LG Electronics scores big in first-half US OLED TV market share

LG Electronics Inc., one of the world’s largest TV makers, saw its market share grow rapidly in North America with its market share rising above 20% for the first time in the first half.

According to industry tracker Omdia on Monday, the South Korean home appliance giant’s US TV market share stood at 20.9% in value terms in the first half, up from 15.9% a year ago.

With its market share, LG is the second-largest TV seller in North America following top player Samsung Electronics Co. with 36.3%.

China’s TCL Technology is the third-largest with a 10.3% market share, followed by Japan’s Sony Corp. at 10%.

Industry officials attributed LG’s decent performance in the North American market to its increased shipments of organic light-emitting diode (OLED) TVs, which are gaining popularity among high-end users and gamers.

In the first six months of this year, LG Electronics shipped 627,000 OLED TVs to the North American market, a threefold increase from the year-earlier period, and a volume close to 80% of 2020’s full-year shipments.

RECORD Q1 OLED TV SHIPMENT

In the first quarter alone, LG posted a record shipment of its OLED TVs globally as the segment is joining the industry’s mainstream.

Demand for OLED TVs that offer stunning picture quality has been growing rapidly as consumers, including gamers, are being attracted to large-size LED TVs as big-screen gaming gains popularity in the stay-at-home non-contact era.

OLED is highlighted by self-illuminating pixels that do not require a separate light source, allowing manufacturers to produce lightweight, thin and flexible display products, thus appealing to high-end consumers.

ROSY GROWTH OUTLOOK

LG expects the OLED market to grow rapidly in coming years with the average sale price of OLED TVs hovering around $1,950, double the price of liquid-crystal display (LCD) TVs.

In the North American market, OLED TVs accounted for 13.1% in value terms in the second quarter, up from around 6% at the end of 2020, according to Omdia.

According to recent data from US media outlet Consumer Reports, seven LG products were included in the top 10 OLED TVs rated by the Consumer Reports, while three from Sony made it to the list.

Omdia forecast that the global OLED TV market will grow to 6.1 million units this year, up 70% from 3.65 million units in 2020.

Medium- and small-size OLED TVs are also expected to grow at a fast pace with rising demand for gaming TVs and extra TVs at home.

Write to Hyung-Suk Song at click@hankyung.com
In-Soo Nam edited this article.