(Yicai Global) April 11 -- Hisense Visual Technology will explore the commercial and vehicle-mounted screen markets to seek new growth points, while continuing to focus on satisfying daily household needs, according to the president of the unit of Chinese white goods giant Hisense Group.

Liquid crystal display television technologies can be used in commercial and vehicle-mounted screens, and laser TV technologies can be used in outdoor projectors, Li Wei said yesterday at a conference.

Both the Chinese and international TV markets are shrinking. TV sales in China fell 5.2 percent to 36.3 million sets last year from 2021, according to smart home data platform AVC. Global shipments of TVs reached 203 million in 2022, 10 million fewer than the year before, data from research agency Omdia showed.

Hisense Visual acquired a controlling stake in China’s third-largest light-emitting diode chipmaker Changelight this year, Li added, noting that mini and micro LED displays can be used in commercial screens as well as private cinemas.

Global TV shipments will likely rise by 2 million units to about 206 million this year from 2022, Zhang Bing, research director of Omdia China, told Yicai Global.

Li was promoted to Hisense Visual’s president in February. The firm also announced yesterday that Yu Zhitao replaced Cheng Kaixun as its new chairman and legal representative.

Shares of Hisense Visual [SHA: 600060] closed 0.2 percent down at CNY19.67 (USD2.86) each today.

Editors: Shi Yi, Futura Costaglione