China Leads in TV Manufacturing, but Domestic Market Shrinks
Representatives of the National People’s Congress recently discussed the concerning trend of declining TV turn-on rates in China, despite the country’s dominance in TV manufacturing. According to reports, China currently produces 75% of the world‘s TV sets, with a growing market share in overseas markets as well.
TCL founder, Li Dongsheng, emphasized the country’s competitiveness in the high-definition display industry but expressed concerns about the shrinking domestic TV market. He highlighted the need to increase the turn-on rates of TV users by enhancing the quality of content and attracting more investment in the industry.
A recent survey predicts a significant decline in China’s TV market in the second half of 2023, with monthly year-on-year declines exceeding 10% and potentially dropping below 20% by the end of the year. This downward trend is attributed to TVs no longer being considered a necessity in Chinese households.
The decline in TV shipments is directly linked to the decreasing turn-on rates, with reports showing a sharp drop from 70% in 2016 to less than 30% in 2022. The rise of smart TVs with diverse interactive features has provided users with alternative entertainment options, impacting traditional TV viewing habits.
Experts suggest that high and varied membership fees for certain TV services may also contribute to the lack of interest in watching traditional television. Addressing these challenges will be crucial for revitalizing the Chinese TV market and ensuring the continued growth of the high-definition display industry.
As the industry works to overcome these obstacles, it is clear that a comprehensive strategy is needed to adapt to the evolving preferences of modern consumers. For more updates on this topic, please visit Kuai Technology.