Global TV shipments declined 8 percent year on year in the second quarter of 2015, the largest quarterly decline since 2009.

A report by market research institution IHS Inc. on Wednesday attributed the decline to the global economic recession.

Demand is being negatively affected by the global slowdown, particularly the rise in currency prices against the U.S. dollar, which has caused retail prices to increase in emerging markets, said Paul Gagnon, director of TV Research for IHS.

TV shipments in Latin America, most significantly in Brazil, declined 17 percent year on year while Asia-Pacific shipments fell more than 9 percent.

China exhibited growth in shipments in the first half of 2015, but that momentum is slowing.

According to the report, 4K TV was a bright spot in the global TV market, with unit shipments growing 197 percent year over year in the second quarter of 2015, to reach 6.2 million units.

The top five brands collectively made up 60 percent of all TV revenues in the second quarter. Samsung Electronics led at nearly 29 percent, followed by LG Electronics at just over 14 percent and Sony at 7 percent. Two Chinese TV brands, Hisense at 6 percent and TCL at 5 percent rounded out the TV brand ranking.