The pandemic has forced the entire world to stay at home, and oddly enough, this had a positive effect on some areas of business. We are talking about the TV market. The demand for TVs has increased during the time of working from home. According to the latest investigations by TrendForce, quarterly TV shipments worldwide hit an all-time high of 62.05 million units in Q3 2020. This represents an increase of 38.8% over the previous quarter and 12.9% over the same period last year. One of the reasons for such a significant increase in TV shipments is the higher demand for TVs in North America, which grew by 20% in the first half of the year.
Samsung became the leader in TV shipments, having shipped 67.1% more TVs compared to the previous quarter and 36.4% more compared to the same period last year. According to TrendForce, Samsung's shipments amounted to 14.2 million TVs worldwide in the third quarter of 2020. In the US alone, the company has a 32% market share, which makes it the largest TV OEM in the country. LG Electronics and TCL took second and third place with 7.9 and 7.3 million shipments worldwide, respectively. LG showed the fastest growth of 81.7% in shipments speaking about quarter-on-quarter results.
TrendForce projects that global TV shipments will continue to grow in the fourth quarter of 2020. If demand for TVs does not decline, the shipments could reach 64.53 million units leading to a 0.8% increase in annual rates.