1. The total shipment volume of TVs continues to bottom out, and the penetration rate of Mini LED TVs has increased against the trend
Under the influence of many factors such as the sluggish real estate market, the impact of new display products and the rise of short videos, although the total shipment volume of the TV market is still in the process of bottoming out, the structural changes led by high-endization continue to be interpreted. Mini LED TVs performed well in 2023. It is predicted that the penetration rate of Mini LED TVs in 2023 will be 2.9%, corresponding to 910,000 units of shipments, which will more than double the shipment volume in 2022.
The reason behind the high growth of Mini TV shipments is the resonance of the dual factors of "the continuous release of cost reduction potential of the industrial chain" and "the terminal intends to promote Mini LED TV products to the price band of volume". At the same time, the industry also recognizes the potential of Mini LED to increase volume.
2. Mini LED: The upgrade of LCD display, the core is the conversion of backlight modules from traditional light strips to Mini backlight modules
Mini LED opens the display ceiling of traditional LCD and is the preferred solution for upgrading TV display technology. Mini LED, also known as "sub-millimeter light-emitting diode", refers to LED devices with chip sizes between 50-200 microns. Equipped with Mini LED, it can produce a display effect of 0.5-1.2 mm pixel particles. There are mainly two types: "direct display solution" and "backlight display solution". At present, the Mini LED backlight solution is mainly used in LCD TV products, that is, the LED backlight module in the traditional LCD TV is replaced with the Mini LED backlight module, which improves the brightness and contrast through more precise light control technology while reducing power consumption. From the evaluation of key elements of display technology, Mini LED has advantages in power consumption, cost, life, dot pitch, brightness, and contrast, and is the preferred solution for upgrading TV display technology.
3. The maturity and shipment volume of the OLED industry chain are higher than those of Mini LED, but the gap between the two is narrowing rapidly.
Among the upgrade solutions for LCD TV display effects, there are currently three major mainstream technical routes: Mini LED, OLED and Micro-LED. Among them, the implementation logic of the display solutions of Mini and Micro is similar, and Mini can be regarded as a transitional form of Micro. Both Mini and OLED solutions have effectively improved the display effect of terminal products. In the early days, they were mainly used in scenarios such as laptops, tablets and mobile phones. Among them, OLED screens have been used in mobile phones for many years, and the industry chain is highly mature. Therefore, OLED currently has a higher market share than Mini LED in TV scenarios. However, the self-luminous characteristics of OLED pixels make the cost reduction space of large-size OLED TVs limited compared to Mini LED TVs, and the gap in shipments between the two is rapidly narrowing.
4. The terminal promotes the price reduction and quality improvement of Mini LED TVs, leading to a significant increase in penetration rate
Mini LED TV parameters continue to break through, and the median terminal pricing continues to decline. Since 2021, traditional backlight TV manufacturers represented by Samsung, Sony, Hisense, TCL, etc. have entered the Mini LED technology. Various brands continue to expand their product matrix, and the size of Mini LED TVs has shown a steady increase. Large-screen Mini LED TVs have become the mainstream of the industry, and 100-inch TVs have been launched one after another. With the support of Mini LED display technology, the number of partitions has doubled to achieve precise light control, the number of partitions of the highest partition TV has achieved a breakthrough of 40,000, the peak brightness has been significantly enhanced, and the peak brightness of 1,000 has become normalized. In conjunction with the supply chain cost reduction, the median price of new products has continued to decline, the terminal sales of Mini LED TVs have been reduced in price, and the strong demand for large-size and high-end TVs has helped accelerate its penetration rate.
5. The penetration rate of Mini LED TVs has increased significantly from 2021 to 2023.
In 2021, the concept of Mini LED TVs was initially introduced globally, with annual shipments of about 2.1 million units and a penetration rate of less than 1%; in 2022, global shipments reached 3.1 million units, and the penetration rate exceeded 1.5%, during which my country's sales accounted for about 10%+; in 2023, with the price reduction of new terminals, the sales of Mini LED TVs in the domestic market increased significantly, reaching about 910,000 units in 2023, accounting for more than 20% of the global total shipments, and the annual shipment penetration rate increased to nearly 3%, exceeding the global level.
