leaps into second place for LCD TVs Both TV panel prices and shipping costs have fallen significantly this year, helping brands increase promotions in terminal markets However, rising inflation in Europe and the United States has caused a sustained rise in terminal inventory, so destocking has become TV brands’ primary goal this year The two major TV brands Samsung and LG are primarily sold in North America and Europe and have borne the brunt of market forces since they account for nearly 50% of shipments Samsung will face a battle to hold its shipments at 38 million units this year, a decrease of 8% YoY Although LG maintained marginal growth in OLED TV shipments, due to the rapid decline in demand for LCD TVs, annual shipments could not escape contraction, reaching 2574 million units, a decrease of 116% YoY, and dropping LG’s LCD TV shipments to fourth place for the first time Hisense's sub-brand Vidda focuses on cost-effective products and has successfully gained favor with young and frugal bourgeoisie in the Chinese market Hisense's shipments this year are estimated to reach 2276 million units, an annual increase of 43% Not only is Hisense the only brand to grow among the five major brands, it has for the first time, simultaneously taken second place in LCD TV shipments TCL has actively cultivated overseas markets in recent years and, currently, its proportion of export sales has reached 75% However, sluggish demand in Europe and the United States has indirectly affected TCL's shipments to a tune of 218 million units this year, a decrease of 36% YoY Although Xiaomi's domestic market share is being gradually eroded by Vidda, the company is fortunate that demand in the Indian market has recovered this year, acting as a backstop for this year's shipments to remain flat, reaching 1306 million units OLED TV market squeezed by falling LCD TV panel pricing, 2022 growth rate to contract to 78% Terminal TV sales were weak this year but panel manufacturers continue to invest in new production capacity, resulting in an expansion of the supply/demand glut ratio of TV panels and whole devices to 35%, the most severe oversupply in the past five years As a result, the price of LCD TV panels has been in a sustained decline since 2H21 This year's decline has caused LCD TV prices to not only fall below the lows of 2019, but also blow through cash costs TrendForce forecasts LCD TV shipments at approximately 195 million units this year, down 41% YoY On the other hand, LG Display, a major supplier of OLED TVs, maintained its quotations through product specification upgrades this year but the price gap between OLED and LCD TV panels continued to widen In terms of the price of 55-inch UHD panels, the price differential between the two has expanded from a multiple of 18 to 48 this year, which not only caused Samsung to delay its 2022 mass production schedule, but also lead to the annual growth rate of OLED TVs contracting to single digits at 78% and 723 million units LG has a market share of 58% in OLED TVs and SONY maintains a 20% share Ultimately, Samsung delayed the launch of its white OLED TVs for a year With only QD OLEDs acting as a backstop this year, the company’s market share reached 6% For more information on reports and market data from TrendForce’s Department of Display Research, please click here, or email Ms Vivie Liu from the Sales Department at vivieliu@trendforcecom For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/

Press Releases
LCD TV Panel Prices Fall to New Low, Panel Production Capacity Cut in 3Q22, Says TrendForce

2022/06/09

Display

According to TrendForce, LCD TV panel quotations bore the brunt of continuous downgrades in the purchase volume of TV brands and pricing for most panel sizes have fallen to record lows Recently, it was announced that the 32-inch and 43-inch panels fell by approximately US$5~US$6 in early June, 55-inch panels fell approximately US$7, and 65-inch and 75-inch panels are also facing overcapacity pressure, down US$12 to US$14 In order to alleviate pressure caused by price decline and inventory, panel makers are successively planning to initiate more significant production control in 3Q22 According to TrendForce’s latest research, overall LCD TV panel production capacity in 3Q22 will be reduced by 12% compared with original planning As Chinese panel makers account for nearly 66% of TV panel shipments, BOE, CSOT, and HKC are industry leaders When there is an imbalance in supply and demand, a focus on strategic direction is prioritized  According to TrendForce, TV panel production capacity of the three aforementioned companies in 3Q22 is expected to decrease by 158% compared with their original planning, and 2% compared with 2Q22 Taiwanese manufacturers account for nearly 20% of TV panel shipments so, under pressure from falling prices, allocation of production capacity is subject to dynamic adjustment On the other hand, Korean factories have gradually shifted their focus to high-end products such as OLED, QDOLED, and QLED, and are backed by their own brands However, in the face of continuing price drops, they too must maintain operations amenable to flexible production capacity adjustments TrendForce indicates, in order to reflect real demand, Chinese panel makers have successively reduced production capacity However, facing a situation in which terminal demand has not improved, it may be difficult to reverse the decline of panel pricing in June However, as TV sizes below 55 inches (inclusive) have fallen below their cash cost in May (which is seen as the last line of defense for panel makers) and is even flirting with the cost of materials, coupled with production capacity reduction from panel makers, the price of TV panels has a chance to bottom out at the end of June and be flat in July However, demand for large sizes above 65 inches (inclusive) originates primarily from Korean brands Due to weak terminal demand, TV brands revising their shipment targets for this year downward, and purchase volume in 3Q22 being significantly cut down, it is difficult to see a bottom for large-size panel pricing TrendForce expects that, optimistically, this price decline may begin to dissipate month by month starting in June but supply has yet to reach equilibrium, so the price of large sizes above 65 inches (inclusive) will continue to decline in 3Q22 TrendForce states, as panel makers plan to reduce production significantly, the price of TV panels below 55 inches (inclusive) is expected to remain flat in 3Q22 However, panel manufacturers cutting production in the traditional peak season also means that a disappointing 2H22 peak season is a foregone conclusion and it will not be easy for panel prices to reverse However, it cannot be ruled out, as operating pressure grows, the number and scale of manufacturers participating in production reduction will expand further and it timeframe extended, enacting more effective suppression on the supply side, so as to accumulate greater momentum for a rebound in TV panel quotations For more information on reports and market data from TrendForce’s Department of Display Research, please click here, or email Ms Vivie Liu from the Sales Department at vivieliu@trendforcecom For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/

Press Releases
Inflation Suppresses Consumer Products Demand, 2022 Global TV shipments Revised Down to 212 Million Units, Says TrendForce

2022/04/26

Consumer Electronics

According to TrendForce investigations, global TV shipments will reach 4726 million units in 1Q22, down 20% QoQ Driven primarily by the Russian-Ukrainian war, prices of raw materials such as crude oil and natural gas have risen, while the recent breakout of the Omicron strain of the pandemic in China has incited repeated no warning attempts at enacting dynamic zero-COVID, which has hindered the flow of logistics, hiked freight rates, and taken as a whole, exacerbated existing global inflation woes Consumers with limited disposable income have started to cut back on non-essentials with TV sales bearing the brunt Looking at the three major TV sales regions of North America, Europe, and China in 1Q22, high inflation in Europe and the United States has led to a sharp 20% drop in demand In China, due the festering pandemic, numerous cities have been locked down, while unemployment is spiking, logistics are impeded, and prices soar TV product sales are at a complete disadvantage and the demand in 1Q22 dropped by 15~20% TrendForce further points out, originally Chinese brands banked on low 2Q22 panel prices and not being required to shoulder expensive shipping costs in the domestic market, expecting that the 618 anniversary promotional period would inject fresh enthusiasm into the market and boost annual shipments However, now that China's TV sales are disrupted by the pandemic, any hope riding on TV brands’ only large-scale promotional event in the first half of the year may have been dashed In addition, Q3 was when brands stocked up in previous years for Black Friday and Christmas season promotions in Europe and the United States However, this year’s FIFA World Cup was postponed to November, resulting in overlapping promotional schedules, which may curb sales Ocean freight remains expensive this year, with additional costs increasing with greater item size, which is not conducive to the rollout of branded manufacturers’ large-scale promotional activities in 2H22 Therefore, TrendForce estimates that this year's TV shipments will drop further to 212 million units, for an annual growth of only 1%, and there exists additional potential for downward risk Demand in Europe and US misses estimates, international brands drop orders, and 2Q22 decline in TV panel prices expands further The top two leading TV brands, Samsung and LG Electronics, are mainly sold in North America and Europe Therefore, since TV sales in Europe and the United States declined by 20% in 1Q22, this had the greatest impact on these two leading brands Samsung Electronics shipped 109 million TVs in 1Q22, down 31% QoQ while LG Electronics shipped 653 million TVs in 1Q22, down 118% QoQ and down 64% YoY Affected by weak terminal demand, the two major brands revised their panel purchase orders in late March Samsung's purchasing volume in 1Q22 was revised down 75% and fell by 95% in 2Q22 LG Electronics primarily focused on reducing purchase orders in 2Q22 and purchasing volume decline is expected to exceed 20% TrendForce specifically states, major international manufacturers have recently revised their orders in succession Although Chinese brands have yet to see a significant reduction in orders, if 618 promotions are disappointing, it cannot be ruled out panel procurements will begin to fall in mid-to-late Q2 Although branded manufacturers significantly revised TV panel orders downward in 2Q22, panel manufacturers have not seen a significant reduction in utilization rate, which will depress the price of panels below 55 inches (inclusive) in a sustained freefall while the prices of large size panels above 65 inches (inclusive) will continue to deteriorate Samsung Electronics delays launch of WOLEDs, styming 2022 OLED TV shipment performance This year, the supply of OLED TV panels has benefited from LG Display's expanded production capacity of 85-generation OLED TVs in Guangzhou As supply increased, LG Display also improved product specifications and prices, but this led to Samsung Electronics delaying the verification and launch schedule of white OLED products Not only has Samsung Electronics' 2022 market share of OLED TVs shrunk from 15% at the beginning of the year to 64%, but global OLED TV shipments will be revised down to 779 million units this year, with an annual growth rate of 17% For more information on reports and market data from TrendForce’s Department of Display Research, please click here, or email Ms Vivie Liu from the Sales Department at vivieliu@trendforcecom For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/

Press Releases
TV Shipments Estimated to Reach 217 million units in 2022, High-end Competition White Hot, Says TrendForce

2022/01/25

Consumer Electronics

The shipment performance of TV brands in 1H21 benefited from COVID-19 economic relief funds in the US, driving a continuing boom in North American shipments, according to TrendForce’s investigations At the same time, TV brands continued to replenish panel inventories, pushing up panel prices As the pandemic slowed down in Europe and the United States in 2H21, life returned to normal and pandemic stimulus no longer applied, challenging demand levels In addition, rising raw material and freight prices pushed up whole device cost, forcing TV brands to pass costs onto retail pricing Even though TV brands staked their hopes on the two major annual yearend sales promotion events of Singles Day in China (the biggest shopping day of the year globally, online and IRL) and Black Friday, sales performance was poor due to high costs leading to a slump in end-user demand and eventually causing TV shipments to decline by 32% annually to 210 million units in 2021 TrendForce further indicates that panel supply and overall production capacity will be ample in 2022, dispelling severe TV panel price fluctuations while ushering in steady and moderate fluctuations as a replacement After a sharp revision in TV panel prices in the 2H21, this year’s panel pricing is more advantageous to the planning of TV brands In addition, the severe impact of the pandemic in Southeast Asia and emerging markets and high panel prices last year caused TV brands to reduce the scale of small-sized 236-inch, 32-inch, and 43-inch products, forcing a deferral of demand In 2022, the pricing of small-sized panels will be close to panel manufacturers’ cash cost which will help TV brands recapture a larger proportion of small-sized panel shipments The proportion of shipments below 39-inch will remain at 25%, medium-sized 40~59-inch panels will remain at 55%, and large-sized panels above 60-inch will remain the focus of international brands with market share expected to rise to 20% Benefiting from the deferral of small-sized panel demand, TV shipments in 2022 will grow by 34% to 217 million units OLED TV growth to slow down in 2022, annual growth rate to settle at 27% In 2021, OLED TVs benefited from soaring LCD prices in the previous two years This was also the case with 55-inch 4K O/C products The price difference between the two has narrowed from a multiple of 47 in early 2020 to 18 in mid-2021, thereby incentivizing more TV brands to switch to producing OLED TVs when LCD panel supply is limited and driving OLED TV shipments to 67 million units in 2021, or 70% growth YoY Although Samsung Electronics intends to join the white OLED camp and simultaneously launch QD OLED TVs this year, the continuing falling pricing of LCD panels and the price of OLED TV panels (subject to LG Display's strategy of increasing pricing as opposed to dropping them) may disrupt Samsung Electronics' rollout of OLED TVs If Samsung Electronics fails to launch spring OLED TV models, its original shipment target of 15 million units will inevitably be affected However, whether it launches OLED TV models in spring or summer, Samsung Electronics will take advantage of its brand and channel advantages irrespective of other considerations to take the OLED TV market by storm and aim for a market share of 15% Annual growth rate of Mini LED TVs doubled, shipments push towards 45 million units TCL has opened up new horizons for TV products after releasing its first Mini LED TV in 2020 In 2021, Samsung Electronics launched a series of 50-85-inch mid/high-end 4K and flagship 55-85-inch 8K Mini LED models, with shipments exceeding one million units in the first year, reaching 15 million units, and boosting overall Mini LED TV shipments in 2021 to 21 million units In addition to Samsung Electronics and TCL continuing to utilize Mini LED in 2022, more TV brands will also join the fray Overall Mini LED TV shipments will race towards 45 million units SONY showed its 8K 85-inch and 75-inch TVs for the first time at CES at the beginning of the year Sony’s flagship 4K 85-inch, 75-inch, and 65-inch models were the most notable at CES and Sony will join Samsung and LG Electronics as another international brand marketing OLED and Mini LED TVs, intensifying competition in the high-end TV market For more information on reports and market data from TrendForce’s Department of Display Research, please click here, or email Ms Vivie Liu from the Sales Department at vivieliu@trendforcecom For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/

Press Releases
TV Shipment Expected to Undergo 12.4% YoY Decline for 2H21 Despite Arrival of Traditional Peak Season, Says TrendForce

2021/11/22

Consumer Electronics

Quarterly TV shipment for 3Q21 reached 5251 million units, representing an 83% QoQ increase but a 147% YoY decrease, according to TrendForce’s latest investigations Demand for TVs was constrained during the quarter by the increase in various country’s vaccination rates as well as the rising retail prices of TV sets, resulting in a YoY shipment decline despite the arrival of the peak season It should be noted that prices of TV panels began to plummet in August, and this price drop enabled Chinese TV brands to both expand sales during the Singles’ Day (November 11) shopping festival and in turn make up for deficits in their yearly sales targets Global brands, on the other hand, will be unable to capitalize on the price drop of TV panels by reflecting this cost-savings on their TV sets’ retail prices until 1Q22 due to factors such as production, transportation, and inventory adjustments These brands are therefore having a difficult time increasing their TV shipment for 4Q21 Quarterly TV shipment for 4Q21 is expected to reach 5913 million units, representing a 126% QoQ increase but an 103% YoY decrease TV shipment for 2H21 will therefore likely be among the lowest compared to shipment volumes for second halves of previous years historically TrendForce further indicates that TV manufacturers’ shipment performances have been weakening this year as the market approaches the year’s end Stimulus checks issued in the US resulted in persistently high TV shipment in North America in 1H21, with brands maintaining their procurement of TV panels, thereby driving up the prices of TV panels as a result As the COVID-19 pandemic is gradually brought under control, and everyday life returns to normalcy in Europe and North America in 2H21, the pandemic-generated upswing in TV sales subsequently lost momentum Furthermore, while prices of raw materials and transportation/logistics services remained sky-high, manufacturing costs of whole TV sets also underwent a sharp climb and were then transferred to consumers Taken together, these factors quickly wiped out market demand for TVs TrendForce therefore expects annual TV shipment for 2021 to reach 210 million units, a 32% YoY decline With a forecasted annual shipment of 68 million units for 2021, OLED TVs have become favored by various brands amidst rising manufacturing costs of TV sets TV brands face various manufacturing-related challenges this year Not only have panel costs, which account for the largest share of TV sets’ manufacturing costs, undergone an increase, but port congestions have also led to rising shipping costs and an extended lead time before TV sets can be delivered for retail sale In addition to an uneven availability of various components, these aforementioned obstacles all exacerbate the risks involved with TV brands’ shipment In a bid to maximize profits, however, brands have been making a concentrated effort to ensure that the production of OLED TVs remained free from disruptions in an effort to maximize profits As brands shift the focus of their sales efforts to OLED TVs, OLED TV shipment for 2021 is expected to reach 68 million units, a 728% YoY increase This growth can primarily be attributed to an increase in OLED TV supply due to the expanded production capacity of LGD’s production line in Guangzhou, as well as the narrowing difference between LCD panel prices and OLED panel prices due to the sharp rise in the former in 1H21 In particular, LGE is set to take leadership position with an over 60% market share and a 91% YoY growth in its OLED TV shipment Trailing behind in second place is Sony, which has been sourcing OLED panels from LGD The Japanese company is expected to register a 53% YoY increase in shipment and possess a 20% market share Panasonic, on the other hand, comfortably took third place with a 7% market share Notably, Xiaomi and Sharp are the two dark horses with regards to OLED TV shipment this year with explosive YoY growths of 900% and 140%, respectively Major brands will concentrate on the high-end and large-sized segments, while smaller brands will continue to steadily develop mainstream products While demand in the TV market recovers as the pandemic runs its course, TrendForce expects 45% and 55% of the total annual TV shipment for 2022 to take place in 1H22 and 2H22, respectively TV shipment for 2022 will likely reach 217 million units, a 33% YoY increase, as brands are able to aggressively ramp up their TV shipments thanks to not only an undisrupted supply of panels, but also gradually stabilizing prices For major brands, their focus will be on medium-sized and large-sized products and on products with substantial added values Hence, the market share of large-sized TVs (including 65-inch and above models) will for the first time ever surpass 20%, with medium-sized (40-inch to 59-inch models) TVs remaining at a 55% market share Although major brands are gradually exiting the small-sized segment, and smaller brands will have an easier time expanding their presence in emerging markets owing to gradually stabilizing prices, small-sized (39-inch and below models) TVs will see their market share drop by 18% next year to 25% In any case, the primary target markets for major brands and smaller brands will not overlap next year For more information on reports and market data from TrendForce’s Department of Display Research, please click here, or email Ms Vivie Liu from the Sales Department at vivieliu@trendforcecom For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/

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