LG OLED TV Surpasses 10 Million Units in Cumulative Shipments

Surpassing 5 Million Units in 2 Years
This Year's Shipments More Than Double Last Year's
3rd Quarter Shipments Exceed Last Year's Annual Total

Ahead of the year-end shopping season, a customer visiting a Best Buy store near Philadelphia, USA, is looking at an LG OLED TV.
[Photo by LG Electronics]

[Asia Economy Reporter Kim Heung-soon] LG OLED TV has surpassed a cumulative shipment of 10 million units as of the third quarter of this year. This is the result of rapid growth continuing even as the overall market shows signs of "peak-out" (reaching a peak and beginning to decline).

According to market research firm Omdia on the 19th, LG OLED TV shipments in the third quarter of this year totaled 899,000 units. This figure represents an approximately 80% increase compared to the same period last year, marking the highest shipment volume ever recorded for the third quarter.

Accordingly, LG OLED TV has exceeded a cumulative shipment of 10 million units as of the third quarter of this year since its first launch in 2013. It took nearly seven years to surpass 5 million units cumulatively, but it took less than two years to break through 10 million units thereafter.

From the beginning of this year through the third quarter, LG OLED TV shipments totaled 2,635,000 units. This is more than double the shipment volume compared to the same period last year, and it has already surpassed last year's annual shipment volume. LG Electronics expects that this year’s shipments are highly likely to reach 4 million units, double that of last year.

LG OLED TV belongs to the premium product category. In the third quarter of this year, the average selling price (ASP) of LG OLED TVs sold worldwide was $1,863.5 (approximately 2.19 million KRW), which is about three times higher than the average selling price of $643.5 (approximately 750,000 KRW) for liquid crystal display (LCD) TVs sold globally.

Including LCD TVs, LG Electronics’ total TV shipments recorded 6,472,000 units. The total OLED TV shipments, including LG OLED, also increased from the previous quarter to 1,539,000 units. Quarterly shipments exceeded 1.5 million units for two consecutive quarters. This is more than a 65% increase compared to shipments in the third quarter of last year.

LG Electronics forecasts that global OLED TV shipments will exceed 2 million units for the first time ever in the fourth quarter, when TV demand reaches its peak annually. The monetary share of OLED in the global TV market also recorded double-digit figures for the second consecutive quarter.

LG Electronics’ market share in the overall OLED TV market this year is over 60% based on shipment volume. The number of brands selling OLED TVs has also increased to 20. Omdia projects that the OLED TV market, which was around 3.65 million units last year, will grow approximately 80% to reach a total size of 6.5 million units this year. Earlier, the market size was expected to be around 5.8 million units by mid-year, but it was revised upward to 6.1 million units at the end of June and has since been further increased.

Meanwhile, the global TV market in the third quarter of this year recorded 50,398,000 units, down more than 20% from 62,909,000 units shipped in the third quarter of last year, as peak-out fully materialized.