LG bets big on OLED TV, launches 19 new models

Unveiled at Consumer Electronics Show 2022 at Las Vegas, South-Korean technology giant LG is now bringing its latest OLED TV range to the Indian market. And to mark that, superstar Shah Rukh Khan launched the new lineup in New Delhi today. With a total of 19 models across screen size measuring from 42-inch to 97-inch, the company aims to capture 80 per cent share value wise in the OLED segment in the country. The new TV will have prices starting from Rs 89,990 and going up to Rs 75,00,000.

Priced on the higher side in comparison to the regular LED TVs, the OLED TV market is picking up in India and other OEMs are expected to join the category soon. Hak Hyun Kim, Director - Home Entertainment, LG Electronics India told Business Today, “According to GFK, 63,000 OLED TVs were sold in India in the year 2021 and 2 lakh units will be sold this year. We had 70 per cent share by value and with the new line up launch, we want to capture 80 per cent market share in terms of value in the current year. We have been focused on consumers insight, what they need, what is our unmet needs, what is their demand.”

Consumer behavior has evolved post-pandemic where many customers prefer to enjoy entertainment at the comfort of their home and are investing in new age technologies. But the high prices have restricted them from investing in one, a reason why companies like LG are launching OLED TVs in small screen size.

“India’s TV penetration is close to 67 to 68 per cent and it is the largest penetrated product if you will compare it with white goods like refrigerator, which is close to 38 per cent. But, of this 68 per cent penetration, more than 50 per cent is CRT. Given the cheap data and the penetration of OTT, there is a huge potential. In addition, consumers are looking at investing in the second TV in their homes too,” added Hak Hyun Kim.

Unlike the new age technology which are imported in the country, the LG’s new OLED TV range is ‘made-in-India’ at the Pune factory.

“Our production capacity is 2 million units a year. However, according to our growth plan, this year's maximum capacity will be 3 million,” said Hak Hyun Kim. LG does not import TVs in India as it is able to cater the domestic demand from the Pune factory. But even with this scale the company is not exporting TVs from India as it already has factories across the world including Indonesia, Egypt and Poland, among others.