LG Display CEO Jung Ho-young held his first press conference since taking office on Jan. 6 (local time) at the Las Vegas Convention and Exhibition Center and announced the possibility of a new market.
Although there are difficulties in current display markets due to intensifying global competition and excessive structural supply, there is a high possibility that LG Display will accelerate its transition to OLED and develop new markets." said Chung.
"LG Display has the world's highest level of technology, so if it carries out its major tasks properly this year, it will be able to become a new and stronger company," he said.
LG Display is planning to select large OLEDs as game changers that will change the game and develop them as future growth engines and focus all of its capabilities.
LG Display provided a variety of panels, including rich color and slim-designed panels including rollable panels for OLED TVs, increasing its sales from just 200,000 units in 2013 to nearly 4 million units last year.
LG Display is focusing its capabilities on seeing P-OLED (Plastic OLED) business as the area with the greatest opportunities for future growth.
LG Display is planning to strengthen its capabilities such as development, production and quality, while enhancing its competitive edge in business by establishing a cooperative system with strategic customers.
It will also continuously expand the development of technologies to provide differentiated value. It is planning to prepare differentiated solutions that can lead future markets from a mid- to long-term perspective and expand markets to IT markets such as automobiles, laptops, tablets, and foldables and new applications.
P-OLED is considered a blue ocean in the automobile market, with its high degree of design freedom and advantages such as quality, response speed and weight, especially as electric cars and autonomous driving have been developed, and the importance of interior design in cars is becoming more prominent and the need for differentiated products is increasing.
According to IHS Markit, the vehicle OLED market is expected to grow more than 60 percent annually from 240,000 units this year to 4.4 million units in 2025. LG Display is planning to quickly grab upper hands in OLED markets for vehicles to increase its competitive edge in products and solidify its position as a leading company.
The LCD business makes competitive parts stronger, while structural limitations are quickly adjusted. However it explains that innovating LCD business structure does not mean restructuring.
Accordingly, LG Display will continue to strengthen areas where LG Display has strengths such as IT, Commercial and Automotive, and operate high-value products such as high-speed, high-definition monitors that are specialized for games and commercial displays that provide touch solutions.
In line with the strategic direction of its business portfolio, LCD is planning to focus on competitive products and contribute to generating profits. On the other hand, products that are exposed to limited situations such as general-purpose TVs are planning to expedite rationalization.