But not for long.
There are a number of worldwide electronics manufacturers who are producing excellent LCD TVs that are as good as the plasma screens, only much cheaper.
Korean electronics major Samsung is known for producing some of the best LCD screen TVs in the world.
Turning out products that pack in an amazing amount of technology in a slick, stylish package, which, over and above all else, is also lighter on the wallet than many other models.
Their LE46N73BD proves that big need not be ugly, even if small is beautiful.
Samsung, in this model, manages to make a huge 46 inch screen look razor sharp with futuristic styling.
The model also incorporates some patented Samsung technology like DNIe, which provides sharper image processing, and the Wide Colour Gamut technology which provides a wider range of possible colors.
It also allows excellent multimedia connectivity and has a native screen resolution of 1366x768.
Panasonic is also reputed for its high-end technology, and it extends its reputation to its LCD TV models too.
Models such as the TH-26LXD60 are a rage in the market and are packed with features.
Priced very reasonably, Panasonic models come equipped to handle almost any kind of multimedia, with a whole array of sockets and jacks lining the front panel.
Patented Panasonic technology also ensures best in the class sound with minimal noise, and crystal clear picture quality.
Moreover, Panasonic LCD TVs are able to generate excellent picture and sound quality even with regular standard definition input signals, something many of the top manufacturers have tried and failed to reproduce.
Sony is another top class manufacturer whose products provide genuine value for money.
Their Bravia series is rated among the best in the category and have been at the top of the list in every other magazine review.
With picture quality that virtually borders on the three dimensional, Bravia screens provide a genuinely enjoyable viewing experience, which will be of great interest to home movie fanatics.
Along with excellent, crisp, high contrast images, Bravia TVs also pack in excellent sound, in terms of both quality and power, which is a factor many manufacturers choose to neglect.
Other manufacturers like Hitachi and Toshiba are also known for excellent LCD TV models that provide good quality and a high degree of functionality at a very affordable price.
But before you do buy a TV, it would be best to visit a dealer and see things for yourself.
You, after all, are the best judge of your needs and tastes.