OLED TV Sales to Continue Skyrocketing with LG in the Lead

OLED TV Sales to Continue Skyrocketing with LG in the Lead

Organic light-emitting diode (OLED) TV sales are at an all-time high in the Korean market. This sharp rise is credited to premium smart TV manufacturers like LG Electronics.

Based on the information released by online retailer Danawa, the market share of OLED TVs suddenly spiked. During the second quarter of last year, OLED TV sales had an 8.8 percent market share.

Comparing that sales data to the second quarter of this year, OLED TV sales captured a 21.8 percent market share, marking a 13 percent surge. In addition, sales volume of the display technology grew by 6.8 percent.

LG Electronics dominate the sales of most of the OLED TVs in the Korean TV market. The company affirmed that the sales of this type of smart TV would sharply increase as consumers

demand for more premium products.

In January, LG sold 14,000 units, making the sales increase threefold compared to the same period in 2017. LG Electronics is designing an approach to keep its ascendancy in the premium and OLED TV market.

In March, the smart TV manufacturer started advertising its OLED and Super Ultra-High-Definition (UHD) TVs equipped with LG’s own artificial intelligence, the ThinQ.

Statistics demonstrate that consumers are still more likely to buy them regardless of whether OLED TVs belong to the upscale technology segment.

This shows that the OLED TV manufacturers’ ‘wholesome’ marketing strategy aimed to get high revenue instead of targeting sales volume is working.

Speaking on behalf of LG Electronics, a representative mentioned that the price of a 55-inch OLED TV starts at 1.5 million won ($1,345.11).  This cost is four to five times greater than that of the typical TV.  Hence, an increase in sales means a surge in profits by the smart TV maker.

In the international market, the trend is congruent in the Korean smart TV scene.  The sales volume of OLED TVs is anticipated to grow further.

IHS Markets, a market think-tank, predicted that about 2.54 million units of OLED TVs will be sold internationally this year.  This shows a 59 percent surge from 1.59 million OLED TVs sold last year.

In 2022, about 9.35 million of this type of TV are forecasted to be sold.  Besides this rising sales trend, the number of OLED TV manufacturers are also growing.

Mainstream OLED TV makers originally amounted to 13, comprising Sony, LG Electronics, and Panasonic.  But this year, two companies also started to engage in OLED TV manufacturing.  They are Sharp from Japan and Hyensen from China.

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