65-inch TV sales surpassed 55-inch TV sales for the first time in the global OLED TV market. Consumers’ preference of big screen TVs that provide better immersive experience is also showing up in the market. It is expected that a trend of consumers preferring bigger OLED TVs will accelerate due to a perfect mesh between increased supply of OLED panels and priced reduction in OLED TVs.
According to a market research company called Omdia, 65-inch OLED TV sales were responsible for 41.2% of the entire sales in the global OLED TV market in the third quarter while 55-inch OLED TV sales were responsible for 38.7%.
This was the first time that 65-inch OLED TV sales surpassed 55-inch OLED TV sales and it was likely due to consumers preferring bigger screen TVs and price reduction in 65-inch OLED TVs from increased OLED panel production. As LG Display that supplies large OLED panels began mass-production at its Guangzhou plant since July, its supply of OLED panels has increased greatly.
As 65-inch OLED TV starts to establish itself as the main product in the market, it is likely that a trend of consumers preferring bigger OLED TVs will become much more noticeable.
Up until last year, 55-inch OLED TV sales were responsible for 49.4% of the annual OLED TV sales. However, it is expected that the percentages for 55-inch TV and 65-inch TV will be similar this year at 43.1% and 42.7% respectively. In 2021, the market share for 65-inch OLED TV will increase to 48.9% and easily surpass that of 55-inch TV (35.9%). It is estimated that the percentage will increase to 56.1% and 62.7% in 2022 and 2022 respectively.
Consumers preferring bigger OLED TVs is a great news for LG Electronics that leads the global OLED TV market. In the third quarter, the average price of LG Electronics’ OLED TV recorded more than $2,100 resulting in positive performance for the company in the global premium TV market.
“Not only OLED TV price is becoming more acceptable, but consumers’ preference of OLED TVs is growing as supply of OLED panels and demands for premium TVs continue to increase.” said a representative for LG Electronics. “OLED’s different level of quality and different innovative design continue to receive high praises.”
There are endless positive reviews towards OLED TVs globally. An American consumer media Consumer Reports included OLED TV as one of its recommended 65-inch TVs that need to be purchased during Black Friday. While most of its recommendations cost less than $1,000, its list also includes LG Electronics’ OLED TV (OLED65CXPUA) and Sony’s OLED TV (XBR-65A8H) that easily cost more than $1,000.
Consumer Reports explained that LG Electronics’ OLED TVs are one of the best TVs that it has conducted tests this year and that they have one of the best qualities, HDR (High Dynamic Range), excellent sound quality, and vivid Dolby Atmos.
Staff Reporter Kwon, Geonho | wingh1@etnews.com