A Two-track Strategy
LG Electronics is looking to penetrate the premium TV market with a two-track strategy in 2021. It plans to release quantum nano-emitting diode (QNED) TVs, which uses mini-LED technology, and organic light emitting diode (OLED) TVs. The Korean TV giant is planning to solidify its position in the LCD TV market with QNED TVs, while gaining an upper hand in the next-generation TV competition with OLED TVs.
LG Electronics unveiled its QNED TV model at an online technical briefing session on Dec. 29.
The LG QNED TV model is a type of mini-LED TV based on quantum nano cell color technology which combines quantum dot and nanocell technologies. It features a high color reproduction rate. Mini-LED TVs are LCD TVs that use tiny LEDs as backlight units (BLUs). LG Electronics introduced a mini-LED TV for the first time at CES 2020 in early 2020.
LG Electronics expects that QNED TVs will attract demand for premium TVs that its OLED TVs could not cover due to their somewhat high prices. As QNED TVs can be produced without modifying current LCD and LED production lines, their prices can be lowered at a fast pace. An LG Electronics official said that 8K QNED TVs will retail at less than half of 8K OLED TV prices. "We expect that 4K QNED TVs will be slightly cheaper than 4K OLED TVs."
Market research firm Omdia forecasts that shipments of mini-LED TVs are expected to swell from 4 million units in 2019 to 21.1 million units in 2023.
Meanwhile, LG Electronics will unveil its mini-LED TV lineup at CES 2021 that will kick off in January. The TV maker is planning to release about 10 large-screen mini-LED models in the global market.