LG Electronics Inc. has released its highest-ever number of new organic light-emitting diode (OLED) TV models in a bid to maintain its supremacy in the OLED TV market against the return of its archrival Samsung Electronics Co. nearly a decade after its retreat, a move that is expected to help its TV business turn around this year.
The South Korean home electronics giant on Wednesday unveiled its new OLED TV lineup for this year, with a plan to release 29 OLED TV models in phases at home and abroad to expand consumers’ choices for premium TVs. It is the company's record number of new TV releases in one year.
“Our TV sales are expected to increase marginally this year,” Baek Sun-pil, vice president at LG Electronics Home Entertainment (HE) division, said during a press conference for its new OLED TV lineup showcase on Wednesday. “We will offset weak global TV demand with the expansion of premium TV sales to maintain growth.”
He expected a turnaround in the HE division, which also handles the TV business, in the first quarter of this year after logging straight losses for the last three quarters of 2022, citing a fall in logistics costs and the stabilized Korean won/US dollar exchange rate.
“We will bet big on premium TVs that will contribute more to increasing sales with higher profit,” said Baek.
LG Electronics unveils its new OLED TV lineup for this year on March 8, 2023 (Courtesy of LG Electronics) According to global display market tracker Omdia, the global OLED TV market is forecast to grow to $12.5 billion in 2023 with OLED TV shipments of 74.1 billion units from $11.1 billion with 65.2 billion units in 2022.
NEW ROUND IN LG-SAMSUNG FACE-OFF
Samsung Electronics’ OLED TV models in 77, 65 and 55 inches also hit the Korean market on Thursday, marking the Korean electronics giant’s return to the OLED TV market eight years after it folded the business in 2015 due to its low OLED TV production yield.
Last year, it, however, resumed the sale of its OLED TVs but only in limited overseas markets, North America and the UK, to test its competitiveness before its local launch.
Samsung Electronics’ new OLED TVs are fitted with its proprietary OLED Brightness Booster function and anti-glare technology to minimize light reflection, making them outstanding in the premium TV market, the company said.
Samsung Electronics releases OLED TV models in Korea for the first time in 8 years (Courtesy of Samsung Electronics) “Consumers now have wider choices with our new OLED TVs,” advanced with Samsung’s leading TV technologies, on top of its new QLED TV lineup, the company said in a statement on Thursday. Its 10 new Neo QLED 8K TV models and 14 Neo QLED TV models also debuted on the market on the same day.
With the latest OLED TVs, LG Electronics is confident it can cement its leadership in the global premium TV market.
LG Electronics’ 29 new OLED TV models include the OLED evo series with enhanced features, including the Brightness Booster Max, and the wireless LG Signature OLED M series.
LG Electronics expects its latest OLED TVs will be chosen by consumers ahead of its Samsung rivals thanks to the wide range of its OLED TV lineup, from 40 inches to 99 inches as well as from those with affordable price tags to ultra-premium models, including the 77-inch model costing 9 million won ($6,816.12).
Write to Ji-Eun Jeong at jeong@hankyung.com Sookyung Seo edited this article.
