LG Tipped To Snare #1 Appliance Brand Slot From Whirlpool
LG Electronics is set to be crowned the worlds #1 appliance brand when it comes to sales.
In Australia, the South Korean Company is struggling to keep up with demand with the local subsidiary working closely with retailers to monitor supply.
Analysts are now predicting that during the COVID-19 pandemic demand for LG appliances was so strong that the business is set to overtake Whirlpool to take the top spot this year.
Some Australian customers have been told that they have to wait 9 months to get one of their top end washing machines.
LG Electronics is expected to post record high sales of around nearly 7 trillion won ($6.3 billion) in the second quarter, claiming the world’s top spot Operation profit is estimated to be around 800 billion won.
Meritz Securities put sales of the firm’s home appliance and air solution unit during the past three-month period at 6.9 trillion won and operation profit at 817 billion won.
Projections from another brokerage firm, DB Financial Investment, put the figures slightly lower at 6.8 trillion won and 754 billion won, respectively.
Sales of LG Electronics’ US rival Whirlpool who are now in second spot, are currently estimated at around 5.6 trillion won, according to local and foreign market reports.
In the past, LG Electronics’ sales fell short up against Whirlpool and was only in the first quarter of 2021 that LG Electronics outpaced the US brand.
Sources in South Korea claim that LG will take the No.1 spot by the end of this year in terms of annual sales.
LG Electronics said recently that they will invest over 1 trillion won in its home appliance business during this year, up around 40 percent on-year.
In April LG Electronics announced that the company has decided to inject $20.5 million to expand its washing machine factory in Tennessee.
LG Electronics is also expected to strengthen its steam-based products and LG Object Collection, the company’s new home appliance line that has received positive ratings for its configuration capability.