LG Electronics' sales of organic light emitting diode (OLED) TVs are growing fast, with this year's sales volume expected to be more than double the previous year’s. LG OLED TVs are leading the premium TV market, eliciting favorable consumer responses.
According to a report released by IHS Markit, a market research company, on September 3, OLED TV sales are expected to reach 2.54 million units this year. The figure is more than double the sales volume of last year and 58 million units more than quantum dot-based QLED TV sales (1.96 million units) projected this year. Sharp and Hisense also entered the OLED TV market this year as sales of OLED TVs stayed strong. As a result, the number of companies that joined the OLED TV group climbed to 15. The QLED TV group, which competes with the OLED TV group in the global premium market, has only five companies, including Samsung Electronics and TCL.
LG Electronics expects that the OLED TV market will grow fast as TV giants with global influence quickly entered the OLED TV market. LG Electronics, which leads the OLED TV market along with Sony and Panasonic, accounted for 67% of the OLED TV market in the first half of this year. This means that LG Electronics can take advantage of the growth of the OLED TV market more than other companies. LG's OLED TV sales are expected to top 1.7 million units this year.
LG OLED TVs showed a great performance in tests. In a recent TV test by the Australian nonprofit consumer magazine Choice, the LG OLEDTV AI ThinQ received the highest score of 86. The magazine said that the LG OLEDTV AI ThinQ was excellent in quality, smart functions, and user interface. In the U.S., Britain, Germany, France, the TV model ranked first in performance evaluations. LG Electronics' TV operating profit margin hit 12.4% in the first half of the year thanks to strong sales of its OLED TVs. The company has much anticipation about the future of its OLED TV business as OLED TV sales are expected to swell to 9.35 million units by 2022.