LG’s OLED TV is expected to surpass 15% among total TV sales this year

During the conference call that reported operating profits, LG Electronics announced on January 25 that OLED TVs accounted for below 5% of its total TV sales volume in 2015, but more than doubled in 2016 and achieved 10%. In addition, the share of LG’s OLED TV in the premium market over 2,000 dollars has rapidly increased, and it has solidified its leadership in the high-end OLED TV market. Therefore, LG said OLED TV sales are expected to rise and accordingly account for more than 15% of its total TV sales in 2017.

Also, LG Electronics’ sales reached 55.3660 trillion won, and its total operating profit last year was 1.3378 trillion won. The company’s annual sales dropped 2 percent from 2016(56.5090 trillion won), while its operating profits increased 12.2 percent from last year(1.1923 trillion won).

Especially, the sales of HE(Home Entertainment) division rose 0.2% from last year(17.3976 trillion won) thanks to an increased demand for TVs and premium TV sales. Despite rise in panel prices, LG reported a record operating profit of 1.2374 trillion won through its premium product sales and strategy to improve cost competitiveness.

Accordingly, LG Electronics announced it plans to continuously release premium TVs by adding such premium functions as IoT to existing products. It is also planning to expand its business focusing on the expansion of sales markets through globalization, going beyond its sales in Korea and USA.

Meanwhile, LG Electronics plans to start operating the E4 phase2 26K Gen8 OLED production line that it invested in 2016, in the second quarter this year. In addition, OLED TV price is expected to drop, and accordingly the OLED TV market is likely to increase significantly.