Demand for Larger TVs Growing in S. Korea | Be Korea-savvy

Demand for Larger TVs Growing in S. Korea

(image: LG Electronics)

(image: LG Electronics)

SEOUL, Apr. 19 (Korea Bizwire)The demand for larger television sets has been growing over the past few years in South Korea, industry data showed Thursday, alongside lower average prices.

Industry data showed the average size of Samsung Electronics Co.’s TVs sold in the country came to 54 inches last year, up sharply from 44.5 inches in 2010. The numbers indicate the favored size of TVs grew more than an inch each year.

In contrast to the growing size of TVs, their prices eased over the same period. In 2010, 55-inch TVs were priced between 5 million won (US$4,690) to 6 million won, but such products can be purchased for as low in the 2-million won range at present.

“The trend of TV sales in South Korea can be applied to LG Electronics Inc. and other manufacturers,” an industry insider said. “South Korea and the North American market have been showing clear trends in terms of demand for larger TVs.”

TVs sized 65 inches and larger accounted for 18 percent of the market in 2016, but the portion grew to 31 percent last year.

Samsung Electronics said the sales of TVs sized 75 inches and above grew two-fold in January from a year earlier, also indicating changing market demand here.

Industry watchers attribute the soaring demand for larger TVs to improved resolutions, as the latest TVs are capable of delivering vivid color compared to previous models despite larger sizes.

“Samsung and LG accounted for 50 percent and 10 percent, respectively, of the world’s market for TVs sized 75 inches and above,” another industry watcher said. “Although price-competitive Chinese products and the revival of Japan’s Sony Corp. are threats, it is likely that the South Korean products will continue to lead for the time being.”


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