LG Electronics leads AC world sales
LG Electronics, a Korean company, sold more than 10 million air-conditioning units in 2004, making it the largest company in the world in terms of AC market share. This marks the fifth successive year LG has held the top spot in air conditioner manufacturing, beginning in 2000. According to Japan-based research company Fuji Keizai Co. Ltd., 51 520 000 air-conditioning units were sold worldwide in 2004, with LG accounting for 19.7% of that total. This means LG produced one in five air conditioners bought in 2004. LG global market share has seen steady growth since 2000. Selling 4.1 million units in 2000, by 2003 the company had doubled this figure to 8 million. LG's unique ability to combine "globalization" and "localization" strategies has partly made this emergence possible, as it enables the company to adapt to the needs of local customers. David Park said, "We will expand markets in the new area of Commercial Air Conditioners (CAC), utilizing our strong global sales network in Residential Air Conditioners (RAC) and our role as a technology leader. I am confident that our solid base in RAC will help us to maintain our leadership role, this time in the new field of CAC. We thus intend to finally cement our leadership position and become the number one air conditioner brand in both categories by 2010."