(Yicai) Jan. 19 -- Television shipments in the Chinese market plunged to the lowest in 10 years in 2023, according to data from a market research firm.

Nearly 36.6 million TVs were shipped in China last year, down 8.4 percent from the year before, according to data from Beijing Runto Technology.

The function of Chinese living rooms of demonstration and welcoming guests has weakened, Runto said. This, in addition to users' more fragmented time and more entertainment screen alternatives for TV, has made TVs no longer a must for families, Runto added.

Moreover, TV prices rose in the third quarter of last year because of surging display panel costs, affecting the demand for the product, Runto noted.

Even during China's 6.18 and Double 11 e-commerce shopping festivals on June 18 and Nov. 11, the total retail volume of TVs fell 10 percent and 20 percent, respectively, Runto data showed.

However, the market share for larger TVs increased, and the sales of TVs with mini light emitting diode displays surged 140 percent to 920,000 units last year from the previous one. This reflected the trend in the Chinese market of switching to high-end and smart products.

TV shipments of Chinese home appliance giant Hisense, including its Vidda brand, exceeded eight million units last year, seizing a market share of 23 percent, according to data from Runto. Chinese handset behemoth Xiaomi and its brand Redmi shipped over 7.7 million TVs, Chinese TV giant TCL Technology shipped 6.8 million units, and Chinese home appliance manufacturer Skyworth around 6 million units.

Changhong Electric, Haier Group, and Konka Group, three other Chinese household appliance makers, saw their TV shipments fall more than 20 percent last year from the year before, Runto data showed. Their total shipments were about 4.8 million units in 2023.

Sony Group, Samsung Electronics, Sharp, and Philips, China's four main foreign TV manufacturers, collectively shipped less than 1.5 million units in the country last year, down nearly 20 percent from the previous year.

Runto is optimistic about the Chinese TV market this year. The company predicted that the cancellation of funds for the disposal of home appliances and electronic products may boost market confidence to some degree and ease manufacturers' burdens.

Editor: Futura Costaglione