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LG Electronics sets plans to sell more than 900,000 OLED televisions during 2016

By increasing product offerings, the company hopes to supply more OLED panels to TV makers outside the LG group, with the aim is to stimulate the market for OLED TVs

7 Jun 2016 | Editor

According to various news reports LG Electronics has unveiled plans aimed at tripling volume sales of OLED televisions in 2016 to more than 900,000 units.

In addition to increasing product offerings, the electronics company hopes to supply more OLED panels to TV makers outside the LG group. While selling panels outside the group tends to run counter to the idea of differentiating itself from rival TV makers, its first aim is to stimulate the market for OLED TVs by getting more manufacturers to participate.

LG has reported sales of 113,000 OLED TVs in the first quarter of 2016, more than 3x the figure in the year-earlier period. The company's brand recognition was helped by improved coordination of advertising and promotions with sporting events in North America and Europe.

Growth in OLED TV sales helped LG capture 45% of the market by value for high-end TVs priced at US$2,500 or more, including LCD models, a 12-point jump from the 4th quarter of 2015.

The news article said that OLED TVs have image quality better than LCD TVs but are for the time being are priced higher because panels production cost are higher. This the company believes has slowed the adoption of OLED TVs. Adding that the worldwide market for OLED TV in 2015 was just 335,000 units, of which more than 90% were manufactured by LG.

www.lgdisplay.com    www.lg.com    asia.nikkei.com   

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