South Korean conglomerates, including Samsung and LG, are set to unveil new home appliances, mobile technologies, and mobility (automotive) solutions at CES 2024, the world’s largest electronics trade show held in the United States, embarking on extensive promotional activities.
According to industry sources on Nov. 19, over 500 South Korean companies are participating in CES 2024 in January next year, surpassing both Japan (50-60 companies) and China (400-450 companies). Major domestic companies such as Samsung Electronics, LG Electronics, and Hyundai Motor Company will all be present, setting up their own exhibition halls.
Gary Shapiro, president and CEO of the Consumer Technology Association (CTA) in the United States, visited South Korea, extending an invitation to Seoul Mayor Oh Se-hoon, and remarked, “Korea is the most innovative country playing a significant role in CES.”
South Korean companies are also set to deliver the keynote speeches at the event. Jeong Ki-sun, the CEO of HD Hyundai, will take the stage alongside global corporate leaders from companies like Siemens, Walmart, and NASDAQ. HD Hyundai, following Samsung and LG, will be the third company to present. CEO Jeong will introduce HD Hyundai’s renewable energy and smart infrastructure transition strategies. In contrast, Chinese company CEOs, who were prominent speakers at IFA 2023 in Germany, have been excluded from CES 2024.
The sense of crisis among Japanese and Chinese companies is significant. Especially in Japan, there is a growing perception of lagging behind Korea. At this year’s CES 2023 and the European consumer electronics trade show IFA 2023 in September, exhibition booths set up by major Japanese companies like Sony and Panasonic were noticeably smaller than those of Samsung and LG, and the number of participating companies was only one fifth. Nihon Keizai Shimbun reported post-CES 2023, “As Japan and China wane, Korean companies are making their presence felt.”
For CES 2024, Japanese and Chinese companies have chosen to break through by unveiling new products. Japan’s Sony is expected to reveal Afeela, a prototype electric vehicle solution developed in collaboration with Honda. Sharp is also anticipated to showcase an audio solution. From China, Hisense plans to unveil a mini LED TV over 100 inches, while TCL is preparing to display rolling panel and other display solutions.
However, criticisms suggest that simply introducing new products is insufficient due to the existing gap in innovative technology. Ahead of CES 2024, LG Electronics received 33 innovation awards, and Samsung Electronics received 28, significantly more than their Japanese and Chinese counterparts. The number increases further when including companies like Doosan and HD Hyundai, as well as startups. These awards were distributed across various sectors including smartphones, home appliances, robots, displays, and construction equipment.
Industry insiders in South Korea argue that next year’s CES should be used as a bridgehead to penetrate the world’s largest market, the United States. An industry representative stated, “In sectors like home appliances and mobility, Japanese companies are falling behind in new technology and price competitiveness, while Chinese companies are lagging in quality, leading to an increase in market share for South Korean companies. It’s essential to actively target local consumers at global exhibitions to widen this gap.”