LG Electronics said on Thursday that it aims to double the sales of its Business Solutions (BS) division to 10 trillion won ($7.4 billion) by 2030.
Jang Ik-hwan, head of the BS division, said that the company will expand its presence in the new-growth markets, including commercial displays, electric vehicle chargers and medical monitors, to achieve the goal.
“Over the past 66 years, LG has accumulated valuable insights into its customers and the diverse spaces they occupy through its consumer electronics business,” he said during a news conference at its display complex in Pyeongtaek, south of Seoul.
“Going forward, we will leverage this expertise to offer tailored services and differentiated solutions to our business customers, further cementing our reputation as a trusted partner in the competitive B2B market. The BS Company is seeking to double its current revenue, reaching 10 trillion won by 2030,” he added.
Earlier, LG announced plans to increase its B2B sales to account for 45 percent of total revenue by the year by enhancing capabilities in vehicle components, heating, ventilation, and air conditioning (HVAC), built-in appliances and smart factory solutions.
Jang said that the division is focusing on strengthening its established products, such as hotel and hospital TVs, signage, and premium laptops, while also developing new growth areas, including medical monitors and electric vehicle chargers.
LG's commercial display business has been growing at an average annual rate of 7 percent since 2019, with premium fine-pitch LED signage products showing double-digit growth.
In the EV charger market, LG plans to secure an 8 percent share of the U.S. fast charger market by 2030.
The company is expanding its charger lineup and has partnered with ChargePoint to enhance its distribution channels and product portfolio.
LG is also focusing on the medical monitor sector, aiming to become one of the top three global players within five years.
LG is leveraging its B2C experience to expand into B2B markets, supplying customized high-resolution monitors to financial services firms and in-flight entertainment displays to global airlines.
The company is also exploring AI applications in medical imaging and considering an expansion into the medical imaging equipment business.
