Samsung and LG Surpass Half of Global TV Market Share in 1Q... Record High Share Ever

[Asia Economy Reporter Suyeon Woo] In the first quarter of this year, Samsung Electronics and LG Electronics set record-breaking achievements in the global TV market, capturing more than half of the market share.

According to market research firm Omdia on the 29th, Samsung Electronics held a 32.9% share of the global TV market in the first quarter of this year, while LG Electronics had 19.2%, with the two companies together accounting for a majority share of 52.1%. Samsung Electronics achieved its highest-ever first-quarter record, and LG Electronics set an all-time high record for any quarter.

This means that one out of every two TVs sold worldwide in the first quarter of this year was made by a domestic brand. As pent-up demand from the COVID-19 pandemic continued from the second half of last year, global TV sales in the first quarter reached 51.225 million units, nearly a 10% increase compared to the same period last year.

By company, Samsung Electronics maintained its position as the global TV market leader for 15 consecutive years, capturing a 32.9% market share. In terms of volume, it grew by 11%, and in terms of value, by 35%, surpassing the overall market average growth rate.

The strong performance of Samsung TVs in the first quarter is attributed largely to increased sales of large-sized and premium TVs centered around QLED technology. In the first quarter global TV market, 2.68 million QLED units were sold, marking a 74.3% growth compared to the same period last year. Among these, Samsung Electronics sold 2.01 million QLED units. This year, Samsung expects to surpass 10 million QLED units (7.79 million last year), driven by the popularity of the newly launched Neo QLED.

LG Electronics achieved a record-high quarterly market share of 19.2%, along with qualitative growth driven by a significant increase in premium OLED TV shipments. In terms of volume, LG Electronics shipped approximately 7.279 million TVs globally, including OLED and LCD, representing more than a 15% increase compared to the previous year. In the first quarter of this year, LG OLED TV shipments reached 792,000 units, growing 116% year-over-year and marking the highest first-quarter shipment volume ever. This is close to the shipment volume recorded in the fourth quarter of last year, which was the highest quarterly shipment to date.

The rapid growth of LG OLED TVs is even more significant considering that the product’s average selling price (ASP) is close to $2,000, classifying it as a premium product. Thanks to the fast growth of LG OLED TVs, the total OLED TV shipments from all market brands, including LG Electronics, also increased by more than 90% year-over-year to 1.192 million units.

This content was produced with the assistance of AI translation services.