Market Research Firm Omdia Forecasts Record High
LG Electronics Dominates with Over 60% Market Share
Samsung Also Plans to Launch Quantum Dot TV
[Asia Economy Reporter Kim Heung-soon] LG Electronics' flagship organic light-emitting diode (OLED) TV is expected to achieve a record high global shipment volume of around 8 million units next year.
On the 28th, market research firm Omdia projected that global OLED TV shipments will reach 8 million units next year. This represents an increase of more than 20% compared to this year's shipment volume of 6.5 million units. The forecast was also revised upward by about 8% from the previous estimate of 7.4 million units.
Currently, LG Display supplies about 99% of OLED panels for TVs worldwide on a near-monopoly basis. Industry insiders expect LG Display's OLED TV panel shipments to increase from 8 million units this year to 10 million units next year. An industry official stated, "Typically, panel shipments lead TV shipments," adding, "Considering this, the shipment volume of OLED TVs is also likely to increase next year."
As of this year, there are 20 manufacturers worldwide selling OLED TVs, including LG Electronics, Skyworth, Panasonic, Bang & Olufsen, Sony, Toshiba, Sharp, and Xiaomi. Among them, LG Electronics is dominating the market with a share exceeding 60%. Since launching OLED TVs in 2013, LG Electronics surpassed cumulative sales of 10 million units in the third quarter of this year, about eight years later. It sold an additional 5 million units in just two years after surpassing 5 million cumulative sales in 2019.
President Moon Jae-in also showed special interest during a luncheon meeting at the Blue House yesterday with the heads of six companies participating in the 'Youth Hope ON' project, including Samsung Electronics, Hyundai Motor Group, SK Group, LG Group, POSCO Group, and KT. He told Koo Kwang-mo, Chairman of LG Group, "I heard that LG's OLED TV and display business is thriving."
Next year, Samsung Electronics is expected to launch OLED TVs incorporating quantum dot (QD) technology and supply finished products to North America and Europe by sourcing OLED panels from LG. Accordingly, the competition for dominance in the OLED TV market is expected to intensify further. LG Electronics plans to lead the 'large premium' market by unveiling a 98-inch OLED TV at CES 2022, the world's largest electronics and IT exhibition, held in Las Vegas, USA, early next month.
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