LG OLED TV Achieves Record High Shipments... LG TV Global Market Share Also Hits Q2 'Maximum'

[Asia Economy Reporter Kim Hyewon] LG OLED TV has recorded its highest shipment volume ever.

According to market research firm Omdia on the 24th, LG OLED TV shipments in the second quarter of this year reached 945,600 units. This is three times the volume compared to the same period last year. It surpassed not only the previous quarter but also the shipment volume of the fourth quarter of last year, which was the peak season. Since LG Electronics launched the world's first OLED TV in 2013, it has achieved the highest quarterly shipment volume. The total number of LG OLED TVs shipped by LG Electronics in the first half of this year is approximately 1,735,000 units.

LG Electronics explained that this growth is significant considering that the average selling price (ASP) of LG OLED TVs is close to $2,000, making it a premium product. The ASP of LG OLED TVs in the second quarter was $1,950.9 (about 2.29 million KRW), nearly four times the ASP of LCD TVs sold globally, which was $512.3.

Thanks to LG OLED TVs, LG TV's market share in the global market in the second quarter reached 18.8% based on revenue, marking the highest ever for the second quarter. LG Electronics shipped a total of 6,282,000 TVs globally in the second quarter, an increase of more than 40% compared to the second quarter of last year.

OLED TV Market Blossoms with 1.5 Million Units per Quarter

Globally, the OLED TV camp, including LG Electronics and a total of 19 TV companies, has opened the era of 1.5 million units shipped per quarter. In the second quarter, these companies shipped 1,534,000 OLED TVs, which is 2.7 times the volume of the same period last year. OLED TV shipments in the global TV market exceeded expectations by growing 19.8% more than Omdia's initially forecasted second-quarter shipment volume. Omdia's previous forecast for OLED TV shipments in the second quarter was around 1.28 million units.

OLED TVs, which officially entered the era of 1 million units per quarter earlier this year, surpassed 1.5 million units per quarter earlier than market expectations. By the end of the year, it is expected to surpass 2 million units per quarter for the first time ever. LG Electronics holds 61.6% of the entire OLED TV market.

The revenue share of OLED TVs in the TV market also rose by 2.8 percentage points from 8.9% in the previous quarter to a record high of 11.7%. Meanwhile, the share of LCD TVs dropped to its lowest since 2012, reflecting the rapid pace of TV generation replacement.

Omdia forecasts that the OLED TV market, which was about 3.65 million units last year, will grow approximately 70% to reach 6.1 million units this year. This is in stark contrast to the overall TV market, which is expected to see a slight decline in annual volume compared to the previous year.

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