Half of the TVs Sold Worldwide in Q1 Are from Korean Companies... "As Expected, Samsung & LG"

Samsung Electronics Solidifies No.1 with 32.9% Share
LG Electronics Also Achieves Record OLED Shipments

[Image source=Yonhap News]

[Asia Economy Reporter Kim Jin-ho] In the first quarter of this year, one out of every two TVs sold worldwide was a product of Samsung Electronics or LG Electronics. Following Samsung Electronics' overwhelming first-place position in the global TV market with over 30% market share in Q1, LG Electronics' OLED TV also achieved its highest-ever shipment volume for the first quarter.

According to global market research firm Omdia on the 29th, 49.07 million TVs were sold worldwide in Q1 this year, generating sales of $25.675 billion. This represents a 4.3% decrease in volume and a 6.3% decrease in sales compared to Q1 last year. This decline is attributed to a slowdown in 'pent-up' (delayed and revenge) consumption demand following the COVID-19 pandemic.

By company market share (based on revenue), Samsung Electronics maintained its unshakable first place with a 32.9% share, up 5.2 percentage points from the previous quarter. LG Electronics ranked second with 17.7%, with domestic companies accounting for more than half (50.6%) of the market share. This figure significantly surpasses China's TCL (8.0%) and Hisense (7.6%), as well as Japan's Sony (7.6%).

In terms of volume market share, Samsung Electronics was first with 22.5%, followed by LG (12.6%), TCL (10.9%), Sony (8.7%), and Hisense (6.1%).

As of the end of last year, Samsung Electronics, which has held the global TV market share crown for 16 consecutive years, maintained its top position in Q1 by leveraging the steady growth of QLED led by Neo QLED 8K and strong sales of large-size and premium products. If this trend continues, Samsung Electronics is expected to achieve 17 consecutive years of market share leadership. QLED sales in Q1 increased by 23% year-on-year to 3.3 million units, with Samsung Electronics selling approximately 2.52 million units, accounting for about 76% of that total.

Samsung QLED surpassed cumulative sales of 28 million units for the first time in five years since 2017. At this pace, it is expected to easily exceed 30 million units by Q2 this year.

In particular, Samsung Electronics demonstrated its dominance in the large-size TV market by recording a 40.7% market share in the 75-inch and above segment and 48.1% in the 80-inch and above segment. It also secured first place in the premium TV market priced above $2,500 with a market share close to half at 49.3%.

[Image source=Yonhap News]

LG Electronics' top-tier premium lineup, LG OLED TV, also set a new record for first-quarter shipments. According to Omdia, LG OLED TV shipments in Q1 reached 924,600 units. This is a 17% increase compared to the same period last year, which saw record-breaking growth, making it the highest first-quarter shipment volume ever.

The average selling price (ASP) of LG OLED TVs sold worldwide in Q1 was $1,615.6 (approximately 2.04 million KRW), more than three times the ASP of LCD TVs sold during the same period, which was $485.1 (approximately 610,000 KRW).

Including both OLED and LCD, LG Electronics' total TV shipments reached 6.1936 million units. LG's market share in the TV market for Q1 was 17.7% based on revenue.

The overall OLED TV market saw shipments increase by 24.7% year-on-year in Q1 to 1.486 million units. This contrasts with a 5% decline in global LCD TV shipments during the same period.

OLED TV is expected to continue its rapid growth this year following last year. Omdia forecasts that OLED TV shipments will reach 8 million units this year.