LG Electronics is to build on its 30% year-on-year rise to become a key provider of HVAC solutions and built-in home appliances in the European market, according to Korea’s Yonhap news agency
Lyu Jae-cheol, president of LG’s home appliance and air solution division told the IFA tech trade show in Berlin:
HVAC is our biggest business-to-business commerce … We are working to become a top-tier player in the [HVAC] market by 2030.
Sales of LG’s low-carbon home heating and cooling solutions are expected to jump 30% year-on-year in Europe this year, LG said, amid rising demand for energy-efficient home appliances. LG showcased the Smart Cottage at the IFA show, a prefabricated home that Lyu said embodies LG’s vision for a smart, sustainable lifestyle.
The two-story, studio-style house is fitted with the company’s smart heating, ventilation and air conditioning technologies, together with a 4 kW solar panel on the roof to power the HVAC, floor heating and hot water supply.
Premium home appliances at the modular home are interconnected through the home automation LG ThinQ application, along with eco-friendly features to reduce energy consumption, Yonhap added. LG said the “all-inclusive, ready-to-go home solution” is not merely a house, but a lifestyle that is designed to put the Earth first.
Lyu said LG will join hands with strong local players with a better understanding of the living environment and climate in order to expand its business in the European HVAC market. He also said the South Korean consumer electronics giant will work on product diversification to broaden its customer base in the $24.4 billion European built-in home appliances market.
At IFA, LG unveiled its new premium built-in kitchen package, including an oven, a dishwasher and a refrigerator with energy-saving features to strengthen the company’s position in the market.
In July, LG unveiled a plan to expand its business in the built-in home appliance markets in North America and Europe, which account for more than 70% of the global market. LG said it aimed to become one of the top five built-in appliance brands there.
