LG unveiled its plans to become the top global appliance manufacturer by 2014 by targeting double-digit growth in 2011, and pushing for sales of $20 billion by 2014.
The company is aiming to maintain the lead in its core business sectors such as washing machines and refrigerators while building a foundation for growth in new growth areas including water treatment and built-in appliances, or premium kitchen packages.
Young-ha Lee, President and CEO of the LG Electronics Home Appliance Company said at CES: “This year will be the beginning of a new era of home appliances. Whave reached the tipping point where appliances are now run entirely by CPUs and computer code.”
Lee said home appliances are experiencing the same transformation that occurred with automobiles a decade ago and LG is well positioned to drive the transformation of smart appliances in the next few years.
This year, LG plans to concentrate on highlighting and differentiating its core technologies such as the Inverter Direct Drive for its washing machines and Linear Compressor for its refrigerators. In addition, by raising the energy efficiency of its core technologies by more than 30 percent over existing appliances, LG plans to meet and exceed stricter environmental regulations in markets around the world, including North America and Europe.
At this CES 2011, LG introduced its complete range of smart solutions based on its groundbreaking new ‘Thinq’ technology. Comprised of five key features – Smart Grid, Smart Diagnosis, Smart Access, Smart Adapt and Food Management – LG Thinq Technology offers a complete smart solution that lets consumers manage their homes in a more centralised and convenient way.
The company also presented its plans to launch new products that employ smart grid technologies in 2011 to help deliver consumer benefits and establish a platform for LG’s future green growth.