When it comes to home appliance brands, Midea, Haier, Hisense and Gree are all well-known national brands. If you zoom in on the global vision, LG Electronics is the leader in the home appliance industry. According to Korean media reports, LG Electronics maintained its position as the world's No. 1 home appliance manufacturer for the second consecutive year, surpassing American rival Whirlpool.
LG A few days ago, Whirlpool announced its annual income for the past year - 194$5.5 billion, with an operating profit of $10$1.5 billion. Although revenue decreased by 136%, but the company managed to turn profitable.
Whirlpool LG Electronics' Home Appliances & Air Solutions (H&A) division reported revenue of $301,395 trillion won (about 225.)US$66.4 billion), which has continued to grow for eight consecutive years, ushering in a new era of revenue exceeding 30 trillion won. During the same period, its operating profit reached 2,007.8 billion won, which was better than Whirlpool in terms of revenue and operating profit.
LG Electronics said the impressive performance was attributed to the strengthening of the dual-track strategy, with the company focusing on the high-end and volume markets while also expanding into new business areas, including home appliance ordering.
LG Home Appliances Until 2020, Whirlpool has been firmly in the first place in the global home appliance market. However, in 2021, LG Electronics won by 27Led with revenue of 1,105 trillion won. The following year, LG Electronics surpassed Whirlpool in both revenue and operating profit, further consolidating its leading position.
In 2022, LG Electronics' H&A division generated revenue of KRW 298955 billion and operating profit of KRW 1,129.6 billion. In comparison, Whirlpool's revenue for the same period was 197$2.4 billion, with an operating loss of 10$5.6 billion.