Report: LG Electronics Expects Tough TV Market For Much Improved G3 OLED Sets
LG Electronics reportedly said at a future of OLED conference in Seoul, S. Korea last week that its 2022 G2 series 4K OLED evo Gallery Series TVs have sold approximately 250,000-300,000 units out of the 4 million total OLED TVs shipped globally, according to a report by Korean technology trade news site The Elec.
LG executives were reportedly reluctant to forecast their sales outlook for the 2023 equivalent G3 evo Series, which as previously reported here, will use new microlens array (MLA) technology for the first time to achieve a major boost in peak brightness levels.
LG executives reportedly declined to issue unit sales forecasts for this year given the difficult global economic conditions that are impacting industry-wide TV demand, including the continuing war in Ukraine, which has damped TV sales in Europe. LG said it depends heavily on Europe for a large percentage of its annual OLED TV sales, according to the report.
At the event, LG revealed that global OLED TV shipments accounted for 2 million units in 2018, 1 million units in 2019, 2 million units in 2020, 4 million units in 2021, and 4 million units in 2022.
The report also cited recent research from analysts at Omdia showing global OLED TV shipments this year are expected to reach 7.41 million units, an increase of 890,000 units (14%) from 6.52 million units last year.
Revenue was expected to increase from $11.1 billion to $12.5 billion during the same period, the Elec said.
Meanwhile, Samsung Electronics has set its target for OLED TV shipments this year at more than 1.2 million, 750,000 more than last year’s 450,000, according to data from UBI Research cited by The Elec article.
LG executives were quoted saying they are trying to out sell unit volume totals of the G2 series with this year’s G3 evo models based on MLA technology.
MLA is a technology that increases the efficiency of light extraction by changing the path of light with a microlens. By adjusting the path of the light so that the light reflected from inside the panel goes out towards the screen facing the user, the OLED brightness can be increased.
As previously reported here, LG’s U.S. G3 series models are being offered in of 55-, 65-, 77- and 83-inch screen sizes, all with 4K resolution. The company will also offer a 97-inch version in some other regions of the world.
LG recently took U.S. TV reviewers, including HD Guru, to Hollywood to meet with executives at Walt Disney Co. corporate offices and studios, as well as to meet color graders, calibrators and engineers at Guard Streamland Media at Sunset Gower Studios — home to Picture Shop, Ghost VFX, Formosa Group and Picture Head — where LG’s G2 Series televisions were being used for post-production color and HDR grading monitors for home-based entertainment applications.
The new LG G3 Series TVs were praised and eagerly awaited by several of the graders underscoring the technology’s use to preserve the creative intent for the content in the home.
Both post-production facilities combined represent a large portion of the movie and television content produced in Hollywood every year.
The G3 series uses a third-generation OLED panel in which LG Display uses the new MLA technology to increase the maximum brightness to a quoted “2100 nits.” The series also newly uses an enhanced 6th generation artificial intelligence image and sound processing from LG’s powerful Alpha 9 processor.
According to The Elec report, LG Electronics executives in Korea said that if the global premium TV market does not increase significantly, it will look to expand the company’s content service businesses to increase revenue.
LG also reportedly predicted that OLED TVs will show an advantage over mini-LED LCD TVs in the 40 to 50-inch market. Large-format mini-LED TV shipments are expected to see a boost from new 10.5 Gen fabs in China, with production expected to top OLED TV shipments for the first time next year.
However, LG expects OLED display’s in the relatively small 40-inch range are expected to hold an advantage over mini-LEDs in sales volume.
LG Electronics also produces mini-LED TVs in its QNED model series.
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By Greg Tarr
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