- South Korean MNCs, Samsung and LG, account for nearly half of TV sales in Q3 across the globe
- Samsung has the most market share in Q3 with 28.7%, LG was second with 18.4%
- Together, Samsung and LG, owned 47.1% of the TV market in Q3
South Korean firms are ruling the Television (TV) market all across the globe with Samsung Electronics and LG Electronics’ sales for global TV Sales in the 3td quarter of the year accounts for almost 50%.
The cumulative sales of the two companies in the third quarter also accounted for nearly half with a 49% share.
As per the London based research firm Omdia, on the 19th, Samsung Electronics’ TV sales accounted for 28.7% while that of fellow South Korean firm LG Electronics’ accounted for 18.4% in the global market in the third quarter which gives them a combined share of 47.1%.
For cumulative sales, Samsung Electronics accounted for 30.2% share and LG Electronics 18.8% share. The combined market share was 49%.
Until the third quarter of 2021, Samsung Electronics and LG Electronics sold 30.84 million (over 3 crore) and 6.472 million (almost 65 lakh) units, respectively.
In particular, Samsung Electronics has maintained its No. 1 rank in TV space for 16th consecutive year, with 30.2% share in sales and 20.6% in sales quantity.
Despite the production disruptions owing to the shortage of components and COVID-19 still being at large, Samsung Electronics has been able to maintain strong sales by expanding premium TV lineups such as Neo QLED TV and Lifestyle TV.
Samsung’s QLED products, mainly focused on Neo QLED, sold 6.29 million (almost 63 lakh) units in the third quarter across the globe which was up 24.8% year-on-year. Samsung Electronics is expected to achieve 10 million sales (1 crore) of QLED TVs this year.
Coming to the other goliath from South Korea, LG Electronics’ OLED TVs are also rapidly growing. LG Electronics’ OLED TV shipments increased 80% year-on-year to 8,99,000 units in the third quarter of this year across the globe.
It is the highest 3rd-quarter sales of OLED TVs.
LG Electronics’ cumulative OLED TV shipments in the third quarter, across the globe, of this year were 26,55,000 units which, to clear out the smoke, was more than double from last year, and have already surpassed last year’s annual shipments.
This year’s annual shipments are expected to reach 4 million (40 lakh) units, which if the company reaches, would be twice that of last year.
LG Electronics is out in the market proving its dominance with a 60% market share in the global OLED TV shipments in the third quarter of the year. As per LG Electronics, the number of brands selling OLED TVs increased to 20 this year, and also some brands are expected to enter the global OLED TV market in 2022.