LG aims for top spot in Qatar’s market
SOUTH Korean electronics manufacturer, LG electronics, is eyeing top spot in the Qatari market by cashing in on the LED and Smart TV segment, a top company official has said.
“At present we have 25 percent market share in Qatar and we are aiming to take the top spot by launching new range of LED and Smart TVs in Qatar,” LG Electronics Gulf FZE President DY Kim told Qatar Tribune.
LG’s rival Samsung Electronics has about 35 percent market share in Qatar. “With our new LED and Smart TV line -up, we are confident of being the market leader,” Kim said.
According to Kim, LED and Smart TVs will be the engine of growth for LG in Qatar and elsewhere.
“Profit margins in the Liquid Crystal Display (LCD) segment is narrowing and competition is getting tighter in this segment.
We are focusing more on LED and Smart TV segment now,” he said.
Asked if LG would spin-off its LCD segment, Kim said there are no immediate plans and that the company would roll out more products in the LED and Smart TV segment.
In Febraury South Korea’s Samsung Electronics had said it was considering spinning-off its LCD unit in a bid to streamline its business.
Samsung’s move came as the unit saw its sales dip more than 10 percent last year amid slowing demand. Falling prices of LCD panels have also dented profits.
New LCD production lines established by Chinese vendors are a major reason why the industry remains in an oversupply situation.
“LG is not the only electronics firm that have been struggling to keep its LCD unit profitable.
Japanese electronics manufacturers, the other major players in the sector, have experienced similar problems,” Kim said.