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LG seeks to expand HVAC, built-in appliances biz in Europe

On the Record: Executive Interviews 10:00 September 03, 2023

BERLIN, Sept. 3 (Yonhap) -- LG Electronics Inc. will accelerate its push to become a key provider of heating and cooling solutions and built-in home appliances in the European market, a senior executive has said at the IFA tech trade show in Berlin.

"HVAC is our biggest business-to-business commerce ... We are working to become a top-tier player in the market by 2030," Lyu Jae-cheol, president of LG's home appliance and air solution division, said at a press briefing on Saturday, referring to heating, ventilation and air conditioning.

Sales of LG's low-carbon home heating and cooling solutions are expected to jump 30 percent on-year in Europe this year, LG said, amid rising demand for energy-efficient home appliances.

Lyu Jae-cheol, president of LG Electronics' home appliance and air solution division, speaks at the IFA tech show in Berlin on Sept. 2, 2023, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)

Lyu Jae-cheol, president of LG Electronics' home appliance and air solution division, speaks at the IFA tech show in Berlin on Sept. 2, 2023, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)

The IFA 2023 highlighted environmentally friendly products that not only save energy but also make people's lives easier and more convenient, at a time when European countries have vied to secure sustainable and more affordable energy amid the protracted Russia-Ukraine war.

LG showcased the Smart Cottage, a prefabricated home that Lyu said embodies LG's vision for a smart, sustainable lifestyle.

The two-story, studio-style house is fitted with the company's smart heating, ventilation and air conditioning technologies, and a 4-kilowatt solar panel on the roof to use solar energy for air conditioning, floor heating and hot water supply.

Premium home appliances at the modular home are interconnected through the home automation LG ThinQ application with eco-friendly features to reduce energy consumption.

LG said the "all-inclusive, ready-to-go home solution" is not merely a house, but a lifestyle that is designed to put the Earth first.

LG Electronics Inc.'s exhibition booth at IFA 2023 in Berlin is seen on Sept. 1, 2023, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)

LG Electronics Inc.'s exhibition booth at IFA 2023 in Berlin is seen on Sept. 1, 2023, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)

In 2021, the European Commission unveiled the "Fit for 55" plan, calling on its member states to reduce their greenhouse gas emissions by at least 55 percent by 2030.

Following the breakout of the Russia-Ukraine war, the commission announced the REPower Plan last year to transform Europe's energy system, end its dependence on Russian fossil fuels and tackle the climate crisis "through energy savings, diversification of energy supplies, and accelerated roll-out of renewable energy."

Lyu said LG will join hands with strong local players with a better understanding of the living environment and climate in order to expand its business in the European HAVC market.

This photo provided by LG Electronics Inc. shows its new built-in kitchen package. (PHOTO NOT FOR SALE) (Yonhap)

This photo provided by LG Electronics Inc. shows its new built-in kitchen package. (PHOTO NOT FOR SALE) (Yonhap)

He also said the South Korean consumer electronics giant will work on product diversification to broaden its customer base in Europe's US$24.4 billion built-in home appliances market.

At IFA, LG unveiled its new premium built-in kitchen package, including an oven, a dishwasher and a refrigerator with energy-saving features to strengthen the company's position in the market.

In July, LG unveiled a plan to expand its business in the built-in home appliance markets in North America and Europe, which account for more than 70 percent of the global market. LG said it aimed to become one of the top five built-in appliance brands there.

jaeyeon.woo@yna.co.kr
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