At the IFA tech trade show in Berlin, an LG executive has reported that despite the overall TV market downturn caused by economic hardship, the company’s high-end OLED TVs have been faring well. Baik Seon-pill, vice president and head of LG’s TV product planning division, said at a press briefing on Saturday, “Despite the war (between Russia and Ukraine) and economic difficulties in Europe, the OLED TV market grew an annual rate of 1 percent in the first half.” He added, “While there are still uncertainties in the second half, I think the OLED market will remain solid.”
LG showcased a range of premium TVs, including the 97-inch LG Signature OLED M, which was debuted at CES in January and launched in Europe, LG’s biggest OLED TV market, just last week. Major distributors have asked LG to supply the model to them. TV manufacturers have been focusing on the more profitable high-end TV segment, where demand has slowed down less significantly than in the budget category, as the TV market is predicted to contract 5.8 percent due to lack of consumer demand.
In the OLED TV segment, LG has maintained its strong No. 1 spot. In the first quarter, it claimed approximately 60 percent of the OLED TV market by total shipments, and with regards to 70-inch or larger OLED TVs, it held more than 70 percent of the market. The 86-inch model showed the highest annual sales growth. Baik said LG will strive to lower the price of the 98-inch model to more achievable levels to meet the growing demand for ultra-big OLED screens.
LG’s TV business made a turnaround in the first quarter, after logging losses for the past three consecutive quarters, on improving TV demand in the European market and decreasing inventory levels and marketing costs.
In the premium TV segment, Samsung Electronics Co. took up a 61.7 percent market share in the first half of this year, followed by LG at 18.3 percent and Sony at 15.1 percent, according to industry tracker Omdia.