Illustration: Xia Qing/GT

The combined shipments of Chinese TV brands TCL, Hisense and Xiaomi accounted for 31.3 percent of the global market, surpassing South Korea's Samsung Electronics and LG Electronics for the first time, which held a 28.4 percent share, the Yonhap News Agency reported on Sunday, citing the latest statistics from market research firm Omdia. 

This development is particularly noteworthy given the rise of global protectionism and the challenges it has brought to international trade. Amid these adverse global trends, the question arises: how have these Chinese TV manufacturers managed to navigate through such challenging waters and achieve growth and expansion in such a competitive landscape?

The ongoing evolution of Chinese TVs can be linked to a synergy of factors. First, it benefits from China's comprehensive industrial chain, robust manufacturing capabilities, and the economies of scale in production. Coupled with continuous technological advancements and the resulting cost optimization, the cost-performance ratio of Chinese-made TVs has improved over the years. In an article published in the overseas edition of People's Daily, data showed that from 2015 to 2021, the average size of color TV products in the Chinese market increased from 44.5 inches to 54.4 inches, while the price per inch decreased from 75.58 yuan ($10.4) to 61.79 yuan. This advancement in cost-performance has been instrumental in helping Chinese TVs win the overseas market. A report by Nikkei Asia in January mentioned that "Hisense, TCL beat Sony, Panasonic in their home with cheap prices."

Second, Chinese TV manufacturers possess a keen ability to adapt to changing market demands. With the acceleration of technological innovation, consumer preferences for TVs are constantly evolving, with an increasing emphasis on picture quality, screen size, artificial intelligence technology, and energy efficiency, among other features. A recent article on chinanews.com said that, honed by the global market, many Chinese companies exhibit a keen market sense, enabling them to continuously introduce new products that cater to consumer needs.

These factors are propelling not just the TV sector but also other segments of China's traditional home appliance industry toward growth in the international market. According to a report by the Xinhua News Agency, in the first seven months of 2024, cumulative exports of home appliances, including electric fans, washing machines, vacuum cleaners, microwave ovens and LCD TVs, reached 409.19 billion yuan, an 18.1 percent increase year-over-year. This growth rate surpassed China's overall export growth by 11.4 percentage points. From March 2023 to July 2024, China's home appliance exports saw a continuous year-over-year increase for 17 consecutive months.

Over the decades since reform and opening-up, the relationship between Chinese home appliances and their foreign counterparts has evolved from following to overtaking. This journey of surpassing was further underscored by a report from the Yonhap News Agency, which noted that the market share of shipments from China's leading TV brands has, for the first time, surpassed that of South Korea.

It's noteworthy that these achievements were made against the backdrop of rising anti-globalization sentiment and an uptick in trade protectionism. In recent years, economic globalization has faced setbacks, and trade protectionism has shown a more noticeable presence. However, none of these challenges have halted the continuous forward development and internationalization of the Chinese home appliance industry.

The Chinese home appliance industry and its internationalization will continue to advance. Indeed, this industry will continue to face the headwinds of international trade protectionism. However, experience has shown us that the Chinese home appliance industry is not lacking in experience to continue its internationalization amid the global waves of trade protectionism. Moreover, the international development of the Chinese home appliance industry can continue to progress against the backdrop of global trade protectionism.

TCL's founder and chairman, Li Dongsheng, recently stated that the future overseas growth of Chinese manufacturing is most likely to come from emerging markets, according to a report by bjnews.com.

Currently, Chinese companies venturing abroad are facing a more complex global economic landscape and geopolitical environment. However, Chinese entrepreneurs are continuously strategizing ways to break through these challenges and remain focused on seizing development opportunities in the international market.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn