SEOUL, Sept. 22 (Korea Bizwire) – LG Electronics Inc. said Friday it will expand into the beauty appliance market in line with its strategy to diversify its business portfolio.
The South Korean tech giant said it decided to move into the household business area as the industry is set to expand sharply down the road. The company plans to showcase its first electronic cleansers on Monday.
Beauty appliances also include smaller electronic devices that can be used at home for skin and hair care.
According to the data compiled by Persistence Market Research, the global market for beauty devices was estimated at US$19.4 billion, which is expected to expand to reach $54.2 billion by 2020.
Major global tech brands, including Panasonic, Toshiba, Sharp and Philips, already produce beauty devices. Other cosmetics firms, such as AmorePacific, also sells related appliances.
Industry watchers said LG Electronics can utilize its capabilities in the field of light technology and batteries to produce globally competitive beauty devices.