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The Silicon Review Asia

South Korean consumer electronics manufacturer LG is all set to close its mobile division

South Korean consumer electronics manufacturer LG is all set to close its mobile division

LG Electronics Inc, one of the biggest consumer electronics manufacturers in South Korea, is now closing down its mobile division due to continuous loss-making. The closing decision was taken following the failure to find a buyer for the mobile division. This latest move was totally unexpected, and for the first time, a major player is completely exiting the market. The decision to withdraw will reflect on the company being the No.3 brand in the US with a 10 percent market share. LG’s rivals Apple and Samsung are expected to take the edge from LG’s exit.

Analysts are predicting that since LG used to cater to the ultra-low model requirements, the next line to fulfill that void would be Samsung, as the company has many mid-priced products. So far, the Smartphone division of LG has recorded loss for six consecutive years, amounting up to $4.5 billion in loss. When the grass was greener, LG used to be one of the lead innovators in the segment, and during its peak growth, LG was the third-biggest smartphone manufacturer in the world, just behind Apple and Samsung. In the last few years, LG’s flagship models took a hit due to both hardware and software mishaps. Some of the other smartphone brands that are yet to disappear are Blackberry, Nokia, and HTC.

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