Berlin: LG Electronics Inc. has announced its ambitious plan to double its sales in Europe within the next five years, aiming to become the leading home appliances brand in the region. This declaration was made by Lyu Jae-cheol, head of the home appliance division at LG Electronics, during a press conference at the international electronics exhibition, IFA 2025, held in Berlin, Germany.
According to Yonhap News Agency, Lyu highlighted LG Electronics' impressive progress in the European market, attributing their success to fierce competition, rapid growth, and strong customer reviews. He emphasized that the company's recent performance and positive feedback from customers underpin their goal to become the number one home appliances brand in Europe.
Statista, a global market research firm, estimates the value of Europe's home appliances market at 150 trillion won (US$107.9 billion) for this year, with an annual growth rate of 4.1 percent projected through 2030. LG Electronics has already reported more than 7 trillion won in European sales during the first half of the year.
Lyu outlined LG Electronics' strategy to achieve this ambitious target, focusing on a localized approach and an innovative product portfolio. He noted that these strategies are less susceptible to economic fluctuations and could provide a competitive advantage over other global brands in both premium and "volume zone" segments, the latter referring to a price range with significant trading activity.
To maintain solid growth, Lyu emphasized the importance of shifting the business structure toward operations like business-to-business (B2B), direct-to-customer (D2C), and non-hardware offerings, which are less affected by demand and price changes. Addressing trade challenges, he mentioned that LG plans to adopt a flexible production strategy to manufacture Europe-specific products, acknowledging the rise of tariff-based protectionism in various countries.