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The Chinese TV market accelerates the embrace of OLED
On August 10th, Xiaomi held a new product launch conference and launched three Xiaomi second-generation OLED TVs of 55-inch, 65-inch and 77-inch. The price of the products was further reduced, approaching high-end LCD TVs of the same size. After Xiaomi first launched a 65-inch 4K OLED TV in July last year, it officially joined the OLED TV camp, and subsequently launched the world's first transparent OLED TV. Lu Weibing, president of Xiaomi Group China, said that this new Xiaomi TV product may bring a new situation to the OLED TV market.
OLED TV sales are rising rapidly
According to data from market research agency Omdia, China’s TV shipments will be 47 million units in 2020, of which Xiaomi’s shipments will reach 8.98 million units, accounting for 19% of the domestic TV market. This year, in China's high-end TV market of more than US$1,500, OLED TV sales will account for 16.3%, and by 2025, this ratio will reach 54.6%. According to industry insiders, Xiaomi, a leading company in the Chinese TV market, has launched OLED TVs, which will accelerate the transformation of China's high-end TV market to OLED.
OLED is considered to be the next-generation display technology, without a backlight, each pixel emits light independently, and the panel thickness can be as thin as paper. OLED is also the only technology that can realize bendable and transparent TV, and it has the advantages of realizing perfect black, infinite contrast, and wide viewing angle.
At the same time, affected by the epidemic, the increase in home office and online education, coupled with the hosting of major global sports events such as the Tokyo Olympics, has resulted in the rapid growth of the high-end TV market. Omdia predicts that the OLED TV market this year will increase by 70% compared with last year, reaching 6.1 million units. In the global market, Omdia's data shows that the global OLED TV shipments in the second quarter of this year were 1.475 million units, a sharp increase of 159% compared with the same period last year. In the case of seasonal off-season in the second quarter, it hit a historic high.
Up to now, 19 companies around the world have launched OLED TVs, including mainstream Chinese TV companies such as Hisense, Skyworth, Changhong, Konka, and Xiaomi. As more manufacturers join the OLED camp, the OLED TV market is also rising. Since the cumulative shipment of OLED TVs in 2017 exceeded 1 million units, sales have been rising rapidly. According to statistics from Omdia, OLED TV shipments reached 2.47 million units in the first half of this year, more than double the 1.19 million units in the same period last year.
OLED TV panel production capacity increased simultaneously
It is reported that the increase in OLED TV sales has stimulated a substantial increase in the shipment of OLED TV panels. Omdia’s latest report data shows that this year’s shipments of OLED TV panels have been raised to 8.3 million, an increase of 86% compared with last year’s shipment of 4.5 million. As the only manufacturer in the world that can produce large-size OLED panels, LG Display shipped 3.5 million OLED TV panels in the first half of this year, which accounted for more than 80% of last year's total shipments.
In response to the increasing demand for OLED TVs, LG Display has jointly established a bipolar production base for OLED TVs in Paju, South Korea and Guangzhou, China. In July 2020, the mass-produced LG Display Guangzhou OLED factory has a monthly production capacity of 60,000 glass substrates. Together with the 80,000 monthly production capacity of the Paju factory in South Korea, the monthly production capacity of LG Display OLED panels currently reaches 140,000. Production capacity has increased substantially.
According to the information provided by the relevant person in charge of LG Display, since this year, LG Display has continuously enriched the size of OLED panels and brought more choices. In addition to 48 inches, 55 inches, 65 inches, 77 inches, and 88 inches, this year will begin. Mass-produce 42-inch and 83-inch OLED TV panels, and expand the product line to 20 to 30 inches in the future.
Industry insiders said that with the increase in OLED TV panel production capacity, the continuous enrichment of product lines and the vigorous advancement of brand manufacturers such as Xiaomi, China’s high-end TV market is expected to accelerate its transformation to OLED.
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