Key Points
- LG aims to double its Business Solutions revenue to $7.5 billion by 2030.
- The company focuses on growth in B2B displays, EV chargers, and medical monitors.
- LG targets 8% of the U.S. fast-charge EV market and top-three global rank in medical monitors by 2030.
- Strategic partnerships and AI-driven products are key to LG’s expansion plans.
LG Electronics Inc. plans to double the sales of its Business Solutions (BS) division to 10 trillion won ($7.5 billion) by 2030 as part of a long-term strategy to boost its business-to-business (B2B) operations. This goal aligns with LG’s broader vision to transform into a platform company, generating 45% of its sales from B2B operations by the decade’s end.
This latest target follows LG CEO Cho Joo-wan’s 2022 announcement that the company will reach 100 trillion won in annual sales by 2030, moving beyond its traditional home appliance market. In 2023, LG recorded 84.2 billion won in consolidated sales, with the BS division playing a crucial role in offsetting declining consumer electronics demand.
LG Business Solutions President Jang Ik-hwan emphasized the division’s goal of providing tailored services and innovative solutions to business customers. The division focuses on various industries, including digital signage, commercial displays, robots, electric vehicle (EV) chargers, and IT devices such as monitors and laptops.
To drive this growth, LG plans to expand its B2B display market leadership, particularly through premium products like fine-pitch LED signage, including the LG MAGNIT Micro LED displays. The company’s information display business has grown at an average annual rate of 7% since 2019. In addition, LG will roll out next-generation Micro LED displays equipped with artificial intelligence (AI) technology later this year to enhance image quality.
The company is also investing heavily in EV charging systems, with plans to capture 8% of the U.S. fast-charge market by 2030. After opening an EV charger production plant in Texas earlier this year, LG aims to launch a 350-kilowatt ultra-fast charger in North America and slower models in Europe by year-end. LG has also partnered with ChargePoint, a major EV charging provider, to develop new charging systems.
Additionally, LG is expanding its medical monitor business, which has experienced double-digit growth in North America and Europe since its launch in 2016. The company aims to become one of the top three global medical monitor providers by 2030, tapping into the high-value global medical monitor market, projected to grow to $2.5 billion by 2030.
