Samsung Electronics Tops Global TV Market Share in Q1... LG OLED Shipments Reach Record High

Samsung and LG Electronics Market Share at 50.6%

A Samsung Electronics model is appreciating the artwork 'Tree' by artist Loa on a Neo QLED 8K.

[Asia Economy Reporter Kim Jin-ho] Samsung Electronics maintained its overwhelming No. 1 position in the global TV market in the first quarter of this year with a market share of over 30%, bringing it close to the historic achievement of being No. 1 for '17 consecutive years.' LG Electronics' OLED TV also achieved its highest-ever shipment volume for the first quarter.

According to global market research firm Omdia on the 24th, the total number of TVs sold worldwide in the first quarter of this year was 49.07 million units, with sales amounting to $25.675 billion. This represents a 4.3% decrease in volume and a 6.3% decrease in sales compared to the first quarter of last year. This decline is interpreted as a result of the slowdown in 'pent-up' (delayed and revenge) consumption demand caused by the COVID-19 pandemic.

Looking at market share by company (based on sales value), Samsung Electronics held an unshakable No. 1 position with a 32.9% share, up 5.2 percentage points from the previous quarter. LG Electronics ranked second with 17.7%, with domestic companies accounting for more than half (50.6%) of the market share. This figure is far ahead of China's TCL (8.0%) and Hisense (7.6%), and Japan's Sony (7.6%).

In terms of volume-based market share, Samsung Electronics was also No. 1 with 22.5%, followed by LG (12.6%), TCL (10.9%), Sony (8.7%), and Hisense (6.1%).

Samsung Electronics, which held the No. 1 global TV market share for 16 consecutive years as of the end of last year, maintained its top position in the first quarter by leveraging the steady growth of QLED led by Neo QLED 8K and strong sales of large-size and premium products. QLED sales in the first quarter of this year increased by 23% compared to the same period last year, reaching 3.3 million units. Samsung Electronics sold about 2.52 million units, accounting for approximately 76% of this total.

Samsung QLED surpassed cumulative sales of 28 million units for the first time in five years since 2017. At this pace, it is expected to easily surpass 30 million units by the second quarter of this year.

In particular, Samsung Electronics once again demonstrated its dominance as a 'large-size TV powerhouse' by recording a 40.7% market share in the 75-inch and larger large-size TV market and a 48.1% share in the 80-inch and larger market. It also ranked first in the premium TV market priced above $2,500 with a market share close to half at 49.3%.

LG OLED Evo lifestyle image.

LG Electronics also set a new record for the highest first-quarter shipment volume with its top-tier premium lineup, LG OLED TV. According to Omdia, LG OLED TV shipments in the first quarter of this year reached 924,600 units. This is a 17% increase compared to the same period last year, which recorded exceptional growth, making it the highest first-quarter shipment volume ever.

The average selling price (ASP) of LG OLED TVs sold worldwide in the first quarter was $1,615.6 (approximately 2.04 million KRW). This is more than three times the ASP of LCD TVs sold during the same period, which was $485.1 (approximately 610,000 KRW).

Including both OLED and LCD, LG Electronics' total TV shipments reached 6.1936 million units. LG's market share in the TV market for the first quarter was 17.7% based on sales value.

The overall OLED TV market recorded shipments of 1.486 million units in the first quarter, a 24.7% increase compared to the same period last year. This contrasts with the global LCD TV shipments, which decreased by 5% during the same period.

OLED TV is expected to continue its rapid growth this year following last year. Omdia forecasts that OLED TV shipments will reach 8 million units this year.

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