Market research firm Omdia expects global TV shipments to reach 211.6 million in 2022, which would be the lowest since 2010.

TV shipments in North America, Europe and China were down around 20% year-over-year in the first quarter and Omdia also expects TV sales for the full year to decrease due to rising inflation and covid-19 restrictions being lifted.

LCD TV sales are expected to fall while OLED TV sales are expected to rise as the TV market is shifting towards the newer and more advanced display technology.

- "This year, the global OLED TV shipments are expected to increase 23 percent to eight million units," Omdia told BusinessKorea. "The market share of the product in terms of shipments is estimated at 4 percent this year, much lower than 96 percent of LCD TVs, and yet the share in terms of sales is expected to rise to 12.8 percent after having topped 10 percent for the first time last year."

LG Display is no longer be the only supplier of OLED TV panels as Samsung Display has recently started mass production of QD-OLED. Sony and Samsung are the first TV makers to launch QD-OLED TVs.

 Also read: 8K TV is failing to appeal to consumers, says Omdia

Meanwhile, both LG Display and Samsung Display are downsizing their LCD TV panel business. Samsung Display is expected to cease LCD TV panel production entirely later this year.

- Source: Omdia via Business Korea