Weak TV market didn't slow Samsung, LG's sales

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Weak TV market didn't slow Samsung, LG's sales

Published: 21 Feb. 2022, 14:46 Updated: 21 Feb. 2022, 14:51

Samsung Electronics’ TVs took up 29.5 percent of TV sales based on revenue, making them No. 1 in the global TV market for the 16th consecutive year in terms of revenue. [SAMSUNG ELECTRONICS]

Korean companies continued to sell almost half the TVs in the world last year, the weakest TV market since 2010.

Samsung Electronics and LG Electronics took the No. 1 and 2 places in the global TV market based on revenue in 2021, according to market tracker Omdia.

The two companies commanded 48 percent of the market last year. That was 0.5 percentage points down from the 48.5 percent market share in 2020 but higher than the 47.2 percent share in 2019.

Samsung Electronics’ TVs took up 29.5 percent of TV sales based on revenue and 19.8 percent based on the number of TVs sold. That made them No. 1 in the global TV market for the 16th consecutive year in terms of revenue.

Last year's sales were led by its premium models such as QLED TVs, according to the manufacturer. For premium TVs — products costing over $2,500 — Samsung captured 44.5 percent of the market in terms of revenues.

The company sold 9.43 million QLED TVs last year, 21 percent higher than the year before. A total of 26 million QLED TVs have been sold since 2017, when they were introduced.

LG Electronics grabbed 18.5 percent of TV sales based on revenue last year, a record high for the company. The company credited its premium TV lineup for its growth, namely OLED TVs. [LG ELECTRONICS]

LG Electronics grabbed 18.5 percent of TV sales based on revenue last year, a record high for the company.

The company sold 27.3 million TVs in total, including organic light-emitting diode (OLED) TVs and LCD TVs.

LG Electronics also credited its premium TV lineup for its growth. The company is the world’s largest OLED TV manufacturer.

The company accounted for 62 percent of all OLED TV sales in the world last year, or 4 million units. That’s 98 percent higher than the previous year when the company sold 2 million units.

OLED TVs are expected to increase in popularity in the coming years. Eight million OLED TVs are expected to be shipped this year, 23 percent more than last year, according to Omdia. Samsung Electronics is also expected to launch OLED TVs for the first time this year.

The two Korean companies were followed by Sony, which had a market share of 9.5 percent in terms of revenues, TCL with 8 percent and Hisense with 6.8 percent.

The two Korean electronics companies’ performances were particularly notable in such a slow year.

Last year, 213.5 million TV shipments were made, the lowest since 2010.

The slump was caused by a surge in TV sales in 2020, when the pandemic was new and people bought new TVs because they were stuck at home.

“After experiencing a decline in sales in 2022, volume will again increase and by 2026 reach around 610 million pieces,” read a Statista report.

BY YOON SO-YEON [[email protected]]