Given the increasing competition in the electronics market in general and the washing machine industry in particular, along with the macroeconomic fluctuations, LG has maintained its leading position in terms of sales volume in the market. According to GfK’s recorded data, LG is the brand with the highest market share in Vietnam, accounting for 23.8% of washing machine sales. LG has maintained this impressive record for 7 consecutive years, from 2017 to 2023. In the front-load washing machine segment, LG holds a firm 32.8% market share. This is also the 5th consecutive year that LG’s sales volume of this product line has accounted for over 1/3 of the market.
The LG Styler smart clothing care cabinet makes it easy to clean and refresh clothes right at home.
Economic downturn following the pandemic has affected the purchasing power of consumers globally, and Vietnam is no exception to this trend. GfK’s report shows that the washing machine market in 2023 was influenced by macroeconomic fluctuations, resulting in a 15.3% decrease in sales volume and a 15.4% decrease in production compared to the previous year. The fact that LG continues to occupy nearly 1/4 of the market share, and even increase it compared to the same period last year, is evidence of the trust that Vietnamese consumers place in the Korean technology brand when choosing laundry care products.
LG’s continuous position as the market leader for many years is a testament to its technological strength as well as its consumer-centric approach. With a strategy that puts user experience at the core, LG has introduced many new devices to the market with unique experiences such as the LG Styler smart clothing care cabinet, LG WashTower washing and drying tower, LG Heatpump Dryer, and more.
The LG WashTower washing and drying tower is a groundbreaking product that combines a washing machine and a dryer with the same control panel, optimizing clothing care efficiency.
In addition to continuous design and technological upgrades, LG is one of the pioneering manufacturers in the application of artificial intelligence (AI) in washing machines, helping to optimize and simplify the process of caring for clothes and fabrics, as well as enhance operational performance. The AI Direct Drive technology – a combination of artificial intelligence and the performance of a direct drive motor – allows LG washing machines to automatically recognize the weight and fabric material, and subsequently select the optimal washing mode. In addition to contributing to better fabric protection by 18%, AI DD technology also optimizes the motion of the washing drum, reducing energy consumption, noise, and vibration during operation.
Thanks to intelligent AI integration, LG washing machines can extend the lifespan of the machine for at least 20 years, outperforming traditional belts that often stretch after a period of use.
Not stopping there, LG’s AI-powered washing machines can be controlled by voice commands through smart speakers or remotely controlled via the ThinQ app on mobile devices.
According to LG representatives, the application of superior technology to simplify and facilitate laundry and clothing care is the factor that has allowed LG to conquer and maintain its position in the hearts of consumers for many years. In addition, the brand is constantly researching to bring new experiences, helping users have more time to enjoy a better life, as reflected in LG’s slogan “Life’s Good”.
Given the positive market developments, the demand for consumer electronic products such as washing machines is expected to recover in 2024. However, consumers will also have higher standards before making the final purchasing decision. This requires manufacturers to continuously innovate in terms of design, technology, and promotional programs to “wow” consumers.
