Feb. 01, 2004
[LG Declared Vacuum Cleaner World Leader
]
Fuji Research Institute of Japan, declared LG Electronics the World Leader in Canister Type Vacuum Cleaners, producing 5 million vacuum cleaners during the year 2003.
According to Fuji Research Institute, a Japanese Research Firm, LG out classed the runner up brand in this race, by a margin of one million units. The size of the market is estimated at 30 million units, which are mainly used in North America.
H. K. Seo, General Manager LG Electronics Saudi Arabia, pointed out that LG is the front runner among 100 manufacturers. He explained LG's regionalized market approach, producing products suitable for each segment of global market focusing on specific requirements.
Seo also revealed that LG adopted "One Global Brand" strategy and introduced it's premium vacuum cleaner called "Cyking". Although the product costs 2 ~ times more than the regular and general vacuum cleaner, LG's Cyking helped acquire 15.5% of the global market share.
After achieving the top spot in the canister type vacuum cleaners, LG is now developing upright vacuum cleaners, actively targeting the North American market.
LG Electronics, the Korean manufacturer of Home Appliances, Electronics and Telecommunications Hardware started Vacuum Cleaner manufacturing in 1976, since it has achieved cumulative production capacity of 25 million units. Remarkable introduction of High End products like Cyking Vacuum Cleaner, has enabled the company to post high volume and high profitability.
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