Sharp estimates its LCD TV shipments in fiscal 2014-2015 ending March 2015 will reach around six million units, down from an estimated 8.2 million, according to industry sources.

The TV market in North America has been largely dominated from Korea-based vendors, with Samsung Electronics seeing steady LCD TV shipments in 2014 and further expects 60 million in 2015.

Additionally, China-based vendors are expanding their market share in emerging economies and are dominating the local market, which, coupled with increased competition in Japan from Sony, Panasonic and Toshiba has created difficulty for Sharp, the sources said.

Sharp has pushed its Ultra HD TV business in order to help it maintain a presence in the high-end TV segment, but its HD and Full HD TV sales have been lagging despite a recovering global TV market, the sources added.

Japan's TV market meanwhile is competitive and with limited sales opportunities, which means that Sharp is expected to ship around six million LCD TVs over the year-long period, and may even fall slightly lower.

Sharp's TV panel business is also reportedly struggling. According to the China Times, Sharp will reportedly cut TV panel production by 20% in the first quarter of 2015 as competition increases in the Ultra HD TV panel segment.

Originally, Sharp aimed to reach 8.2 million in LCD TV panel shipments by the end of its fiscal year. As the company saw demand decrease, that number was later dropped to 7.6 million in October 2014. The China Times stated sources at Sharp now estimate the company is most likely to reach seven million in shipments, showing that its TV panel business is largely connected with its LCD TV sales and shipments.