Global shipments of organic light-emitting diode (OLED) TVs are expected to reach above 5 million units next year on demand recovery from pandemic-induced slump, offering a boon for dominant OLED panel producer LG Display Co and TV maker LG Electronics Inc.
According to market researcher Omdia Tuesday, the combined size of OLED TV displays shipped this year to the global market would reach 3.35 square kilometers, up 15.9 percent from 2.89 square kilometers last year.
The milestone is achieved in seven years since LG Electronics Inc. rolled out the world’s first OLED TV in 2013. With household appliances seeing a surge in demand amid Covid-19 stay-at-home trend, global TV sales have begun to grow since the third quarter.
Global OLED TV shipments that had crossed the 1 million mark in 2016 exceeded 10 million units in September this year. Market watchers expect the growing demand for large-sized TVs would also contribute to the strong sales of OLED panels.
Omdia predicted the global OLED TV shipments to reach 3.3 million units this year and 5.5 million next year. That means that the quarterly shipments of OLED TVs would maintain over 1 million units starting the fourth quarter, according to Omdia and industry watchers.
LG Electronics has operating its TV manufacturing lines in Reynosa, Mexico, at full capacity to ready sufficient supplies on increasing demand for premium TVs in the North American market. The output of the plant is expected to grow more than 30 percent compared to last year.
The number of OLED TV vendors is expected to increase to 20 in 2021, but Omdia predicted LG Electronics to command dominant 57.2 percent of the global OLED TV shipment this year, up from 55.2 percent last year. Industry experts believe the company’s strategy to strengthen its high-end lineups would lead to the market share expansion next year on the back of the rising demand for premium TVs in the world.
By Lee Jong-hyuk, Park Jae-young and Choi Mira
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