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Thanks to the premium TV?… Samsung, LG Electronics, sales increase despite falling production utilization rates

LG OLED TV (provided by LG Electronics)

Last year, Samsung Electronics and LG Electronics’ video equipment (TV/monitor) division’s utilization rate (production capacity compared to production capacity) fell by double digits compared to the previous year, but video equipment sales increased by more than 20%. According to the results of the Leaders Index analysis of the Corporate Analysis Institute, the utilization rates of Samsung Electronics and LG Electronics have decreased over the past three years, but their sales have increased.

First, in the case of Samsung Electronics, its video equipment production capacity (CAPA) increased by 5.2% from the previous year to 54,235,000 units last year. However, the actual production performance decreased by 8.5% to 44,133,000 units. The utilization rate was 81.4%, which was 12.2 percentage points lower than 93.6% in 2020 and 4.1 percentage points lower than 85.5% in 2019, before Corona 19.

During the same period, LG Electronics’ production capacity increased 10.5% to 27,458,000 units, but actual production only increased by 4.3% to 26.52 million units. As a result, the production utilization rate was also 96.6%, down 5.6 percentage points from 102.3% in 2020.

Despite the decline in production performance and utilization, the sales of both companies increased.

Last year, Samsung Electronics’ video equipment division recorded 31.49 trillion won in sales. This is an increase of 13.7% compared to the previous year. LG Electronics also recorded 19.79.4 trillion won in sales, up 31 percent from 15.47.8 trillion won in the previous year. Looking at the sales per unit, Samsung Electronics increased by 24.2% from 575,409 won in 2020 to 713,693 won last year. LG Electronics recorded 743,190 won per unit last year, up 25.6 percent from 59,1781 won in the previous year. This is attributable to an increase in sales per unit of video equipment as the proportion of premium OLED TV products has increased.

Meanwhile, LG Electronics’ OLED TV shipments were 4,048,000 units last year, up 97.7% from the previous year (2048,000 units). Samsung Electronics outperformed LG Electronics in sales per unit until 2019, but after 2020, it reversed and LG Electronics is leading Samsung Electronics.

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