Panasonic quits the Australian TV market as sales crook

Panasonic has quit the Australian TV market, with insiders citing slowing sales as the reason for the withdrawal. The move marks another significant reduction in its TV business. The Japanese manufacturer pulled out of the North American market in 2016, after scaling back its operation in 2014.

However it's reported that it will continue with Lumix, audio, small appliances and grooming products in the Australian market. The company is also hoping to launch new product categories to fill the void, according to Australian news outlet Channel News. Panasonic will continue to sell through its inventory while stocks last.

Panasonic’s retreat, following its North American departure, once more prompts concerns about its global TV interests, and in particular its remaining commitment to Europe. Inside CI reached out to Panasonic for comment, and received this reply from its TV Business unit: “The European TV market is one of Panasonic's key strategic markets globally, and one in which Panasonic has a considerable market share. European consumers can be assured that Panasonic will continue to sell its TVs in Europe.”

Panasonic Europe is expected to unveil its UK 2020 TV range in a matter of weeks. At CES in Las Vegas, the company unveiled its next flagship set, the HZ2000 OLED TV, the first model to offer Dolby Vision IQ and Filmmaker Mode with Intelligent Sensing. The HZ2000 is expected to go on sale in the UK early summer.