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LG spurs expansion of OLED TV market with new sizes

An 83-inch LG OLED TV is displayed at a showroom on Sunday. (LG Electronics)
An 83-inch LG OLED TV is displayed at a showroom on Sunday. (LG Electronics)
LG Electronics, the world’s leading manufacturer of organic light-emitting diode TVs, is continuing to expand the market of self-emissive TVs by rolling out new size choices.

The company is releasing in Korea and the US this month 83-inch OLED TVs, which it said will be the biggest 4K OLED TV in the world.

In Korea, the new model will be available for 10.9 million won ($9,600).

It is the latest addition to LG’s OLED TV lineup, which has consisted of 48 inches, 55 inches, 65 inches, 77 inches and 88 inches.

“As people spend more time at home these days, demand for ultralarge TVs to view streaming content and play games is on the rise,” the company commented. “The global market for OLED TVs is expected to nearly double this year.”

The newest 83-inch LG OLED TV received Innovation Awards in the gaming and video display categories at CES 2021 in January.

“The LG TV boasts stunning features like high speed and 4K high frame rate for enjoying games and sports,” said the US-based Consumer Technology Association, organizer of CES. 

(LG Electronics)
(LG Electronics)
As LG accelerates expansion of the OLED TV market, the company is poised for achieving its largest annual profit this year.

Industry observers in the financial market project LG’s TV business alone would obtain over 1 trillion won in operating profit this year, which would be the firm’s largest in three years.

In the first quarter of this year, LG shipped out more than 790,000 OLED TVs, showing a whopping 116 percent growth from the same quarter last year, according to data by market researcher Omdia.

In 2020, the TV unit recorded 969.7 billion won in operating profit, growing 23 percent from the previous year, owing to the growth of the global OLED TV market.

This year, the market is expected to continue growing, with total volume of shipments to reach 5.89 million, up from 3.65 million last year, Omdia predicts.

LG’s plan for the OLED TV market will be supported by panel supplier LG Display’s capacity growth, market watchers say.

LG Display is expected to be able to produce and supply 8 million to 10 million OLED TV panels this year, possibly ramping up at its plant in Guangzhou, China.

By Song Su-hyun (song@herladocpr.com)
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