SEOUL, July 23 (Yonhap) -- LG Display Co., a South Korean tech giant, announced Monday it will jack up spending on organic light-emitting diode (OLED) to stay ahead of growing competition in the burgeoning market.
During a meeting with reporters, LG Display chief executive Han Sang-beom also said his company will target second-tier smartphone makers in China to expand its presence in the neighboring country.
"For the future, we will spend on the OLED sector, rather than on the liquid crystal display segment," Han said.
Global TV makers such as LG Electronics Inc. have been ramping up efforts to commercialize OLED TVs, which enable slimmer designs and more vivid images compared with liquid crystal displays that require backlights.
In April this year, the South Korean tech giant rolled out the revolutionary model with a 55-inch curved screen for the first time in the world on its home turf.
Its local rival Samsung Electronics Co. also rolled out a similar TV set last month.
In May this year, LG Display also revealed a 5-inch flexible OLED screen to be mounted on its smartphone, which is expected to hit the market later this year.
Worldwide shipments of OLED panels are expected to hit 26.96 million units by 2018, increasing more than 200-fold from 130,000 units forecast for this year, according to earlier data by NPD DisplaySearch.
Han said China's low-end smartphone market is vast, meaning that LG Display will actively expand its presence in the sector as well.
He added that LG Display will also lead the world's Ultra HD TV market by stepping up R