LG Electronics Achieves Top Spot in Microwave Ovens
Dec 24, 2002
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LG Electronics, a leading global consumer products manufacturer, announced that it has been named number one in global manufacturing capabilities of microwave ovens.
"We are excited to have achieved our goal of becoming the world's top producer of microwave ovens," said Y.S. Koo, executive vice president, Microwave Oven Export Division. "Our determination to meet consumers'ever-growing needs, in combination with the unsurpassed breakthrough technology and versatility of our products, has resulted in this great achievement. We will continue to work hard to gain an even larger portion of the world market with our outstanding and revolutionary products."
LG Electronics says that it has a 23-percent share of the world microwave oven market from sales of more than 12 million units this year. LG Electronics said that it has been a strong competitor in the microwave oven industry since June 1981. In addition to its original Korean facility, LG has built factories in the UK, China ,and Brazil, which have a cumulative total production of 75 million microwave ovens.
LG Electronics credits much of their success to the attention they give to the preferences of regional markets. LG's localization strategy has enabled them to respond directly to specific consumer needs. This has resulted in the development of popular products, including the combination ToasterMicrowave Oven that addresses the need for space-saving designs.
Other product innovations are developed based on consumer preferences relating to utilization, appearance, color, materials used and wattage.
In December 2002, LG Electronics introduced "SolarDOM", an oven that uses light waves to reportedly cook food up to three times faster than conventional electric ovens while reportedly using 50-percent less energy.
In 2001, the company introduced the LG Internet microwave oven, which can download recipes and cook meals to its user's specifications. Other innovative developments include LG's round cavity microwave, which provides both easy-cleaning and space-saving benefits.
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