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Global OLED TV market grows twofold every year since 2015 led by LG: report

All News 16:09 January 13, 2019

SEOUL, Jan. 13 (Yonhap) -- The global market for organic light-emitting diode (OLED) TVs has surged twofold every year since 2015, with growth being fueled by LG Electronics Inc., an international industry tracker said Sunday.

IHS Markit said sales of OLED sets are estimated to have reached some 2.6 million units in 2018, up from just 335,000 in 2015. Data showed that in 2016 sales reached 724,000 units, followed by 1.59 million in the following year.

For this year, total sales may rise to 3.6 million, nearly double to 7 million in 2020 and top 10 million in 2021.

The market researcher said OLED sets, which accounted for 2.2 percent of all global TV sales in 2016, rose to 4.5 percent in 2017 and 5.9 percent last year, with the forecast for 2018 estimated at 6.6 percent. This could surpass the 10 percent mark in 2022, it said.

In contrast, liquid-crystal display (LCD) sets that currently account for 95 percent of all TVs sold are forecast to see their market share fall by 1-2 percentage points each year going forward.

LG Signature OLED TV R (Yonhap)

IHS Markit said the strong growth of OLEDs can be attributed to LG's market presence. The company dominated the sector with a 64.6 percent stake.

IT said LG's strong showing has caused Japanese, Chinese and European companies to enter the market that has led to the growth of the market overall. At present there are 15 companies invested in the OLED market, which is fueling more healthy competition.

Reflecting advances made, LG unveiled its first rollable TV, the Signature OLED TV R, at the 2019 Consumer Electronics Show in Las Vegas that highlighted its leading position in the sector.

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