Already a Major Player in Home Audio Market

LG XBOOM audio products

LG Electronics is looking to the global audio market, which is estimated at 12 trillion won (US$10.7 billion) a year, as the growth of the TV market is stagnant.

LG Electronics officially declared on August 20 that it would turn itself into a leading audio brand. In fact, the company is one of the first audio manufacturers in South Korea. Back in 1959, it released the first domestically produced audio system equipped with five vacuum tubes.

The company is going to apply its XBOOM brand, which has been used for its high-output audio systems mainly in overseas markets, to more products such as wireless speakers and AI speakers. LG Electronics’ main target markets are home audio system, wireless speaker and sound bar. “The LG XBOOM currently has a share of more than 35% in the global home audio market,” the company explained, adding, “There will be more hands-on zones for the brand in European countries like Britain and Germany so that it can be further promoted.”

LG Electronics’ concentration on the market has to do with the fact that the global TV industry is shrinking. According to the company, OLED TVs have achieved an ultimate image quality and no more technical evolution is likely for the time being in the TV market.

“The global TV market is approximately 100 trillion won in size and the size of the global audio market is equivalent to 12% of it, which is far from small,” an LG official said.

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