Samsung, LG Expect Home Appliance Sales to Rise
Samsung Electronics Co. and LG Electronics Inc., South Korea’s top two consumer electronics makers, said Tuesday that their home appliance divisions are expected to report brisk sales over the next few years, driven by demand for premium and environmentally friendly products.
Samsung’s home appliance division is targeting to roughly triple annual sales to $30 billion by 2015 from more than $10 billion in 2010, said Hong Chang-wan, head of Samsung Electronics’ digital appliance business.
Meanwhile, LG said it aims to achieve $20 billion in home appliance sales by 2014. While LG didn’t provide sales figures for 2010, the conglomerate had said the division reported sales of 9.541 trillion won ($8.5 billion) in 2009.
The global home appliance market is expected to grow to around $300 billion by 2015, and Samsung hopes to grab a 10 percent market share, Mr. Hong told reporters at the launch of a new Samsung air-conditioner.