LG announces plan to triple next-generation OLED TV sales at the CES 2016

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LG TV
A model poses in front of LG Electronics' flexible organic light-emitting diode (OLED) TV sets, which are made with LG Display flat screens, during the 2014 Korea Electronics Show in Goyang October 17, 2014. Reuters/Kim Hong-Ji

LG Electronics aims to triple its next-generation organic light-emitting diode (OLED) TV sales this year. LG’s TV executive announced the news at the Consumer Electronics Show (CES) in Las Vegas. The company is hoping to earn higher revenues and experience more growth from OLED TV sales in the US market.

LG’s home entertainment division President Kwon Bong-suk announced in a press conference during the CES event about the company’s decision to push the sales figure to meet increasing consumer demands. “Last year, we couldn’t meet consumer demand due to production constraints. Considering the increasing demand, we could more than triple the sales this year,” he said.

Korea and the US are the two key markets for LG’s premium OLED TVs. As of now, the company finds the US market highly significant and lucrative to tap into a large number of customers. “The US market is crucial and other markets such as Latin America and Russia are fast catching up. We will expand our OLED TV presence in other markets this year,” said Kwon Bong-suk.

The company had experienced sluggish sales growth in the first half of last year. However, the company managed to increase its sales from its third quarter. This year, LG may form an alliance with rival TV manufacturer, Sony, to boost its OLED sales market, reports Korea Herald.

According to Reuters, LG holds the world’s number two spot as the world’s best TV maker comes after its home rival, Samsung Electronics Co Ltd, which is at the number one position. As of now, the South Korean company is pinning all hopes on its OLED displays and is expecting to march ahead of its rival with the new display technology.

The company had slashed down prices of OLED TV models by almost 45 percent last year in the United States. With plans for higher sales this year, LG is looking forward to a more successful 2016.