The leaders of Samsung Electronics and LG Electronics visited the 'AWE 2025' venue at the same time. As Chinese corporations are closing in on the two companies with enhanced technology and quality, this visit is expected to explore solutions to gain a competitive edge.
According to the industry on the 20th, Han Jong-hee, vice chairman of Samsung Electronics’ institutional sector, visited the AWE 2025 held at the Shanghai New International Expo Center and toured the exhibition spaces, including Samsung Electronics. After completing the shareholders' meeting the previous day, Vice Chairman Han moved to China and was reported to have visited the exhibition space. At the shareholders' meeting, he noted that "major products such as smartphones, TVs, and home appliances have not secured overwhelming market competitiveness," expressing the will to strengthen competitiveness.
CEO (Chief Executive Officer) Cho Ju-wan of LG Electronics also visited the exhibition space. This was the first time that CEO Cho visited the AWE venue. It is reported that he plans to visit local business sites after the exhibition to discuss supply chain issues.
The two leaders were said to have examined the market atmosphere and technology trends while touring their own and competitors' booths at the exhibition. AWE is Asia's largest home appliance fair, with about 1,000 companies participating, including China's TCL and Hisense.
Amid the remarkable rise of Chinese corporations in the global home appliance market, the simultaneous visit of the two major leaders of the domestic home appliance industry to China is interpreted as an effort to witness China’s pursuit and devise a response strategy.
According to market research firm Omdia, based on last year's shipment volume, the combined market share of the Chinese TV brands TCL, Hisense, and Xiaomi reached 31.3%, surpassing the 28.4% share of Samsung Electronics and LG Electronics for the first time. Chinese corporations are expanding their business into the premium market, which was previously considered the preserve of Korean companies, thereby increasing their influence.