German TV maker Loewe Technologies will release its first organic light-emitting diode (OLED) TV later this year to tap into the premium market dominated by LG Electronics. Loewe's "bild 7" OLED TV model will be available in the European market starting September in 55 and 65 inches for 4,990 and 6,990 euros.

The TV will likely support the High Dynamic Range (HDR) technology and will be based on OLED panels made by LG Display.

LG Electronics is the dominant player in the global OLED TV market, with more than 90 percent shares in terms of sales.