Demand for OLED TV’s is falling with LG Electronics set to ship fewer OLED TVs this year due to slowing sales of TV’s especially by manufacturers of third-party TV brands who buy their panels from LG Display.
During their recent brief to journalists following the release of their latest financials management in South Korea claimed that the main contributor was the impact that inflation price rises, and rising interest rates was having on consumers.
They said that both budget and premium OLED TVs were in decline.
The geopolitical issue in Europe, one of its main customers for OLED TVs, also caused uncertainty throughout the third quarter, LG’s latest fiscal quarter results reveal.
Despite the fall LG still expects mid-10% growth in demand for OLED TVs in 2024, based on data from market research firms.
LG Electronics subsidiary LG Display claims that they expect to ship fewer large OLED TV panels this year with targets of 5 million units in 2024, compared to 2022’s 6.8 million units.
The South Korean electronics maker recorded 20 trillion won in revenue and 996.7 billion won in operating profit during the third quarter, a drop of 2.2% and a jump of 33.5%, respectively, from a year ago.
This was due to profit from its home appliance business doubling year-on-year and a hefty contribution of around 130 billion won in profit from its vehicle solution business.
This week Australian retailers including executives from Narta, JB Hi Fi, The Good Guys and Harvey Norman are in South Korea to see the new 2024 appliance range that will be shown at CES 2024.
Ironically, the costs of the trip were to be shared with Samsung who are also showing off their new 2024 product range, but according to sources Samsung pulled out of the cost sharing deal.
