LCD sets, however, are likely to see their market share fall by 1-2 percentage points each year going forward, say researchers
LG Electronics Inc. is the major growth driver of the global organic light-emitting diode (OLED) TV market, which is growing twofold every year since 2015, an international industry tracker research report has revealed.
Yonhap news agency cited IHS Markit report which said sales of OLED sets are being estimated to have reached some 2.6 million units in 2018, up from just 335,000 in 2015. Data showed that in 2016 sales reached 724,000 units, followed by 1.59 million in the following year.
Further, total sales are projected to reach 3.6 million this year, and nearly double to 7 million in 2020 and top 10 million in 2021.
The report also revealed that OLED sets, which accounted for 2.2 per cent of all global TV sales in 2016, rose to 4.5 per cent in 2017 and 5.9 per cent last year, with the forecast for 2018 estimated at 6.6 per cent. This could surpass the 10 per cent mark in 2022, it said.
LCD market share likely to fall in coming years
However, the future is not so bright for liquid-crystal display (LCD) TV market.
As per the IHS Markit report, LCD sets that currently account for 95 per cent of all TVs sold are likely to see their market share fall by 1-2 percentage points each year going forward.
LG Electronics – Key growth driver of OLED TV market
The strong growth of OLEDs is attributed to LG, which dominated the market with a 64.6 per cent stake.
LG’s strong presence, as per the report, has encouraged many Japanese, Chinese and European companies to enter the market, resulting in the overall market growth.
At present 15 companies have invested in the OLED market, which is fuelling more healthy competition.
Further tightening its grip, LG recently unveiled its first rollable TV, the Signature OLED TV R, at the 2019 Consumer Electronics Show (CES) in Las Vegas.