28 Trillion Largest European Market and Major Battlefield Alongside
US Expands Ambitious 'Signature Kitchen Suite'
LG Electronics, 60% Growth in US Built-in Market This Year Compared to Last Year
[Asia Economy Reporter Moon Chaeseok]
"We plan to launch 'built-in' products within this year and are currently in the final stages."
This statement was made by Ryu Jae-cheol, President and Head of LG Electronics H&A (Home Appliance & Air Solution) Business Division, at a press conference held on September 1st (local time) before the opening of Europe's largest home appliance exhibition, 'IFA 2022,' when he was Vice President. Although not 'Europe within this year,' LG Electronics decided to launch a premium built-in large-capacity refrigerator new product in the North American market early next year. North America, along with the world's largest '28 trillion' European market, is considered a major battleground for built-in home appliances. LG Electronics has steadily established its presence there.
On the 14th, LG Electronics announced that it will unveil a new large-capacity built-in type refrigerator at 'CES 2023,' the world's largest home appliance exhibition held in Las Vegas, USA, on the 5th of next month. This announcement comes just over three months after President Ryu declared the launch of the built-in new product.
The new product will be released first in the United States in April next year. This follows the trend of introducing the ultra-premium built-in kitchen appliance premium brand 'Signature Kitchen Suite' consecutively in major markets such as Europe and North America.
North America is LG Electronics' forward base. In February, LG launched region-customized built-in home appliances and reportedly increased sales by more than 60% compared to the previous year this year alone under the 'Signature Kitchen Suite' brand. The February products included a pro-range with gas range, induction, and sous-vide cooking functions, a convertible refrigerator, and a wine cellar.
Samsung Electronics has also introduced the 'Bespoke Home' brand, intensifying the competition for leadership in the advanced countries' built-in home appliance market. The built-in market is considered difficult to penetrate because local customers purchase products from companies that fit their own specifications all at once, and local brand loyalty is high.
LG Electronics' new large-capacity built-in refrigerator model to be unveiled at CES 2023 in Las Vegas, USA, on the 5th of next month. With a capacity of 721 liters, it is the largest built-in refrigerator in the industry. (Photo by LG Electronics)
According to LG Electronics, the new product to be introduced at CES is a 721ℓ large-capacity product that combines a design minimizing 'front protrusion' and ample storage space. The capacity is the largest in the industry. This is the first built-in type refrigerator with a capacity exceeding 700ℓ. While maintaining the exterior size of the refrigerator the same as existing products, the food storage capacity has been increased by about 10%. Internal space utilization has been maximized. This is the result of redesigning the air flow path through which cold air passes and improving the structure of key components such as the evaporator that absorbs heat.
A new ice feature called 'Mini Cubed' has also been added. It is designed to be easy to put into bottles or cups, measuring 1.7cm wide, 2.3cm long, and 0.8cm high. Users can choose from four types of ice according to their preference: 'Mini Cubed,' 'Craft Ice,' 'Crushed,' and 'Cubed.'
The product's upper right door has a 'Knock-On' feature added. When knocking on the door, the interior light turns on, allowing easy checking of the type and amount of stored food. The entire door is made of 'Mirror Glass' for a neat and luxurious look, enhancing its use as an interior element.
LG refrigerator's unique performance and hygiene functions have been inherited. The '24-hour Auto Temperature Control' function maintains the temperature inside the refrigerator within ±0.5℃, keeping food fresh for a long time. The 'Door Cooling+' function emits strong cold air from the top of the refrigerator compartment, evenly cooling the refrigerator door as well.
It also features a 'UV (Ultraviolet) Nano' function that eliminates bacteria. It periodically uses UV LEDs to remove up to 99.99% of bacteria in the water outlet. Users can also press a button for additional sterilization. According to tests by the global certification body TUV Rheinland, it removes 99.99% of E. coli, Staphylococcus aureus, and Pseudomonas aeruginosa.
LG Electronics' built-up home appliance business is expected to contribute to strengthening future growth momentum along with 'UP Appliances' and 'New Appliances.' LG Electronics continuously introduces new products such as clothing care device Styler and shoe care devices ShoeCase and ShoeCare (new appliances), while adding new functions after purchase through the home appliance platform 'ThinQ' (UP Appliances).
Hyunwook Lee, Executive Vice President and Head of Kitchen Appliance Business Division at LG Electronics H&A Business Division, said, "Based on differentiated technology, we will provide new customer experiences by leading with refrigerator new products that enhance kitchen space utilization and convenience."
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