LG is struggling against fast-growing competitors with a shrinking market share in recent years. The South Korean merlez company officially confirmed that it will leave the smartphone market in 2022. lg withdraws from mobile market
According to reports published in The Korea Herald and The Elec, although the company initially denied it, the latest report confirmed that LG will leave the market for The Verge and stated that no clear decision has yet been made.
LG CEO Kwon Bong-seok shared with employees that it is time for the company to take a close look at the events and make the best choice. This situation can be interpreted as a signal that the company, which is already having great difficulties in the market, will withdraw. It is shared with The Verge that LG lost about $ 4.5 billion in the past five years to compete with its competitors in the smartphone market.
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The proliferation of players in the smartphone market and the rapid market share of these players is sure to make things quite difficult for LG. Technology and chemical company LG is evaluating all possible measures, including the sale, withdrawal and downsizing of smartphone services.
According to global data, Samsung, Huawei, Xiaomi, Oppo and Apple continue to dominate the smartphone market worldwide. We can say that LG, which continues to lose blood against its competitors with its folding phone features as the latest technology, is not very surprised to take this action.
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