LG Electronics has shipped more than 10 million OLED TVs globally since the technology’s launch, according to reports out of Asia citing OMDIA market research.
The milestone, which was revealed Friday in a report from Asia news services including Yonhap and the Korea Herald, was reached in the third quarter of 2021, and encompassed the company’s cumulative OLED television shipments since the large-format WOLED technology launch in 2013.
According to the research, it took LG seven years to reach the 5 million unit mark, and just two years to double that volume, revealing a large growth trajectory ahead for the popular self-emissive display technology.
According to Omdia data, LG registered particularly strong growth in the July-September period, when 899,000 units of OLED TVs shipped, representing an 80% growth rate from the same period last year.
LG-branded OLED TVs alone accounted for more than 60% of the global OLED TV market in the three months ending in September, Yonhap reported.
Cited data showed a total of 1.53 million OLED TVs from all brands were shipped globally in the third quarter, and the firm is projecting that to surpass 2 million units in the critical fourth quarter, when Holiday sales generally push the highest sales volume. For the full year, Omdia has forecast shipments of 6.5 million OLED TVs.
Over the course of the first 9 months of 2021, LG shipped a total of 2.63 million OLED TV units, which was twice the amount from the same period of 2020. The company has previously announced expectations of shipping more than 4 million OLED TV units globally by the end of the year. If the goal is achieved, OLED TVs will represent 32% of the company’s total TV sales, as the technology accounts for 24% growth year-on-year.
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Meanwhile, the global TV market peaked out in the third quarter, shipping 50.3 million units, down by more than 20% from 62.9 million units a year earlier, Yonhap said.
The average selling price (ASP) for an LG OLED TV in the third quarter was $1,863.50, according to reported data, which is about three times the global average selling price of $643.50 for an LCD TV.
Comparatively, Omdia found a slowdown in the overall global TV market, which peaked out in the third quarter at 50.3 million units. That was down 20% from 62.9 million units a year earlier.
In 2022, TVs based on LG’s WOLED technology are expected to see new competition from TVs based on so-called QD-OLED technology, which is being developed by Samsung Display. This technology is a hybrid between Quantum Dot red and green color enhancement combined with self-emitting blue OLED light, and is expected to bring new advantages including higher color volume. According to recent reports out of Asia, Samsung and Sony are preparing to launch the technology in the months ahead.
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By Greg Tarr
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