LG turns to India for growth amid U.S.-China rivalry

2024. 3. 6. 12:54
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[Courtesy of LG Electronics Inc.]
India is emerging as a new ray of hope for South Korean companies amid the intensifying tech rivalry between the United States and China, with LG Electronics Inc. taking the lead in exploring the world‘s fifth-largest economy.

One of the world’s most populous nations, India’s English-speaking population and high economic growth rate are making the country attractive to global investors and companies.

LG Electronics has stepped up its effort to invest in the newly emerged market, and the Korean home appliance manufacturer recently built its fourth showroom for Indian customers in Chennai, the capital city of India‘s southernmost state Tamil Nadu.

The showroom, or the Business Innovation Center (BIC), is a place where corporate customers, such as hospitals and offices, can experience digital products designed to meet their specific needs. The home appliance manufacturer has four BICs in the country’s major cities, including Mumbai and Bengaluru.

[Graphics by Song Ji-yoon and Han Yubin]
LG Electronics plans to focus on mobility and educational technology in India. As part of the plan, the company aims to increase its business-to-business (B2B) sales from India, with a goal to increase it by up to 25 percent of the company’s total revenue. The company earnt 2.47 trillion ($1.7 billion) in sales from India in 2018, which rose to 3.18 trillion won in 2022 and saw even further growth in 2023.

Recent market surveys found that LG Electronics is the largest organic light-emitting diode (OLED) screen manufacturer in India, with a market share of 64.2 percent.

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