Core Insights - Global TV shipments are projected to reach approximately 49.75 million units in Q3 2025, marking a 6% quarter-on-quarter increase but a 4.9% year-on-year decrease, the first time shipments fall below 50 million units in the same period historically [1] - The decline in shipments is attributed to extended consumer purchase cycles, changes in international circumstances leading to demand pull-forward effects, and the diminishing impact of subsidy policies in the Chinese market, resulting in an overall market contraction [1] - In Q4, the European and American markets are expected to enter a promotional peak, while China will prepare for the Double 11 and Double 12 shopping events, with two major Chinese brands anticipated to make a final sales push, leading to a projected 7.3% quarter-on-quarter increase in global shipments to 53.21 million units [1] - Despite uncertainties in the U.S. market due to international conditions, the impact is expected to be limited; however, as the benefits of subsidies in the Chinese market wane in the second half of the year, the total global TV shipments for the year are forecasted to be 195.59 million units, reflecting a 1.2% year-on-year decline [1]

Core Viewpoint - The Japanese flat-panel TV market is experiencing growth, with June 2025 shipments showing a 6.7% increase compared to the same month last year, reaching 394,000 units, marking the second consecutive month of growth and the highest monthly shipment since December 2024 [1][3]. Group 1: TV Shipment Data - In June 2025, shipments of 60-inch and larger TVs increased significantly by 16.2% to 69,000 units, while shipments of 50-59 inch TVs slightly decreased by 0.5% to 122,000 units [3]. - The 4K TV segment saw a remarkable growth of 36.2% in June 2025, with shipments reaching 261,000 units, the highest monthly shipment since December 2024 [3]. - The share of 4K TVs in the overall flat-panel TV shipments reached 66.2% in June 2025, with a shipment value of 36.7 billion yen, accounting for 90.4% of the total flat-panel TV shipment value of 40.6 billion yen [3]. Group 2: OLED TV Performance - In contrast, OLED TV shipments in June 2025 decreased by 16.6% to 45,000 units, marking the 12th consecutive month of decline [3]. - The shipment value of OLED TVs in June 2025 was 9.8 billion yen [3]. Group 3: Overall Market Trends - For the first half of 2025 (January to June), the total flat-panel TV shipments in Japan decreased by 0.4% year-on-year to 2.112 million units, with 4K TV shipments slightly increasing by 0.4% to 1.07 million units, while OLED TV shipments plummeted by 42.3% to 138,000 units [3]. - The overall digital home appliance shipment value in June 2025 fell by 3.7% year-on-year to 92.2 billion yen, marking the eighth consecutive month of decline [4]. - The shipment value for flat-panel TVs and related imaging devices decreased by 4.8% to 47.9 billion yen, while audio-related devices and automotive AVC machines also experienced declines [4].