The convenience and peace of mind that come with Smart Home (or Smart Living) devices and appliances are driving the adoption of these products and solutions, subsequently spawning the development and growth of the Smart Living industry globally. Just imagine the convenience of being able to control and monitor your household appliances—like the refrigerator or washing machine—remotely via an app on your phone while away from the house.
With rising adoption of Smart Living solutions and products, the market is recording noticeable growth. Industry stats indicate that the number of active households with Smart Home (or Living) devices and appliances is expected to reach about 93.6 million by 2027, while the average revenue per installed Smart Home unit is currently expected to amount to $546.50. The revenue is expected to show an annual growth rate (CAGR 2022–2027) of 10.22%, resulting in a projected market volume of $52.19 billion by 2027, according to Statista.
And device and household appliance manufacturers, having recognised this trend, are aligning their future plans and strategies to target and address the needs of this growing market. And among these companies keenly taking aim at the Smart Living industry is LG Electronics.
In early August, LG Electronics announced that it aims to become a Smart Living solutions company that connects and expands customers’ diverse experiences by 2030. To achieve the vision, the South Korea-based company plans to invest more than Kshs 5.48 trillion by 2030 for the qualitative growth of the business, including the advancement of the business portfolio led by the three new growth engines: transitioning to a platform-based service business model, accelerating B2B business, and procuring new growth engines.
The move will see the company record an estimated global annual revenue of up to Kshs 10.96 trillion, even as it evolves from its current position as a top global home appliance brand.
“LG will continue to pursue its bold vision to transform and leap forward as a smart life solutions company that connects and expands customers’ various spaces and experiences, rather than resting on its current position as the best home appliance brand that provides quality products,” said CEO Cho. “We will establish a brand-new LG by reinventing the way we work and communicate toward this goal.”
And to further outline its Smart Living Solutions vision, LG introduced its latest energy-efficient technologies and products to reaffirm its commitment to achieve a sustainable future at IFA 2023 in Berlin, Germany.
Showcased to the media during the LG briefing at IFA 2023 was the LG Therma V R290 Monobloc Air-to-Water Heat Pump (AWHP), which comes with powerful heating capability to help create a warm, comfortable indoor environment within the household. The AWHP is equipped with an array of efficiency-boosting LG technologies and utilizes R290 refrigerant, which has a Global Warming Potential (GWP) of only three. The solution also ensures convenient maintenance with a remote support feature that enables quick software updates and the easy application of installer settings.
Then there’s the LG SIGNATURE second-generation washer-dryer, which features the brand’s own inverter heat pump drying module that boosts energy efficiency, improves drying results, and reduces fabric damage.
And to control and monitor these appliances even remotely, LG’s own smart home platform, LG ThinQ, enables users to seamlessly connect all of their household appliances for a smarter, more convenient user experience. The ThinQ app makes it possible to effortlessly control each appliance, manage the entire HVAC system, and monitor energy storage and consumption in real-time.
“Highly energy efficient, LG’s home appliances support households to save energy, shrink their utility costs, and lower their carbon footprint,” said Kim Dong Youn, MD, LG Electronics West Africa Operations. “We will continue to leverage our industry-leading core technologies to create products that make people’s lives better and have less impact on the planet.”
The extensive lineup of home appliances offering A-grade (and above) energy efficiency in the ‘Net-Zero House’ at IFA 2023 is designed for a more sustainable life. The company’s latest kitchen, laundry, and living solutions respond to the growing need to reduce power consumption, running costs, and environmental impact.
The lineup includes; energy-efficient laundry solution with AI Optimization LG’s new front-loader washer and dryer – the pair gets laundry clean and dry without running up the power bill.
LG energy-efficient Refrigerator with strong performance is another highly efficient performer, the new LG bottom freezer refrigerator has an A-20 percent energy rating. The fridge is powered by the company’s Smart Inverter Compressor™, which provides impressive energy efficiency by adjusting speed to actual conditions and comes with a 10-year warranty. Incorporating the company’s power-saving Inverter Direct Drive Motor™, the LG QuadWash™ dishwasher provides A-10 percent energy efficiency and sparkling clean dishes. Wi-Fi-enabled, the sophisticated appliance can connect to the LG ThinQ™ app, allowing users to conveniently control and monitor operation, download new cycles, and resolve minor issues with Smart Diagnosis.
