LG Electronics has secured the largest share of the European premium TV market.
LG Electronics ranked first in the US$2,500 or higher segment of the European TV market with a 33.3 percent share in terms of sales revenue, market researcher IHS Markit said on Aug. 15. In terms of sales volume, the company also came in first with a 38.7 percent share.
Last year, LG ranked second with a market share of 22.9 percent in sales revenue and 22.2 percent in sales volume. The market’s favorable response to its OLED TVs pushed up its market share by more than 10 percentage points. The company’s share in the US$2,500 or higher OLED TV segment swelled to 60.8 percent this year from 46.9 percent last year.
The OLED TV group consists of 15 global companies including Sony and Toshiba of Japan, Philips of Europe and Skyworth of China. LG Electronics has solidified its lead with a 56 percent share of the European premium OLED TV market.
LG has sharpened the competitiveness of its OLED TVs by incorporating various voice recognition services to satisfy the needs of picky European consumers, TV industry experts say.
The European premium TV market is conservative with LG Electronics, Samsung Electronics, and Sony having a three-runner race for years. European and Chinese companies have single digit market shares.
Samsung Electronics’ share in the European TV market of US$2,500 or higher models increased to 42.0 percent last year, but it shrank to 25.2 percent in the first quarter of this year. Sony’s share edged up from 21.5 percent to 25.5 percent. Including LG Electronics, the three companies enjoyed a combined 84.1 percent share in the European TV market in the first quarter of this year.
“The global TV market is characterized by Samsung Electronics dominating the U.S. TV market and LG Electronics leading the premium TV market in Europe,” said an industry analyst. Samsung Electronics accounts for 82.6 percent of the U.S. premium LCD TV market.―Business Korea