LG launches world’s first 42-inch OLED TV in UK at £1,399

South Korea’s LG Electronics Inc. has launched the world’s first 42-inch OLED TV, which the company said is ideal for game consoles such as PlayStation 5 and Xbox Series X.

According to industry officials on Thursday, LG is debuting the product, the industry’s first organic light-emitting diode TV to feature a 42-inch display, the world’s smallest, in the UK. John Lewis, a high-end department store in the UK, said on its website it is taking pre-orders for the TV at £1,399 ($1,906).

LG is expected to launch the product in Korea and other markets sometime in the third quarter.

Previously, OLED TVs were available with screen sizes 48-inches and upwards. In January, the company showcased its 2022 OLED TV lineup, including the 42-inch TV, at CES 2022.

At CES 2022, LG said it is expanding its OLED evo TV lineup this year to 11 models in different sizes, compared with three models last year, to better meet customer needs.

LG is the world’s largest manufacturer of OLED TVs with a market share of over 60%, although crosstown rival Samsung Electronics Co. is the dominant player in the overall TV market.

The launch of the 42-inch OLED TV came later than scheduled to time with the panel production plan by its supplier, LG Display Co.

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 pandemic era.

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According to market tracker Omdia, the global sales of LG Display’s OLED TV panels in the 40-inch range are forecast to grow tenfold from 210,000 units in 2020 to 2.07 million units this year, and rise further to 2.9 million units by 2025.

LG Display, while unveiling a bendable 48-inch OLED panel at the end of last year, said it is in talks to supply the new display to a global TV maker. The bendable TV will feature thinner bezels for a more immersive viewing experience for gamers, it said.

The display maker also said it plans to supply its next-generation OLED panel, OLED EX, which is 30% brighter than existing models, to its clients from the second quarter.

“The demand for OLED TV products grew about 70% last year when the entire TV market shrank by 12%. We expect the OLED TV market this year to remain as strong as last year,” said Oh Chang-ho, executive vice president and head of TV business at LG Display.

Write to Su-Bin Lee at lsb@hankyung.com
In-Soo Nam edited this article.