South Korean panel maker LG Display on Thursday pledged to expand its cutting-edge panel business in China, aiming to increase its organic light-emitting diode panel production to 2 million by 2021.
During a meeting with the Chinese companies and media in Beijing, LG Display unveiled its future business plans there. Dozens of Chinese TV manufacturers and retailers, including Skyworth and Suning, participated in the event called OLED Big Bang Media Day.
Stressing that its OLED production at the newly-built Guangzhou plant reaches “full capability,” LG Display’s executives vowed to boost the company’s business presence in the world’s biggest TV market.
“Given China’s top-notch capability to accept new technologies, I believe its business potential is significant,” said LG Display Executive Vice President Oh Chang-ho. “We will make OLED TVs popular in the market.”
With a massive population and penchant for advanced technology, the Chinese OLED market is expected to grow over the next few years. According to market research firm IHS, China’s share of the global OLED market will reach about 14 percent, up from 6.5 percent in 2018.
Last month, LG Display opened a factory in Guangzhou to begin production of large-scale OLED panels. Among them are high-definition 55-inch, 65-inch, 77-inch panels. By 2021, the company plans to increase its production to 90,000 panels per month.