4K TV shipments topped 3 million units last quarter, up a whopping 500 percent compared to the same quarter last year, bringing total shipments to 6.4 million units this year, according to the latest report from global market research and consulting firm DisplaySearch.
The report notes that the jump in 4K TV shipments is primarily due to broader competition and more accessible price points.
China is the biggest 4K TV consumer market, accounting for more than 60 percent of global shipments last quarter. Samsung leads the global market with 36 percent share, although the South Korean company is facing stiff competition from Chinese brands.
Following Samsung is LG Electronics, which occupied the No. 2 spot with 15 percent of the global 4K TV market, while Sony came in at No. 4 with 9 percent of the market. Chinese companies Hisense and Changhong grabbed the No. 3 and No. 5 spots, with 10 and 6 percent of the market, respectively.
Top 5 Worldwide 4K TV Revenue Share by Brand
Overall TV shipments increased 4 percent year-on-year last quarter, with LCD TV shipments alone rising nearly 9 percent. However, annual TV shipment growth averaged less than 1 percent in the first half of 2014.
“While the last several years in the TV business have been difficult in terms of overall shipments and revenue, the market is showing some broad resiliency now, with most regions enjoying growth in the third quarter,” said Paul Gagnon, director of global TV research at DisplaySearch. “Consumption for primary TVs is entering a renewed replacement cycle in some key regions, while adoption of larger screens and 4K and other higher resolutions will keep consumers upgrading.”