LG Electronics is launching a record number of new OLED TVs this year as it looks to maintain its lead in the “premium TV” segment, and is expecting increased sales as a result.
Last week in Seoul, the company unveiled no less than 29 different OLED TV models, including its new LG OLED G3 TV with Micro Lens Array technology for increased brightness. The new models will launch in both Korea and international markets via a phased rollout, the company said.
The launch comes as Samsung Electronics doubles down on its own OLED TV offerings, which are based on QD-OLED technology. This year, Samsung has announced two different QD-OLED models in three different size options.
Baek Sun-pil, vice president at LG Electronics Home Entertainment, told the Korea Economic Daily that he is happy to see Samsung emerge as a rival in the OLED TV space. “It underscores that the premium TV market centers around OLED TVs, confirming we are right about our strategy,” he stated.
Baek also revealed that LG Electronics expects its OLED TV sales to “increase marginally” this year, despite a global economic slowdown that has led to a reduction in consumer spending. “We will offset weak global TV demand with the expansion of premium TV sales to maintain growth,” he promised. “We will bet big on premium TVs that will contribute more to increasing sales with higher profit.”
As such, Baek said he expects LG’s Home Entertainment business to return to profitability in the first quarter of fiscal 2024, having logged three successive quarters of losses. He said the reasons for this include reduced logistics costs and the stabilization of the Korean won/U.S. dollar exchange rate.
Baek’s comments tally with a report from display market research firm Omdia, which recently forecast that the OLED TV market will grow to $12.5 billion in 2023, with around 74.1 million units shipped, up from $11.1 billion and 65.2 million shipments last year.
While Samsung recently retained its position as the world’s number one TV company in 2022 for the 17th year in succession, it only did so thanks to its domination of the LCD TV market, with its Neo-QLED TVs.
On the other hand, LG was for years the world’s only supplier of OLED television displays and therefore it has a commanding lead in the segment. All of its OLED TVs are considered to be premium models, and its new releases in 2023 boast either the new MLA-based OLED displays or last year’s OLED Evo display technology, which is still superior to standard OLED. In addition to the company’s standard models, such as the LG G3, C3 and B3, it will also launch luxury products such as its wireless LG Signature OLED M and rollable LG Signature OLED R TVs.
The company’s 29 OLED TV models span a range of sizes, with the smallest being just 42-inches, and its largest weighing in at 99-inches. LG believes its much wider variety of TVs will ensure it continues to dominate the segment.
