LG leads in Middle East refrigerator sales
- United Arab Emirates: Sunday, April 17 - 2005 at 15:20
- PRESS RELEASE
Global and regional digital leader LG Electronics has introduced two series of refrigerators in its effort to provide consumers with home appliances that combine form and versatile functionality.
LG is the market leader in refrigerator sales in the GCC, both in terms of number of units sold and vale of sales turnover. According to German-based research bureau, GfK, LG leads in the side-by-side refrigerator category with a 29 percent market share in the UAE. In terms of overall refrigerator unit sales in the UAE, LG leads with 15.4 percent market share over its nearest rival at 10.6 percent. LG also has a 15.9 percent lead over its rival's nine percent in terms of sales turnover.
"LG is already a regional market leader in refrigerators and with the introduction of this new series, we will further consolidate our number position. We are targeting a 30 percent growth in the refrigerator segment this year. LG is aiming for combined sales of US $ 42 million in refrigerators in Oman, Qatar, Bahrain and Kuwait. Currently, LG is the market leader in these markets with 20 percent market share in terms of units sold and 23 percent in sales turnover. We enjoy a healthy 30 percent market share in the side-by-side refrigerator category. The TV refrigerator has been launched after a consumer research on housewives in several markets revealed that today's multi-tasking men and women want to use their kitchen as a space for their hobbies, leisure time and entertainment more than just a cooking area. This new fridge will allow consumers to enjoy music, movies, satellite broadcasting and cable TV in the kitchen," said C H Lee, President, LG Gulf FZE.
Both the new models feature a multi-aperture flow cooling system; in the TV fridge this completely shuts off heat from the TV. The interior of the fridge is treated with silver ions to effectively prevent the growth of bacteria, fungi and mold. With an elegant titanium finish, the interiors boast of large cooling compartments that can accommodate practically everything. The TV fridge is equipped with an equalizer function and stereo sound to provides users vivid, broadcast-quality entertainment. Its 120-angle view and remote control allow for easy viewing from practically any area in the kitchen.
With the three door side-by-side refrigerator, LG makes it possible to store food in any shape or size. The fridge features extra wide storage space in the form of adjustable bins and drawers and five digital sensors for accurate temperature controls to ensure food preservation and freshness. It also has a tilting freezer door for easy access to inner drawers.
Attending today's launch, Rakesh Shah, General Manager of Al Yousef Electronics, LG's distributor in the UAE, said: "Innovation based on customer feedback is the key to growth and that is something both LG and Al Yousuf Electronics focus on. We believe in offering our valued customers the latest in cutting-edge technology, and Al Yousef's association with LG Electronics ensures we provide our customers with the latest and most striking products."
"LG has taken a bold step in bringing the future of living standards to the Middle East and Africa today," said Lee. "According to recent studies, by 2005, over 100 million homes are expected to be using networked digital appliances and we believe a large proportion of those will be in the Middle East and Africa. The new models combine digital technology and artificial intelligence with LG's renowned build quality and is styled with the modern home in mind."
Lee added that smart devices in homes, including home-networked appliances, would open up new markets for manufacturers, service companies, telcos and other organisations to offer expanded services to customers.
Investment in research and development (R & D), together with detailed customer research, enables LG to design and produce such advanced digital appliance technology. The company is increasing R & D investments every year to reach US$3.38 billion in 2007 and more than US$5.1 billion in 2010, making a grand total of US$25.3 billion spent on R&D by 2010.
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