Federica Laricchia
Research expert covering the global consumer technology industry
LG - statistics & facts
Whether for their electronics devices or home appliances, we have all heard at least once the name of LG Electronics. Since its foundation in 1958, the multinational electronics company headquartered in Seoul has massively developed and expanded its product offerings. Today, LG Electronics is considered one of the leading consumer electronics companies in the world, bringing in billions of dollars in revenue every year. Similarly, the South Korean company has become one of the major players in the household appliance market, competing with other tech giants in the industry for leading position. Given its rising and wide popularity, consumers are able to purchase products manufactured by LG Electronics all around the globe, including Asia, North America, and Europe.
Furthermore, over the decades, LG Electronics has maintained its position as one of the largest TV manufacturers, occupying over 15 percent of the market. By contrast, despite the almost 25 million smartphone units sold in 2020, in April 2021, LG officially confirmed that they will no longer engage in the smartphone market.
Looking forward, as tech companies constantly strive for innovation with new and improved devices, LG Electronics will need to stay ahead of the curve and do the same in order to maintain its role as one of the key consumer electronics and household appliance companies in the world.
Home Appliance & Air Solution is LG’s most profitable segment
Part of the conglomerate LG Corporation, LG Electronics generates its revenue from several business segments, including Home Appliance & Air Solution, Home Entertainment, Vehicle Component Solutions, Business Solutions, as well as LG Innotek and its subsidiaries. LG’s Home Appliance & Air Solution segment alone generated around 23 billion U.S. dollars in revenue in 2023, making it LG Electronics’ largest business segment, followed by Home Entertainment, which brought in over 11 billion U.S. dollars in revenue in the same year.Furthermore, over the decades, LG Electronics has maintained its position as one of the largest TV manufacturers, occupying over 15 percent of the market. By contrast, despite the almost 25 million smartphone units sold in 2020, in April 2021, LG officially confirmed that they will no longer engage in the smartphone market.
LG faces stiff competition
LG Electronics faces tough competition, including the likes of other tech giants such as Apple, Sony, and Panasonic in the consumer electronics market and Haier Smart Home, Whirlpool, and Electrolux in the household appliance industry. Particularly, Samsung Electronics is one of LG’s biggest competitors, as both South Korean companies offer highly competitive product lines across a variety of consumer electronics devices and household appliances, such as refrigerators, washing machines, and air conditioners.Looking forward, as tech companies constantly strive for innovation with new and improved devices, LG Electronics will need to stay ahead of the curve and do the same in order to maintain its role as one of the key consumer electronics and household appliance companies in the world.
