Samsung Electronics Co. and LG Electronics Inc. have solidified their lead in the global ultra large television market with screens of more than 70 inches. In this growing market, China has taken second place, beating out Japan.
South Korean companies sold a total of 499,700 units in the ultra large 70-inch TV market in the first quarter, accounting for 57.9 percent of the total market, according to market research firm IHS Markit on Aug. 11. South Korean electronics firms are taking the lead in expanding the ultra large television market amid a growing consumer preference for large screens.
South Korea was behind Japan in the 70-inch and larger TV market just in 2017. At that time, South Korea sold a total of 826,700 units and took the second place with a market share of 40.8 percent, while Japan sold 857,200 units and ranked first with a market share of 42.3 percent.
The market landscape began to change last year. South Korean companies sold a total of 3,210,800 units in the 70-inch and larger TV market last year, taking the number one spot with a market share of 56.4 percent. In contrast, Japan sold only 737,300 units and its market share fell to 22.9 percent.
This year, South Korean electronics companies solidified their lead. Yet Japanese firms are losing ground to even Chinese competitors. Japanese electronics companies sold a total of 135,000 units in the first quarter and its market share slid to 15.6 percent. On the other hand, Chinese firms sold 151,700 units in the first quarter and increased their market share from 8.4 percent last year to 17.5 percent.
The trend is also shown in the sales of leading television manufacturers in South Korea, China and Japan. Samsung Electronics, which ranks first in the 70-inch and larger television market, sold 287,000 units in the first quarter of this year, a 89.1 percent surge from 151,800 units a year ago. In addition, LG Electronics’ sales came to 212,700 units in the first quarter, three times higher than the 69,200 units at the same period last year.
TCL Corp., one of the largest TV manufacturers in China, sold 46,300 units in the first quarter, more than four times growth from 10,200 units a year earlier. However, Sony Corp. saw its sales rise only by 13.4 percent from 72,200 units to 81,800 units over the same period. Panasonic Corp. sold only 1,900 units in the first quarter, maintaining the same level of sales with last year.
The competition among South Korean, Chinese and Japanese companies in the 70-inch and larger television market is expected to become fiercer in the future. Sales of 70-inch and larger televisions stood at 3,226,100 units last year but the figure will grow by 47.3 percent to 4,722,500 units this year and twice as much as this year’s figure to 8,533,800 units in 2023, according to the IHS Markit.
Meanwhile, the premium OLED displays are also emerging as the flagship model in the panel market. Shipments of OLED TV display panels are to quadruple five years later and the market share is forecast to surpass 20 percent in terms of sales. IHS Markit forecast on Aug. 11 that the global OLED TV panel shipments will increase to 14,163,000 units in 2024. The estimated figure is 3.9 times higher than 3,672,000 units this year. It had a mere 1.3 percent share of the total TV panel market this year but the market share is expected to rise to 4.9 percent in five years.―Business Korea