LG Display is ready to Supply 77-Inch and 83-Inch OLED TV display panels to Samsung Electronics

South Korean tech giant LG has announced its most expensive 77-inch and 83-inch OLED displays. The company is claiming that OLED displays are the best display in the entire market. These high-end smart TV panels will be supplied to Samsung Electronics, which makes LG profitable because the company is booking lots of losses in flat-screen manufacturing.

LG Display has ambitious plans to manufacture and supply a substantial number of units in the coming years. The company aims for over 2 million units next year and further increasing shipments to 3 million and later it can go up to 5 million units per year. The primary focus of the coampany supply the larger OLED display of 77-inch and 83-inch to Samsung, Later The company may supply to other companies as expected.

This deal signifies Samsung's strategy to get exponential growth in the most premium high-end organic light emitting diode (OLED) Television market globally. On the other hand, the company is facing huge competition in the low-end segment with Chinese manufacturers. So, Samsung has now decided to rule the premium TV market with this plan, although both companies are in profit by this deal, LG gets a huge requirement of OLED and Samsung will sell all thought panels with the brand value which is more than LG. It's worth noting that OLED panels are significantly more expensive than liquid-crystal display (LCD) panels, with a cost nearly five times higher.

If the deal goes right, Samsung will definitely overtake Sony to become the second-largest supplier of OLED TVs globally, Because Sony has the only brand value that can sell these types of premium and expensive TVs on earth.

While LG Display's talks for OLED TV panel supply to a new client have been subject to speculation, Reuters is the first to report the details of this particular deal with Samsung Electronics.

Due to the confidentiality surrounding the deal, all sources declined to be named. Both LG Display and Samsung Electronics have refrained from commenting on the matter.

Samsung Electronics is the world's largest TV manufacturer in the display market. Samsung Electronics is slow in gaining market share than its domestic rival LG Electronics Inc in embracing OLED TVs. Samsung has argued that the technology is more suitable for small devices like smartphones and tablets, citing the high cost of panels as a hindrance.

Until now, LG Display has been operating its OLED factory below full capacity due to a shortage in demand for LG smart TVs. It's more because of economic factors that were going globally such as inflation and a slowing consumption in the economy.

Currently, the company LG Display is supplying OLED TV panels to LG Electronics, Sony, and also for Apple. As we all know that Samsung has also its own display unit named Samsung Display, which of focused especially on OLED displays for smartphones and smart TVs. The company also manufactures displays for Apple, which they consume in their Apple Watch, iPhone, iPad, and Mac.

Currently, Samsung is enjoying 6.1 percent of the market share in an OLED display, following behind LG Electronics which owned almost 54.6 percent of the market, and Sony is ruling with 26.1 percent of the market share.

In the upcoming years, the OLED TV market is expected to reach $11.7 billion which is nearly 6 percent of growth.