Collaboration with LG's HVAC Network – Rooted in Business Insights, New Products and Energy-Efficient Solutions – Key to Doubling Revenues by 2030
PHOENIX, Oct. 17, 2024 /PRNewswire-PRWeb/ -- Supporting LG Electronics' global business-to-business (B2B) expansion, the company aims to double its U.S. HVAC product sales by 2030, executives announced at LG Air Conditioning Technologies USA's 2024 Dual Channel Leadership Summit.
The two-day summit, which brought together leaders from LG's distribution customers and applied representatives, cultivated a collaborative environment supporting LG's substantial B2B growth strategies. Attendees had the opportunity to connect with LG executives and gain insights into products, processes, the upcoming refrigerant transition, marketing initiatives, and more.
"As we actively expand our B2B business in the United States, we intend to more than double our HVAC product sales by 2030," said Chris Jung, President and CEO of LG Electronics North America, who highlighted LG's innovations and aggressive B2B acceleration with HVAC being a primary growth driver worldwide.
"Smart HVAC solutions are in demand due to rising commercial construction, energy-saving regulations, electrification and decarbonization, as well as Inflation Reduction Act rebates and incentives," he added.
Thanking the applied reps and distributors for their partnership in transforming the industry, Jung said, "We will never stop innovating and investing in solutions that help grow your business and will continue to build on the foundations of innovation and collaboration and collectively push the boundaries of what's possible in the HVAC industry."
Jung said LG aims to strengthen its U.S. air solutions business through strategic partnerships, fostering a deeper understanding of the importance of HVAC, especially as the electrification movement continues to expand. A significant LG focus is the company's extensive range of HVAC solutions, particularly its hydronic and heat pump products.
Heat pumps are a crucial element in the United States' pursuit of achieving electrification goals by 2030, with some states aiming to have 65 percent of all new residential HVAC and hot water heating systems consist of heat pumps by the end of the decade. The U.S. heat pump market, valued at $13.6 billion in 2023, is projected to grow at over 8.9 percent CAGR from 2024 to 2032.
Underscoring its commitment to electrification and decarbonization, LG invited Panama Bartholomy, Head of the Building Decarbonization Coalition (BDC) as the summit's keynote speaker on "The Path to a Decarbonized Future." Bartholomy spoke about emerging laws and regulations related to building emissions, the trajectory for the decarbonization movement and the opportunity the changes bring for the HVAC industry.
Senior Vice President and General Manager for LG Air Conditioning Technologies USA Steve Scarbrough said, "LG is dedicated to delivering energy-efficient, environmentally-conscious solutions that contribute to sustainability and climate goals for our professionals, their customers and the U.S. The Dual Channel Leadership Summit provides us with a platform to not only talk through our product innovations, but the many ways in which we are providing associates solutions that help them grow their businesses today and into the future."
For example, Scarbrough explained that, as a leading advocate of the electrification movement, LG offers a broad portfolio of HVAC solutions that enhance energy efficiency, contribute to environmental stewardship, and support the industry's transition towards a greener future.
LG Electronics' global acceleration of B2B operations as a central component of its overall business portfolio innovation strategy. By 2030, the company expects that its B2B areas will account for 45 percent of total sales versus 35 percent today. Beyond air solutions, LG Electronics is rapidly strengthening its B2B capabilities across a wide range of other areas, including vehicle components, information displays, robots, EV charging systems, built-in appliances, and smart factory solutions.
For more information about LG's air conditioning business, visit www.lghvac.com.
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LG, LG, 1 469-580-3094, [email protected], www.lghvac.com
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