LG Electronics' move to exit its loss-making mobile business is expected to create more opportunities for Samsung than its other rivals in the lucrative North American smartphone market, analysts said.
LG's US market share currently stands at about 10 per cent, research firms Gartner and Counterpoint estimated, adding it was stronger in markets where it partnered with telecom companies to include its devices as part of a mobile plan.
"Apple tends to cater to the higher end of the (US) market; so it might grab a small portion of LG's sales," Gartner analyst Tuong Nguyen said. "It's more likely that Samsung inherits a lot of it because both vendors compete across similar markets."
Globally, LG's market share shrank to 2 per cent in 2020, a massive drop from its status as the world's third-largest smartphone maker behind Samsung Electronics and Apple during its peak in 2013.
The company shipped 23 million phones last year, compared with Samsung's 256 million, according to Counterpoint.
Counterpoint analyst Tarun Pathak said LG was mostly competing in the mid-tier, as its flagship phones received tepid market response.
"So it will be mostly the Chinese and mid-tier brands benefiting through the LG exit. In its key market like USA – Samsung, Motorola, HMD mostly (ZTE, Alcatel to a lesser extent) will benefit, while Xiaomi, Motorola will benefit in LATAM and Samsung in Korea," Mr Pathak added.
Tech enthusiasts on Twitter lamented the exit of the once ubiquitous name in the smartphone industry, with many crediting LG for pioneering the now-familiar features such as ultra-wide angle camera and capacitive touchscreen in mobile devices.
"They didn't always ace every phone, but losing them means losing a competitor that was willing to try new things, even when they didn't work," popular YouTuber Marques Brownlee (@MKBHD) said in a tweet.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
The years Ramadan fell in May
