LG confirms to be closing the mobile business unit due to the decreasing market share and sales of LG mobiles | TechNeg

LG confirms to be closing the mobile business unit due to the decreasing market share and sales of LG mobiles
LG to close Mobile Business Worldwide

As per the latest news reports from LG Newsroom, LG has decided to close its mobile business unit worldwide. The LD Board of Directors took the decision after seeing the downfall of the Market share of LG Mobiles and decreased sales of LG Mobiles worldwide.

As per the report, the existing inventory of LG Mobiles will be available for purchase, and LG will continue to provide service support and software updates for customers of existing mobile products for varying periods of time based on different regions. 

LG has also said that moving ahead LG will continue to leverage its mobile expertise and developed mobility-related technologies such as 6G. 

LG has also stated that this step will enable the company to focus on the Growth of other sectors such as EVs, IoT, and B2B Solutions. 

Factors leading to LG closing its Mobile Business Unit Worldwide

As per the reports of Counterpoint Research, LG had become the world's NO. 3 handset seller in 2009, LG adopting the OS from Microsoft instead of Android made many exiting users turn to leave the LG. 

credit: Counterpoint Research

In 2013, LG releases the G series to rival the Samsug Galaxy S, which proved to an effective move in increasing the market share of LG, but in 2016 LG launched its modular smartphone, the G5 which was the factor that eventually led to LG's decline.



 
credit: Counterpoint Research

After 2016, LG introduces many other experimental models which also failed to gain the public's attention. LG held 3.9% of the Global Smartphone Market share, which in 2019 declined to 1.9% and even lower in the next years.

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