LG Electronics to Increase BS Division Sales to 10 Trillion KRW by 2030

Last Year's Annual Sales 5.4 Trillion Won... 10 Trillion Goal in 6 Years
Expansion of Hotel and Hospital Monitors, Electric Vehicle Charger Business

LG Electronics has declared that it will double its business-to-business (B2B) sales to 10 trillion KRW by 2030. While strengthening its core revenue-generating businesses such as TVs for hotels and hospitals and signage monitors, it also plans to actively nurture new business areas like electric vehicle chargers and medical monitors.

Jang Ik-hwan, Head of LG Electronics BS Business Division (Vice President). [Photo by LG Electronics]

Jang Ik-hwan, Vice President and Head of the BS Business Division overseeing LG Electronics’ B2B business, held a press conference on the 10th at LG Digital Park in Pyeongtaek, Gyeonggi Province, stating, "With the know-how accumulated over the past 66 years, we aim to double the current sales of 5 trillion KRW by 2030."

The core of the BS Division’s sales expansion lies in the commercial display sector, including TVs for hotels and hospitals. Commercial displays have recorded an average annual growth rate of 7% since 2019. In particular, LG Electronics plans to expand its space-customized display solution business centered on premium fine-pitch (pixel pitch under 2mm) LED signage products such as all-in-one light-emitting diode (LED) and micro LED.

For micro LED products like the 'LG Magnite,' LG Electronics has introduced a diverse lineup including all-in-one types for conference rooms and displays dedicated to virtual production (VP). Over the four years since 2020, its sales growth rate has reached twice the average annual growth rate.

LG Electronics also plans to launch next-generation micro LEDs with artificial intelligence (AI) applied this year. Through AI, approximately 25 million LED chips (based on 136-inch models) will be precisely selected during production, expected to achieve differentiation in image quality and performance.

LG Electronics' home cinema micro LED 'LG Magnite' showcased at 'ISE 2024' held in Barcelona earlier this year.
[Photo by LG Electronics]

LG Electronics is securing additional growth momentum by equipping hospitality TVs for hotels and hospitals with wireless screen-sharing functions such as Google Cast and Apple AirPlay. Users can scan a QR code on the room TV screen to continue enjoying content from their personal devices directly on the TV.

In this regard, LG Electronics is collaborating with global hotel chains such as IHG Hotels & Resorts and Hyatt. Recently, it signed a memorandum of understanding (MOU) with Ricoh, a specialist in office solutions, to jointly conduct sales for supplying total solutions to enterprises.

Growth plans are also underway in new business areas such as electric vehicle chargers and medical monitors. The electric vehicle charger business plans to expand aggressively into the global market starting next year. Earlier this year, LG Electronics established a production base for chargers in Texas, USA, and is expanding its business in cooperation with ChargePoint, the largest electric vehicle charging operator in North America.

LG Electronics aims to secure an 8% market share in the U.S. fast charger market by 2030 and to become a global top-tier company.