LG unveiled a line of LCD TVs making use of LED technology today, and hopes to ship as many as 5 million units next year. The conglomerate is also aiming to move up to 18 million LCD sets this year, and according to its CEO, internal targets are even higher. Achieving this aspiration would situate them as the world's second-largest producer of LCD TVs, ahead of Sony and only topped by Samsung.
Although the faltering economy has heavily impacted the global electronics sector, flat screen TV makers have had it much easier than other industries. Both LG and Samsung are placing their chips on LED-backlit TVs being future profit drivers. Given the successful HDTV market and recent DTV transition, their projections are likely spot on - at least in the near-term. LG believes LED TVs represent 2.6% of the LCD set market as of this year, and could be attributed with 20% of the market next year and 40% in 2011.