The global market for organic light-emitting diode (OLED) TVs has surged twofold every year since 2015, with growth being fuelled by LG Electronics Inc., an international industry tracker has said.
IHS Markit said sales of OLED sets are estimated to have reached some 2.6 million units in 2018, up from just 335,000 in 2015. Data showed that in 2016 sales reached 724,000 units, followed by 1.59 million in the following year, Yonhap news agency reported on Monday.
For this year, total sales may rise to 3.6 million, nearly double to 7 million in 2020 and top 10 million in 2021.
The market researcher said OLED sets, which accounted for 2.2 per cent of all global TV sales in 2016, rose to 4.5 per cent in 2017 and 5.9 per cent last year, with the forecast for 2018 estimated at 6.6 per cent. This could surpass the 10 per cent mark in 2022, it said.
In contrast, liquid-crystal display (LCD) sets that currently account for 95 per cent of all TVs sold, are forecast to see their market share fall by 1-2 percentage points each year going forward.
IHS Markit said the strong growth of OLEDs can be attributed to LG's market presence. The company dominated the sector with a 64.6 per cent stake.
IT said LG's strong showing has caused Japanese, Chinese and European companies to enter the market that has led to the growth of the market overall. At present there are 15 companies invested in the OLED market, which is fuelling more healthy competition.
Reflecting advances made, LG unveiled its first rollable TV, the Signature OLED TV R, at the 2019 Consumer Electronics Show (CES) in Las Vegas that highlighted its leading position in the sector.