According to market research agency IHS Markit, South Korean display manufacturer, LG, is strengthening its OLED display (for smartphones) business. Its latest report shows that LG Display smartphone OLED (Organic Light-Emitting Diode) screen global market share exceeds 10%, reaching 10.8%.
In 2017, LG Display’s OLED mobile phone screen market share was only 1%. By the fourth quarter of 2019, this figure rose to over 10%. IHS Markit believes that its recent supply to Apple played a significant role in its performance.
Nevertheless, Samsung Display OLED mobile phone screen market share still ranks first in the world. As of now, Samsung occupies 81.2% of the market share.
Generally, LG Display is not doing well in the market. According to media reports, the company’s performance for 2019 is not satisfactory. It has suffered losses for the first three quarters, and its full-year loss could reach a record 1 trillion won ($861,000,000).
In order to reverse the unfavorable situation of continuous losses, LG is now making adjustments. CEO, Jeong Ho-young, who took office in September, is pinning his hopes on OLED panels to get rid of the persistent loss. According to him, the company will expand its production capacity of OLED panels. LG Display plans to improve its profitability by expanding the production capacity of OLED panels. This is because it believes that demand for OLED panels is increasing in areas such as transportation and interior.