黑电行业系列深度（一）成熟市场篇：均价提升或为市场规模扩张主要动力，看好TCL等中国品牌发展前景

Investment Rating - The report does not provide specific investment ratings for the appliance industry, including white goods, black goods, small appliances, and kitchen appliances [1]. Core Viewpoints - The report maintains a positive outlook on the appliance industry, particularly on the black appliance sector, highlighting that price increases may drive market expansion [1][5]. Summary by Sections Global Overview - The global TV market is stabilizing, with Chinese brands rapidly rising. From 2018 to 2023, global TV sales revenue decreased from $134.30 billion to $118.92 billion, with a CAGR of -2.40%. Total sales volume fell from 226 million units to 199 million units, with a CAGR of -2.50%. The average price increased slightly from $594.90 to $597.83, with a CAGR of +0.10% [9][15]. Mature Markets - In mature markets, high penetration rates have led to pressure on sales growth, with price increases being a primary driver for market expansion. The report notes that the TV penetration rates in Europe, Oceania, and North America are all above 97%, indicating a shift to stock competition. Future market expansion may rely on technological upgrades that elevate price points [5][18]. Europe - The European market saw total sales revenue grow from $31.40 billion to $35.28 billion from 2018 to 2023, with a CAGR of +2.36%. However, total sales volume decreased from 50.31 million units to 46.82 million units, with a CAGR of -1.42%. The average price rose from $624.15 to $753.41, with a CAGR of +3.84% [27][34]. Oceania - The Oceania market's total sales revenue increased from $1.85 billion to $2.21 billion from 2018 to 2023, with a CAGR of +3.57%. Total sales volume slightly decreased from 2.51 million units to 2.50 million units, with a CAGR of -0.09%. The average price rose from $737.77 to $883.01, with a CAGR of +3.66% [48][51]. North America - The North American market experienced a decline in sales revenue to $18.94 billion in 2023, down by 5.20% year-on-year. The average price fell from $650.56 to $523.00, with a CAGR of -4.27%. The report anticipates a rebound in sales performance as economic conditions improve and price wars subside [4][18]. Investment Recommendations - The report suggests focusing on TCL and Hisense, two Chinese brands that have successfully penetrated mature markets through brand building and product iteration. TCL is noted for its Mini-LED technology and global high-end strategy, while Hisense is recognized for its robust technical reserves and internal reforms [5][18].