With the Largest Market Share as of Q1 2023, LG OLED Continues to Lead the New Era of Premium Home Entertainment
SEOUL, South Korea, May 31, 2023 /PRNewswire/ -- LG has been recognized for its leadership and continuing dominance of the OLED TV market. Celebrating a decade of excellence and customer experience innovation this year, LG OLED remains the top choice in the premium TV segment through its unmatched contrast which enables perfect blacks and true-to-life colors, as well as its unprecedented flexibility and thinness.
Backed by a decade of innovation: LG ranks first in the global OLED TV market
According to market research firm Omdia, LG topped the OLED TV market by a landslide in the first quarter of 2023, claiming approximately 60 percent of the market by total shipments.
LG OLED TVs are currently sold in over 130 countries, making them the most widely available OLED TVs in the world. Last year, the accumulated total shipments of LG OLED TVs (since their initial launch in 2013) exceeded 15 million units; making LG the first OLED TV maker to reach this impressive milestone.
Additionally, LG accounted for more than 70 percent of the market for ultra-large OLED TVs (70 inches and above) in the first quarter. The company is reinforcing its strong position in the ultra-large premium TV segment with industry-leading solutions such as the 97-inch LG SIGNATURE OLED M (model M3), which is the the world's first consumer TV with a wireless solution capable of real-time video and audio transmission at up to 4K 120Hz.
LG's combined shipments of OLED TVs and LCD TVs in the first quarter totaled were about 5.5 million units, with OLED TVs making up 738,000 of that number. Further, LG owned a 17.1 percent share of the global TV market as of the first quarter 2023, by revenue.1
The company's share of the global TV market has dipped slightly this quarter compared to the same period in 2022. This is mainly due to waning global demand and LG's increased focus on stock risk management. However, LG OLED TV sales have remained strong, representing more than 30 percent of the company's total TV sales in the first quarter, 2023.
Meanwhile, total global TV shipments in the first quarter reached 46.52 million units, the lowest figure recorded since the same period in 2009. However, Omdia expects a recovery in the second half of 2023 and predicts shipments to reach 205.51 million units by year-end, a slight increase from last year.
The OLED TV segment is expected to enjoy an upswing as well. Omdia projects that OLED TVs will take 46.1 percent of the premium TV market (USD 1,500 and above) by revenue1 at the end of the year; up 10 percent from 2022 (36.7 percent market share). The rapid rise of OLED TVs is expected to accelerate as a result of more brands having entered the segment in recent years.2
LG offers an increasingly diverse lineup of OLED TVs, with various screen sizes (from 42 to 97 inches), 8K and 4K options, and distinctive designs to choose from. Boasting an array of convenient and image-enhancing features, the company's OLED TVs deliver unique customer experiences and next-level viewing immersion.
LG's premium OLED TV lineup also includes the LG OLED evo series, which offers brighter, more lifelike images, and LG Lifestyle Screens, which couple stunning picture quality with distinctive designs that add a touch of refinement to any living space. This year, the company will be expanding availability of the LG OLED Objet Collection Posé – a member of the Lifestyle Screen family – to a total of 40 countries worldwide.
LG OLED has been honored at the annually held CES Innovation Awards for 11 consecutive years3 and has received wide praise from major publications, including several "Best TV of the Year" titles and countless claims of being "the best TV I've ever reviewed," "a true Marvel" and "the king of TVs."
LG has been working tirelessly for the past decade to realize the immense potential of OLED. Building on what it has achieved so far, the company will continue to create and innovate over the next decade, exploring more of the near limitless possibilities presented by its self-lit technology to deliver ever-greater customer value.
1 Revenue from sales to suppliers and retailers. |
