Here’s a breakdown of the dominance of Korean brands Samsung and LG in the global TV market:
Samsung and LG’s Market Positions: Samsung Electronics secured the top spot in the global TV market last year, commanding 29.5% of sales revenue, while LG Electronics closely followed in second place with an 18.5% market share. Together, they held an impressive combined market share of nearly 48%, signifying their dominance.
Samsung’s Success: In terms of units sold, Samsung held a 19.8% share of the global TV market. Notably, Samsung has maintained its top position for an impressive 16 consecutive years, commencing from 2006. The company’s premium product line, the quantum dot light-emitting diode (QLED) TV, witnessed exceptional sales, with 9.43 million units sold last year alone. Since the introduction of QLED screens in 2017, they have collectively sold 26 million units over five years, significantly contributing to Samsung’s market share growth.
Innovation and Market Leadership: Samsung attributes its prolonged success to its “innovation DNA,” consistently releasing groundbreaking products that redefine the TV market each year. This dedication to innovation has been a key driver in maintaining its leading position in the industry.
LG’s Remarkable Growth: LG Electronics experienced substantial growth in the organic light-emitting diode (OLED) TV segment. Their annual shipment volume of OLED TVs surged to an estimated 4,048,000 units, doubling from the previous year and claiming 62% of the global OLED TV market. This achievement marked a significant milestone for LG in asserting its dominance in the OLED TV segment.
Record Market Share: LG also achieved its highest-ever market share of 18.5% based on sales revenue in the global TV market. This indicates the company’s strong performance and growing influence within the industry.
Overall Market Trends: Despite the strong performance of Samsung and LG, the global TV market experienced a decline in shipment volume. An estimated 213,537,000 units were shipped last year, reflecting a decrease of 11,932,000 units from 2020. This decline marked the lowest shipment figure since 2010, indicating a challenging market environment.
The narrative underscores the significant impact of Korean TV manufacturers, particularly Samsung and LG, in dominating the global TV market. Samsung’s consistent innovation and the success of its QLED TV line, coupled with LG’s remarkable growth in OLED TVs, have cemented their positions as frontrunners in the industry despite the overall decline in the market’s shipment volume.