Samsung to Launch 2024 TV Models on 15th
LG to Release on 13th
Paris Olympics and Euro 2024 Sports Events Follow
Accelerating Premium and Large-Size Strategies
Early Year Battle of Various New Product Releases
Samsung Electronics and LG Electronics, having faced off last month with their new innovative home appliance 'washer-dryer,' are now competing again this month by simultaneously unveiling their new premium TV lineups. Both companies appear to be reducing their share in the low-profit mid-to-low-end liquid crystal display (LCD) market and restructuring their business portfolios to focus on premium organic light-emitting diode (OLED) TVs and extra-large TVs.
According to industry sources on the 4th, Samsung Electronics will launch its 2024 TV lineup, including the 'Neo QLED 8K' equipped with the '3rd generation artificial intelligence (AI) 8K processor,' on the 15th. The 2024 Neo QLED 8K features a '3rd generation AI 8K processor' with 512 neural networks that enhance low-resolution content to clear 8K quality and reduce image distortion through AI deep learning technology. It also supports a function that isolates voice to clearly convey conversation content.
LG Electronics will release its 2024 LG OLED TV and QNED TV in Korea earlier, on the 13th. The 2024 'LG OLED Evo' series is equipped with the 'Alpha 11 processor,' which boasts AI deep learning performance four times better than before. While previous models analyzed videos frame by frame, the Alpha 11 processor corrects image quality at the pixel level within each frame. It is the first LG TV to offer real-time upscaling of online video service (OTT) content such as Netflix and Apple TV+. Audio has also been enhanced with the addition of two channels dedicated to ambient sounds like rain.
Both companies are accelerating strategic changes in line with the trend toward premiumization and enlargement of TVs. Despite the overall TV market slump, demand for extra-large and premium TVs continues to grow, following the trend of 'the bigger the TV, the better' (Geogeoikseon). The monetary share of extra-large TVs 75 inches and above in the total OLED TV market has exceeded 25%. The shipment share of extra-large TVs 75 inches and above also reached a record high of 13.3%.
Samsung Electronics and LG Electronics expect the TV market to rebound centered on premium TVs, as major sports events such as the Paris Olympics and UEFA Euro 2024 are scheduled this year. According to market research firm Omdia, global TV shipments this year are expected to increase by 1.8% to 205.04 million units compared to last year (201.35 million units). Among these, OLED TV shipments are projected to reach 6.29 million units, a 12.9% increase from last year (5.5726 million units).
To overcome the sluggish home appliance market, these companies have been competing by launching various new products since the beginning of the year. Last month, they released 'all-in-one washer-dryers' just two days apart. They had showcased these all-in-one washer-dryers at IFA 2023, Europe's largest home appliance exhibition held last year in Berlin, and their domestic release timings also overlapped closely.
In air conditioners, after LG Electronics launched the 2024 'LG Whisen Objet Collection Tower' model, Samsung Electronics introduced the 2024 'Bespoke Wind-Free Air Conditioner Gallery' and 'Bespoke Wind-Free Air Conditioner Wall-Mounted' models about a month later. For cordless vacuum cleaners, LG Electronics released the 'LG CordZero A9 Air' and three days later Samsung Electronics launched the 'Bespoke Jet AI' stick vacuum cleaner.
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