Top 10 Consumer Electronics Companies in the World 2016
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Consumer Electronics is one of the largest industry sector. It consists of various product categories like TV, refrigerators, monitors, air conditioners, laptops, and other consumer items. The list of top consumer electronic companies consists of giants like Apple, Samsung, Microsoft leading the way with conventional companies like Panasonic, Hitachi, Sony, LG forming the rest of the list. Here is a list of top 10 consumer electronic companies based on Sales and Profit.
10. LG Electronics
LG Electronics was founded in 1958 as Goldstar and later incorporated as LG Electronics in the year 1995.
It is headquartered in Seoul, South Korea and employs around 83000 people & In the global platform, LG Electronics holds around 20% market share. The multinational corporation has four major business units namely, Home Entertainment, Mobile Communications, Home Appliances & Air Solutions and Vehicle Components.
Out of LG Electronics’ 2015 revenue, 34.5% was contributed by Home Entertainment, 29% was contributed by Mobile Communications, 33% was contributed by Home Appliances & Air Solutions and a meagre 3.5% was contributed by Vehicle Components. Following the likes of Samsung and Apple, LG has also entered the mobile payment system platform. The firm has signed this agreement with South Korea’s two leading banking based firms which specialize in the manufacture of credit cards by late 2015. Due to declining sales by television and mobile units in late 2015, LG decided to venture more into the least contributing business unit (i.e. Vehicle Components).
On the front, LG will start supplying in car displays of automobile giants Honda and Porsche. The firm is also closely working with BMW, General Motors and Mercedes Benz for production of in car consoles. This is easily facilitated by manufacturing of LCD displays by sister firm LG Display. India being one of the fastest growing markets in the world, this company has committed itself to the “Make in India” initiative kick started by PM Narendra Modi. To reinforce its commitment to this initiative, LG has begun manufacturing of mobile phones in the country and targets to manufacture 1 million units in the nation. LG Electronics Inc.’s latest acquisition was the webOS operating system technology from HP to support its next-generation Smart TV technology. This technology’s R&D capabilities are expected to facilitate LG to bring internet services directly to consumer’s devices.