LG Electronics has shipped more than 5 million OLED TV displays since it first began selling the products in 2013, according to new data from IHS Markit. 

LG Electronics reportedly hit the milestone in November, after its main supplier LG Display grew its production capacity to more than 100,000 units per month, Pulse News reported. 

The company was the first TV maker in the world to start selling OLED TVs and continues to dominate the industry. Its OLED shipments have grown from just 76,000 units in 2014 to 1.564 million units this year, IHS Markit said. 

LG Electronics does face competition from a number of brands that have also started selling OLED TVs, including Sony, Panasonic and Toshiba in Japan, Philips, Grundig and Bang & Olufsen in Europe, and Changhong, Hisense and Skyworth in China. However, it’s notable that all of these companies source their OLED panels from LG Display. 

OLED TVs are still just a small segment of the overall TV market, and account for a mere 1% of the total 220 million TVs sold this year, IHS Markit said. However, OLED is becoming much more dominant in the premium TV segment, accounting for 30% of all sales of TVs priced at $2,500 or more. 

The market for OLED is likely to grow rapidly too, IHS Markit said. It’s forecasting 3 million total sales this year alone, rising to 11.5 million units by 2023. As such, LG Display is racing to keep up with demand, recently opening a new manufacturing plant in Guangzhou, China, that should double its production capacity once it’s fully up and running next year. 

LG Electronics’ focus on OLED is partly driven by increased consumer demand for more premium TVs. But it also sees OLED as a far more profitable display technology than LCD panels, which have seen prices fall dramatically in the last couple of years as a result of the market being saturated with new products from heavily subsidised Chinese manufacturers. Earlier this month, LG Display said it plans to halve its LCD production next year, and that it would convert some of its existing LCD manufacturing lines to OLED production instead. 

LG Display isn’t the only major display maker to quit LCD production. Samsung Display recently announced plans to convert most of it LCD lines to manufacture Quantum Dot OLED panels, and just last week Panasonic announced it intends to shut down its LCD business entirely by 2021.