BERLIN, Sept. 3 (Yonhap) — LG Electronics Inc. is looking to increase its presence in the European market with heating and cooling solutions and built-in home appliances, according to Lyu Jae-cheol, president of LG’s home appliance and air solution division, at a press briefing on Saturday. He stated that the company’s goal is to become a top-tier player in the HVAC (heating, ventilation and air conditioning) market by 2030.
LG reported that sales of its low-carbon home heating and cooling solutions in Europe are projected to increase by 30 percent this year due to the rising demand for energy-efficient home appliances. At the IFA 2023 tech show, the company showcased the Smart Cottage, a prefabricated home that contains LG’s smart heating, ventilation and air conditioning technologies, along with a 4-kilowatt solar panel on the roof to use solar energy for air conditioning, floor heating and hot water supply.
In addition, LG said it plans to join forces with local partners to expand its business in the European HVAC market, as well as diversify its products to reach a wider customer base in the US$24.4 billion built-in home appliances market. The South Korean electronics giant unveiled its new premium built-in kitchen package at IFA, which includes an oven, a dishwasher and a refrigerator with energy-saving features.
LG also announced its plan to become one of the top five built-in appliance brands in North America and Europe, which account for over 70 percent of the global market. The company is striving to become a ‘smart life solutions’ provider, and is dedicated to the REPower Plan, a European Commission initiative to reduce greenhouse gas emissions and end its dependence on Russian fossil fuels.