LG Electronics is leading the global premium TV market on the back of successful sales of its organic light-emitting diode, or OLED, TVs that have been gaining popularity for its top-notch quality and relative affordability.

The Korean tech firm’s home electronics division recently set a milestone by logging a record-high operating margin of 14 percent in the first quarter of this year, riding on the successful sales of its premium OLED TVs.

LG currently dominates the global OLED TV segment with a market share of more than 70 percent. With a robust grip on the market, LG hopes to continue benefiting from rising demand for premium TV market in the coming years.

Market research firm IHS Markit predicts the annual global demand for OLED TVs will grow from just 340,000 units in 2015 to 2.54 million in 2018, and all the way to 9.35 million units in 2022.

LG Electronics said it will continue to raise the competitiveness of its OLED TVs by offering ultra-high definition display and smart functionality. 

LG’s UHD OLED TVs are equipped with the firm’s Alpha 9 intelligent processor that enables the delivery of true-to-life images with rich colors, sharpness and depth. Also built into the premium TVs are the Dolby Atmos sound system as well as AI-powered smart controls.

On top of quality maintenance, the Korean electronics maker also said it would continue to raise production efficiency to make its OLED TVs more affordable. 

When LG Electronics first launched its OLED TVs in 2013, a 55-inch model was priced at around 15 million won ($13,395). Five years later in 2018, the cheapest model in the same size is priced at 2.39 million won, around one-sixth the original cost.

By Sohn Ji-young (jys@heraldcorp.com)