LG Electronics Launches Aggressive Marketing for OLED TV... Extends Free Warranty Period in US and UK

[Asia Economy Reporter Jeong Hyunjin] LG Electronics has decided to extend the panel warranty period for OLED TVs sold in the United States and the United Kingdom from 1 year to 5 years. This strategy is interpreted as an effort to further solidify LG Electronics' position in the fiercely competitive premium TV markets of North America and Europe through aggressive marketing.

According to industry sources on the 14th, LG Electronics' US and UK subsidiaries will operate a 5-year free panel warranty program for customers who purchase the flagship models G1 and Z1 of the 2021 LG OLED TV lineup. In the first year after purchase, both parts and labor costs related to repairs will be provided free of charge, while from the 2nd to the 5th year, only parts will be provided free of charge.

LG Electronics has provided warranty services with a free warranty period of 1 year overseas and 2 years domestically for OLED TVs. The recent extension of the free warranty period was decided by each subsidiary according to the market environment of each country, and has been applied first in the US and UK. Specific plans for expansion to other regions have not yet been determined.

LG Electronics' decision to extend the free warranty period in the US and UK is seen as an effort to increase its market share in the premium TV market amid a significant increase in OLED TV sales since last year. According to market research firm Omdia, global OLED TV shipments are expected to increase from 3.65 million units last year to 5.8 million units this year. North America and Europe are representative premium TV markets where more than 70% of OLED TVs are sold.

In particular, LG Electronics, which leads this market, recorded its highest-ever first-quarter OLED TV shipments with 792,000 units, a 116% growth compared to the same period last year. In April, LG Electronics announced, "The proportion of OLED sales within the entire TV segment has increased by about 8 to 10% compared to last year, and the share is expanding. We plan to more than double OLED TV shipments compared to last year."

TV manufacturers actively provide free warranty services considering that after-sales service (AS) has become a key factor in product selection in the premium home appliance market. Samsung Electronics has been offering a 10-year free warranty service worldwide for QLED TVs and others since 2017, and US smart TV manufacturer Vizio provides a 3-year free warranty service.

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