LG Electronics Inc.’s Micro LED TV LG MAGNIT (Image courtesy of Yonhap)
SEOUL, Oct. 10 (Korea Bizwire) — LG Electronics Inc. on Thursday announced its vision to reach 10 trillion won (US$7.4 billion) in sales from its business-to-business (B2B) solutions division by 2030 as part of the company’s strategy to diversify its business portfolio.
“With 66 years of experience in serving customers and understanding spaces, we aim to be a trusted partner that offers personalized services and innovative solutions to our B2B clients,” Jang Ik-hwan, head of the LG Electronics Business Solutions (BS) division, said. “We plan to double the division’s sales to 10 trillion won by 2030.”
The move reflects LG Electronics’ broader efforts to diversify its operations and position itself as a future-oriented company, particularly following its exit from the smartphone business in 2021.
LG Electronics has earlier announced plans to accelerate its B2B business capabilities, including electronics, heating, ventilation and air conditioning, built-in appliances and smart factory solutions, to increase the share of B2B in total sales to 45 percent by 2030.
The BS division leads LG Electronics’ B2B products and solutions, including commercial displays, IT devices, robotics and electric vehicle (EV) charging systems, positioning itself as a key driver of the company’s future growth.
Jang envisioned building a portfolio of sustainably growing B2B business by strengthening its profitable segments and fostering promising new ventures to increase revenue growth.
One of the leading contributors is LG Electronics’ commercial display business, which includes digital signage and TVs for hotels and hospitals, with an average annual growth rate of 7 percent since 2019.
The company continues to solidify its leadership in this market by partnering with major hotel chains, such as IHG Hotels & Resorts and Hyatt.
As part of its long-term growth strategy, LG Electronics is expanding its EV charging business.
Earlier this year, LG Electronics joined hands with ChargePoint Inc., the leading supplier of charging solutions for EVs in North America, to expand its EV charging business on a global basis.
Through this partnership, LG aims to secure an 8 percent share of the U.S. quick charger market by 2030 and establish itself as a global top-tier player.
In addition, LG Electronics is also investing in the medical monitor sector, aiming to become a top-three global player in this space within five years.
Since launching its first medical monitors in 2016, the company has expanded this business across North America and Europe, with growth nearly doubling each year.
Currently, the company offers 14 medical monitors and six digital X-ray detectors to more than 50 countries for clinical, diagnostic and surgical use.
(Yonhap)
