LG Electronics Eyes Doubled Revenue in India, Saudi Arabia, Brazil by 2030

Seoul, South Korea: Korean electronics giant LG Electronics is betting heavily on India as it seeks to double revenue across its key growth markets of Saudi Arabia and Brazil, along with the South Asian nation, by 2030, banking on a vast pool of first-time appliance buyers alongside a steady stream of replacement demand.

On paper, the target spans three countries, but in reality, the story is deeply rooted in India. A senior LG Electronics executive told ET Online that the South Asian nation was their top market in the world in terms of home air-conditioners.

As new apartment blocks rise across Gurugram, Hyderabad's fast-growing suburbs and the outskirts of Lucknow, they are also revealing the contours of LG Electronics' growth strategy—one increasingly tied to India's expanding middle class and housing market.

Across urban and semi-urban India, households are moving up the appliance ladder—from semi-automatic washers to premium washing machines, from basic cooling solutions to inverter air-conditioners, and from compact refrigerators to larger, feature-rich models.

These are the consumers LG is chasing.

Combined revenue from India, Saudi Arabia and Brazil reached KRW 6.2 trillion in 2025, up more than 20% from 2023.

However, unlike mature markets where appliance sales depend heavily on replacement cycles, India still offers the prospect of first ownership, LG said, adding that with appliance penetration hovering at only 20-30%, the runway remains long.

Recognising that opportunity, LG said it has taken a different approach by increasingly abandoning the one-size-fits-all model that once defined multinational expansion.

Its Essential Series, developed specifically for Indian households, reflects that shift.

"For LG, this hyper-growth in major emerging economies like India is not just about expanding our footprint; it is a strategic pivot to build a highly balanced, resilient regional portfolio that complements our established strongholds in Korea, North America, and Europe," said Lyu Jae-cheol, CEO at LG Electronics.

The products address the everyday realities of life in India: washing machines capable of operating under low water pressure and hard-water conditions; air conditioners engineered for temperatures reaching 55 degrees Celsius; refrigerators designed with larger compartments for fresh produce and vegetarian diets.

"India, alongside Saudi Arabia and Brazil, is at the absolute forefront of LG Electronics' long-term growth strategy. As part of our vision to double combined revenue in these 3 markets by 2030, we are aggressively accelerating our momentum across these three high-potential Global South markets," Jae-cheol said.

The localisation extends to factories.

LG's manufacturing presence in India already spans Greater Noida and Pune. Its third facility, under construction in Sri City, Andhra Pradesh, is expected to commence production by the end of 2026, expanding capacity as demand rises.

That expansion could prove crucial, it said.

However, despite healthy top-line momentum, profitability remains under pressure. LG Electronics India's net profit declined 8% year-on-year in the March quarter as rupee weakness and elevated commodity prices squeezed margins.

The company says cost discipline, localisation and operational efficiencies should gradually improve profitability.

At the same time, Indian consumers continue moving up the value chain.

Demand for larger televisions, French-door refrigerators, fully automatic washing machines and energy-efficient air conditioners remains robust, suggesting that even in a price-sensitive market, aspirations are evolving.

For LG, then, India is both scale and experiment.

It is where the company is trying to prove that growth in the Global South can be profitable, durable and sophisticated.

The next chapter of the consumer-electronics story may not be written in Seoul, New York or London.

It may well be written in Indian homes, one appliance at a time.