LG Electronics eyes $725 mn in global built-in appliance sales

[Photo provided by LG Electronics Inc.]

South Korea’s LG Electronics Inc. unveiled its goal of hitting 1 trillion won ($724.94 million) in revenue in the global built-in business by 2027.

“We will be able to make our built-in business into a trillion won business unit in three years and make it another growth engine of ours,” Lyu Jae-cheol, president and head of LG Electronics‘ home appliance and air solutions (H&A) division, told reporters on Tuesday (local time) at Milan Design Week 2024, the world’s largest design exhibition taking place in Milan, Italy.

“The European market, which is the home of built-in appliances, is experiencing another growth spurt in 2024 as more convenient products with artificial intelligence (AI) features emerge,” he noted. “Achieving 1 trillion won in revenue means more to us than doubling the current level of our growth.”

Lyu emphasized that LG made bold investments and conducted market research to launch products with differentiated features that are tailored to the lifestyles of European customers since entering the European market in 2018. “By strengthening our built-in portfolio with empathetic AI appliances and innovative locally customized products, we will continue to provide optimized solutions for a wider range of customers and accelerate our penetration of the European market,” he said.

LG Electronics is actively pursuing the built-in market in Europe with new products. According to market research firm Euromonitor International Ltd., the European built-in market was valued at $21.2 billion and accounted for 42 percent of the global market in 2023.

The company unveiled its 36-inch Signature Kitchen Suite free zone induction, which allows pots to be placed anywhere on the induction cooktop without being constrained by the location of burners, at the exhibition. The product reflects European cooking culture, where a various cooking utensils from small coffee pots to large paella pans are used.

Its strength lies in the ‘boiling alarm’ function, which detects the boiling point of food and prevents spills of water, soup, or sauce by automatically adjusting the temperature based on the detected temperature of the cooking utensil.

It also features an automatic tracking function that recognizes the pot’s material and the heating intensity used previously, allowing users to continue cooking with the same settings even when the pot is moved.

The company’s 24-inch Signature Kitchen Suite oven with gourmet AI also made its European debut. The AI camera inside the oven identifies ingredients and recommends more than 130 diverse recipes, as well as suggesting optimized settings.

Users can monitor the cooking process in real-time and capture it with videos or photos via the LG ThinQ application.