Despite a global economic slowdown, Samsung Electronics and LG Electronics have maintained their lead in the global TV market. Both companies especially showed strong competitiveness in the high-end premium TV segment.
According to the market research firm Omdia on Nov. 21, Samsung Electronics recorded a 29.9% market share based on revenue in the global TV market in the third quarter of this year. Samsung has been the industry leader since 2006, continuing its dominance for 17 consecutive years. LG Electronics followed in second place with a 16.4% market share.
In the premium TV market for TVs priced over US$2,500, Samsung Electronics revealed a dominant 62% revenue market share, a significant increase of 16.2 percentage points compared to the same period last year (45.8%). Samsung’s premium TV lineup includes the Neo QLED (Quantum Dot Light Emitting Diode) and lifestyle OLED (Organic Light Emitting Diode) models.
Samsung Electronics also led the market in extra-large TVs of 75 inches and above, recording a 34.8% market share, which further increases to 40.4% when considering TVs larger than 80 inches. A representative from Samsung Electronics stated, “The equation ‘Premium TV equals Samsung’ remains unchanged,” and expressed confidence in continuing their lead for the 18th consecutive year.
LG Electronics reaffirmed its dominance in the global OLED TV market. As per Omdia, LG Electronics captured a 55% market share in terms of shipment volume, shipping 2,036,800 OLED TVs in the third quarter of this year.
The demand for super-sized premium TVs has been steadily increasing, especially in North America and Europe. Consequently, LG Electronics’ OLED TVs of 75 inches and larger represented 60% of the total OLED TV shipments and over 25% in terms of value during the first three quarters of the year.
In August, LG Electronics launched a series of wireless OLED TVs in North America and Europe, including models with 4K resolution and a 120 Hz refresh rate, in sizes of 97, 83, and 77 inches, targeting the large-sized and premium TV market.
Additionally, LG Electronics has been making its presence felt in the premium LCD TV market with advanced Wide Color Gamut LCD technologies like NanoCell and Quantum Dot. Starting with the LG NanoCell TV in 2018, which utilizes NanoCell material for more refined color representation, LG introduced LG QNED TVs in 2021, featuring Mini LED and its proprietary Quantum Dot NanoCell Color Technology.