Vizio has outperformed the industry as the number one shipper of LCD high-definition TVs in the third quarter of 2010 for both North America and the US markets. Vizio also took top honors as the leading shipper of LED-backlit HDTVs in North America in the third quarter on the strength of its TruLED and Razor LED products, the company claims. Vizio HDTV sales increased 15% on quarter while its leading competitor saw shipments fall 2%. Vizio saw significant sales increases with its 6-time award winning XVT lineup with Vizio Internet Apps (VIA), as well as in the Beyond TV category, headlined by the nation's bestselling SoundBar and Blu-ray players with wireless Internet apps.
"Third quarter has been a groundbreaking time for Vizio and an excellent demonstration of our commitment to creating innovative technologies," stated Randy Waynick, CSO, Vizio. "Customers have embraced our higher performance product lineup and carried over their brand loyalty to our Beyond TV products, making Vizio products like SoundBars and Blu-ray players best sellers as well."
Adding to the meteoric growth of the brand, Vizio's Beyond TV Category, which includes SoundBars, Blu-ray players, headphones, wall mounts, wireless routers, and other accessories, saw tremendous increases in the third quarter. Market-leading SoundBars saw sales growth of 78% while sales of Vizio's popular Blu-ray players grew 746%. Offering a wide range of SoundBar solutions with innovative wireless subwoofers in 5.1 and 2.1 channel configurations and sizes for small to large-size TVs has allowed Vizio to dominate this market, capturing over 50% of the growing SoundBar market in the third quarter based on the CEA's MarketMetrics data.
Vizio's innovative products and technologies have propelled the company to the top, driving the XVT Series to win six industry awards for best picture quality and VIA connected TV platform. The popularity and high regard for Vizio products is evident in the 1.602 million TVs shipped in the third quarter of 2010, a 15% sales increase from the 1.394 million TVs Vizio shipped in the second quarter of 2010.
"Vizio rose to number one in total LCD TV shipments in North America during the third quarter of 2010 with a 16.8% market share. Vizio accomplished this by posting a 30% on year increase in shipments, outpacing an industry that was flat in the third quarter. In addition, Vizio became the leading brand on a shipment basis for LED-backlit LCD TVs, a rapidly growing premium segment of the TV market, with almost 30% of the market," stated Paul Gagnon, director of North American TV research at DisplaySearch.
The third quarter's results showed that consumers are looking for innovation as well as value for their HDTV purchases. Vizio Full HD LCD TVs grew 41% on year, 42-inch and above TVs grew 95% on year and Vizio Internet Apps TVs grew 113% sequentially.
"Vizio ranked first in the US LCD TV market in the third quarter of 2010 because of increased consumer acceptance of the brand, aggressive pricing and support for newer features such as LED backlighting and Internet connectivity," said Riddhi Patel, principal analyst, TV systems, for iSuppli.
"Consumers are looking to the Vizio brand to purchase their larger main living room TVs where they get the latest features at prices that allow them to step up to the next generation of entertainment," stated Tamaryn Pratt, analyst at Quixel Research. "This is evidenced by Quixel's top selling 40-inch and larger SKUs in the third quarter, where three Vizio models make the top-five list."
