The photo provided by LG Electronics Inc. shows the digital billboard that advertises LG OLED TV in Times Square, New York. (LG Electronics Inc.)
LG Electronics Inc. shipped more than four million units of premium OLED TVs last year, double the volume from a year earlier, on steady demand for premium TVs, a report showed Tuesday.
The South Korean consumer electronics giant shipped a total of 4.04 million OLED TVs last year, with record quarterly sales of more than 1.41 million units in the fourth quarter, market researcher Omdia said.
Last year, the global OLED TV sector grew a whopping 80 percent on-year to hit sales of more than 6.5 million units.
The global OLED TV market, led by LG with a market share of 62 percent, is expected to grow to eight million units this year.
OLED, or organic light-emitting diode, is highlighted by self-illuminating pixels that do not require a separate light source, allowing manufacturers to produce lightweight, thin and flexible display products.
The average selling price (ASP) of OLED TVs was $1,861.70, more than triple LCD TV's ASP of $507.70.
The OLED TV segment is forecast to continue to grow and take up more than 42 percent in the high-end TV market with TVs priced at $1,500 and above this year. At the end of last year, there were around 20 global TV manufacturers selling OLED TVs.
The global TV shipments came to 213 million units last year, the lowest since 2010, as more people reduced time spent at home and ventured out amid the prolonged COVID-19 pandemic.
Of the total, LG shipped 28.3 million units, taking up 18.5 percent of the market, while another South Korean tech giant Samsung Electronics Co. led the market with a 29.5 percent market share.
To attract new customers and retain existing users, LG said it has stepped up its efforts to increase built-in applications on its smart TVs, as more people have begun to use TVs as a channel to browse and consume entertainment, health and education content, among many others.
The company said the number of its smart TV applications surpassed 2,000, up more than 30 percent from the end of 2019, with education programs rising the fastest.
Among LG's total TV shipments last year, smart TVs took up 95 percent. Globally, smart TVs accounted for 88.6 percent compared with 79.4 percent in 2019, according to Omdia. (Yonhap)
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