Global TV shipments dropped three per cent in 2023 to reach 223 million units, a new report said on Tuesday.

According to Counterpoint Research, the US market’s strength proved insufficient in offsetting the weakness in China and Europe.

“As the first joint product of Counterpoint and DSCC, the tracker also shows how we are bringing additional value to clients, with the net result much greater than the sum of its parts,” said Tom Kang, Director, Counterpoint Research.

According to the report, premium TV shipments for the year decreased 1 per cent annually but increased their market share to 10 per cent helped by a surge in China.

“We are expecting premium to do better this year on increasing screen sizes and ASPs,” said Calvin Lee, DSCC Senior Director, South Korea.

As per the analysts, the global premium TV segment is expected to grow by mid-single digits in 2024 on recovery in the US and Europe. “Recovery in the US and Europe will be a big factor but, as we are seeing in China, the right balance of features and pricing can be a big driver of replacement rates,” Lee stated.