Samsung Electronics and LG Electronics are stepping up efforts to capitalize on the lucrative commercial display market in a bid to find a breakthrough in the stagnant global TV sector, according to the companies, Wednesday.
According to data by industry tracker IHS Markit, the global TV market’s sales volume this year is expected to decrease 0.5 percent, from 221 million in 2018 to 220 million this year.
With the forecast showing little sign of improvement, the Korean tech companies are trying to find a breakthrough in commercial displays, or the digital sign market, which is expected to grow from $18.6 billion in 2018 to $31.7 billion in 2025, according to data by Grand View Research.
Samsung and LG are the world’s No.1 and No.2 digital commercial display manufacturers, with market shares of 26.9 percent and 12.5 percent respectively as of the first quarter, according to IHS Markit. Samsung said its share improved to 28.5 percent in the second quarter.
It said it has completed the installation of 4,218 commercial displays at 90 subway stations in Seoul.
“Samsung took part in Seoul Metro’s project to digitalize its information maps placed in subway stations,” a company official said. “We replaced analog-type information maps at subway stations from Line 1 to 4 with our commercial displays sized at 49 and 65 inches that react to touch input. The company won the contract from Seoul Metro because our products have high durability, with dust-proof IP5X validation.”
The company also installed 85-inch displays for advertisements on platforms and in station waiting rooms. Korea Times