LG announced its exit from the smartphone market

After weeks of intense speculation, LG announced this morning that it withdraws permanently from the "highly competitive" market of smartphones and turns its attention to other sectors such as "construction components for electric vehicles, connected devices, smart home, Robotics, Artificial Intelligence, and professional solutions, as well as platforms and services”.

The permanent closure of the section will be held on July 31, 2021, although LG says it will continue to offer support to existing models as long as they are available in the market. The support of software upgrades will continue for a reasonable period, which will be different for each country.

The departure from the market of smartphones doesn’t fall as a shock. The company saw this segment continuously record losses for 23 consecutive quarters (it lost a total of $ 4.5 billion) and its market share was shrinking to the level of 1.91%!

Nobody can claim that LG hasn’t tried to innovate, as we saw interesting ideas by the company in previous years (eg two monitors, modules, unlocking the palm) and indeed in recent months moved to alternative designs, such as the LG Wing which had a unique rotating screen, but also the concept for the LG Rollable with the rolling screen.

Competition, however, is fierce, especially the launching of Chinese manufacturers led LG out of the main draw of the market, despite the fact that until the middle of last decade was considered one of the largest manufacturers.