Gearbest Tech
[Gearbest News]Speaking of home appliance brands, Midea, Haier, Hisense and Gree are all well-known national brands. If we zoom in to the global perspective, LG Electronics is the leader in the home appliance industry. According to Korean media reports, LG Electronics has maintained its position as the world's largest appliance manufacturer for the second consecutive year, surpassing its American rival Whirlpool.
LG
Recently, Whirlpool announced its annual revenue for the past year – US$19.455 billion and operating profit of US$1.015 billion. Although revenue fell by 1.36% from the previous year, the company successfully turned profitable.
Whirlpool
LG Electronics' Home Appliances and Air Solutions (H&A) division reported revenue of 30.1395 trillion won (approximately US$22.5664 billion), continuing growth for eight consecutive years and 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 both revenue and operating profit.
LG Electronics said that this impressive performance was due to the strengthening of its dual-track strategy. While the company focused on the high-end and volume markets, it also expanded into new business areas, including home appliance subscriptions.
LG home appliances
Until 2020, Whirlpool has been firmly ranked first in the global home appliance market. However, in 2021, LG Electronics leads the way with revenue of 27.1105 trillion won. The next year, LG Electronics surpassed Whirlpool in both revenue and operating profit, further consolidating its leading position.
In 2022, LG Electronics' H&A division's revenue was 29,895.5 billion won, and its operating profit was 1,129.6 billion won. In comparison, Whirlpool's revenue for the same period was US$19.724 billion and operating loss was US$1.056 billion.
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