Half of Global TV Sales Are Samsung and LG... 50% Market Share in the First Half

[Asia Economy Reporter Kim Hyewon] In the first half of this year, one out of every two TVs sold worldwide was a product from Samsung Electronics or LG Electronics. The combined global TV market share of the two companies exceeded 50% based on sales revenue for the first half. While Samsung Electronics maintained its world No.1 position for 16 consecutive years by leading the premium TV market, LG Electronics' OLED TV sales surged, narrowing the gap between the two companies' market shares.

According to global market research firm Omdia on the 24th, global TV sales volume in the first half of this year reached 99.11 million units, with total sales revenue of $54.287 billion (approximately 63.6 trillion KRW). These figures represent increases of 7.4% and 36.1%, respectively, compared to the same period last year.

During the same period, Samsung Electronics and LG Electronics held market shares of 31% and 19% respectively based on sales revenue, totaling 50%. Notably, LG Electronics' share rose by 2 percentage points from 17% in the first half of last year to 19% this year. Based on volume, the market shares were 21.2% for Samsung Electronics and 13.7% for LG Electronics.

The global TV market in the first half of this year was driven by strong sales of extra-large and premium products despite supply issues with key components and rising raw material costs. Premium products such as QLED TVs and OLED TVs sold 5.25 million units and 2.73 million units respectively during the first half.

Samsung Electronics sold 21.03 million TVs in the first half of this year, marking the first time in five years since 2016 that it surpassed 20 million units in a half-year period. Especially, Samsung Electronics' QLED TVs, centered on Neo QLED, sold about 4 million units in the first half alone, with a growth rate exceeding 46%. Since sales in the second half, which is generally the peak season, are expected to surpass those of the first half, Samsung is likely to set an annual record of 10 million units.

LG Electronics recorded its highest-ever OLED TV shipments in the second quarter at 945,600 units, tripling compared to the same period last year. Thanks to this, LG Electronics' market share based on sales revenue in the overall TV market rose to 18.8% in the second quarter, marking the highest second-quarter record ever. This growth is significant considering that LG OLED TVs are premium products with an average selling price (ASP) close to $2,000. In the second quarter of this year, LG OLED TV ASP was $1,950.9 (approximately 2.29 million KRW), nearly four times the global LCD TV ASP of $512.3.

It is also noteworthy that the global OLED TV camp, including LG Electronics and a total of 19 TV manufacturers worldwide, has entered the era of quarterly shipments exceeding 1.5 million units. In the second quarter, these companies shipped 1.534 million OLED TVs, 2.7 times the volume of the same period last year. Omdia forecasts that the OLED TV market, which was around 3.65 million units last year, will grow about 70% to reach 6.1 million units this year. This trend 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.