Data from the market research institute AVC Revo shows the global shipments of Hisense TV from January to October reached 19.6 million, with a year-on-year growth rate of 18%. This record sales position Hisense the 2nd in the global market, a historical high in the brand's history, and demonstrate its increasingly essential role in the home appliance industry under challenging times.
In 2022, the world economy is growing at a stagnated pace. High and persistent inflation worldwide continues to erode consumer purchasing power and greatly affects buying decisions. In terms of the global TV industry, consumer demand falls to its lowest in nearly a decade. According to the latest "Global TV Brand Shipment Monthly Data Report" released by AVC Revo, global TV shipments have declined for eight consecutive months this year, with cumulative global TV shipments falling by 5.9% in the first three quarters.
According to data released by AVC Revo, Hisense TV's sales volume in the Chinese market has achieved a 14-month growth since September 2021. From 2022 January to October, Hisense TV's shipments increased by 30% year-on-year. Since March 2022, Hisense TV shipments to overseas markets have been growing continuously for 8 consecutive months. From January to October, overseas shipments show a 13% year-on-year growth.
Rapid growth of Hisense TV market shares in Europe
The Hisense Europe Electronics factory in Velenje is also part of this success. Since the opening of the TV factory last year, when our market share in Europe was insignificant, we have climbed towards the top of the market share in Europe with Hisense TV sets in record time. We are in third place in Slovenia, in first place in Serbia, and in the Europe we are in 4th place in terms of market share. Across Europe, 24 million TV sets were sold from January to September 2022, and further growth is expected by the end of the year due to Black Friday and the FIFA World Cup in Qatar.
AVC Revo's analysis unveils the reasons for Hisense TV's outstanding achievements amidst turbulence. On the one hand, the dynamic combination on different fronts caters precisely to consumer needs and rationalizes the product layout. On the other hand, Hisense's long-term efforts in sports marketing also pays off, successfully elevating its brand awareness and competitiveness in the world market.
In addition, Hisense's excellent supply chain functions as another positive factor in the overall brand growth. It not only ensures a stable supply of products, but also prevents raw material prices from being affected by market fluctuations, helping Hisense keep production costs at the most optimal level.
Hisense's substantial growth in the global market cannot be parted from its business strategies and continuous efforts in upgrading its product lines with cutting-edge technology. In the future, Hisense will reinforce its commitment to delivering more premium solutions, providing customers with next-level enjoyment.