LG Electronics' refrigerator production surpassed 10 million units last year, marking the second-highest record in its history. Analysts attribute this performance to LG Electronics' 'premium strategy,' which has yielded results despite an overall downturn in the global home appliance market.

According to LG Electronics' 2024 business report released on the 1st, the company produced approximately 11.33 million refrigerators last year, an increase of about 17% from the previous year. This is the highest level since 2021, during the COVID-19 pandemic, when so-called 'revenge spending' pushed production past the 10 million mark for the first time (11.52 million units).

LG DIOS Objet Collection Refrigerator 'Fit and Max'. Photo by LG Electronics

원본보기 아이콘

The significant increase in production last year is attributed to the successful targeting of overseas markets with premium product lines. LG Electronics has actively targeted premium demand by introducing products such as the 'InstaView Refrigerator' equipped with transparent OLED technology and AI-based food management features, as well as the direct water-purifying refrigerator 'Stem.' The premium home appliance market quickly recovered in advanced markets such as the United States and Europe, as demand for high-end home living products centered around the kitchen increased after the pandemic.

Using the web-based service platform 'Eng.AI' to predict the quality of refrigerator parts. Photo by LG Electronics

원본보기 아이콘

In particular, LG Electronics showed strong performance in the North American market. In Consumer Reports' evaluation of the 'Best Top-Freezer Refrigerators of 2025,' LG Electronics' 30-inch and 33-inch models ranked first in their respective categories. According to market research firm Traqline, Korean companies including Samsung Electronics and LG Electronics accounted for 47.7% of the U.S. refrigerator market by revenue. LG Electronics' recent diversification of production bases in strategic markets such as North America, Europe, and India, which helped reduce logistics costs and stabilize supply chains, is also seen as a positive factor in expanding production.

The proportion of products equipped with 'InstaView,' which allows checking the inside of the refrigerator without opening the door, accounts for about 40% of LG Electronics' total refrigerator sales in Germany. Photo by Han Yeju

원본보기 아이콘

Not only refrigerators but also core appliances such as washing machines and air conditioners saw increases in both production and sales last year. LG Electronics produced 16.69 million washing machines last year, up 9% from the previous year. Air conditioner production also rose 17% year-on-year to 14.11 million units. In terms of sales, the main product lines?refrigerators, washing machines, and air conditioners?rebounded from a decline two years ago, reaching 25.1858 trillion won last year, an increase of about 11% from the previous year.

원본보기 아이콘

Recently, LG Electronics has been focusing on selling premium product lines in the 'Global South' regions, which include emerging markets in Asia, Latin America, and the Middle East & Africa. CEO Cho Joo Wan also stated at the shareholders' meeting on the 25th, "Starting this year, we will add a regional axis to our existing growth strategy and accelerate growth in promising regions with high growth potential." Among these, India has been designated as a representative region for targeting the premium home appliance market.

LG Electronics has launched a four-season air conditioner that provides cooling, dehumidification, and heating. The photo shows the 'Whisen View Four-Season Air Conditioner' equipped with high-efficiency heat pump technology. Photo by LG Electronics

원본보기 아이콘

Securities analysts predict that LG Electronics' first-quarter results this year will exceed market expectations. Kim Dongwon, a researcher at KB Securities, estimated on the 26th of last month that LG Electronics' first-quarter sales and operating profit would reach 22.4 trillion won and 1.4 trillion won, respectively, up 5% and 3% year-on-year. Kim noted, "Sales of premium home appliances are surging in emerging Asian markets such as India, Indonesia, and Malaysia."

LG Electronics is focusing on the overseas built-in appliance market this year. The 'Fit & Max' product launched in February is also part of its built-in product lineup. A company representative stated, "The recent increase in production is mainly due to securing product competitiveness in the global premium market and changes in business models such as subscriptions and direct-to-consumer (D2C) sales," adding, "It is especially meaningful that we have achieved growth despite a delayed recovery in overseas home appliance demand."