LG Electronics is intensifying its efforts to grow its business-to-business (B2B) operations, with a strong focus on customer-centred solutions. At a recent press conference held at LG Digital Park in South Korea, the company shared its vision for the future of the B2B sector with local journalists. LG's Business Solutions (BS) Company aims to reach KRW 10 trillion in annual revenue by 2030, significantly boosting its presence in the B2B market.
In August, at its 2024 Investor Forum, LG outlined its plans to accelerate B2B operations as a key part of its business strategy. By 2030, the company expects B2B offerings to account for 45% of total sales. This growth will be driven by enhancing its key B2B sectors, such as hospital and hotel TVs, premium laptops, and digital signage, while expanding into new areas like medical monitors and electric vehicle (EV) chargers.
LG also plans to strengthen its capabilities in vehicle components, HVAC systems, built-in appliances, and smart factory solutions. These moves are part of a broader strategy to ensure long-term growth by tapping into mobility and other emerging sectors.
Expanding the B2B display market and signage technology
LG has built a strong reputation in the commercial display market with its high-quality digital signage and leading hotel and hospital TVs. Since 2019, the company's information display business has grown steadily, with an average annual growth rate of 7%.
Moving forward, LG plans to expand its display solutions by focusing on premium fine-pitch LED signage, including All-in-One LED and Micro LED models, which have seen double-digit revenue growth each year. Leading this effort is the LG MAGNIT Micro LED display, available in various formats, including a premium home cinema version, as well as models for conference rooms and virtual production studios.
LG is also set to release a next-generation Micro LED display later this year, using advanced AI technology to enhance image quality and ensure top-tier visual performance. AI will be applied during the manufacturing process, analysing over 25 million LED chips (based on a 136-inch model) to select the best ones.
The company continues to focus on growing its signage business, including its hospitality TV offerings. These TVs feature user-friendly additions like Google Chromecast and Apple AirPlay, allowing users to mirror their device screens onto the TV wirelessly, offering an enhanced viewing experience in hotels and other hospitality settings.
Strengthening its position in the EV charging market
LG is also making significant moves in the electric vehicle (EV) charging market. The company is expanding its presence in this sector, aiming to become a leading global provider of EV charging solutions by 2030. LG's growth in this area is supported by key partnerships and investments, including a strategic collaboration with ChargePoint, a major player in North American EV charging solutions.
In January 2024, LG opened its first EV charger production facility in Texas, marking an important milestone. The company aims to secure approximately 8% of the U.S. fast-charger market by 2030, with a diverse range of chargers, including 7kW and 11kW slow chargers, as well as ultra-fast 350kW models.
LG is also focused on safety, ensuring its EV chargers have built-in systems to prevent overcharging, a common cause of EV safety incidents. Its charging control system ensures that batteries stop charging at 80% during fast charging and at 100% during slow charging, enhancing both safety and performance.
