LG will sell about 55 million handsets in 2005, but they expect 2006 to be even better. The South Korean company estimates their sales to grow 25 to 30 percent next year. This is well ahead of global market growth, which is set at an 8-10% increase over the 770 million units expected to sell this year.
LG’s global market share started the year at 6.5% and will move to 7% this quarter. The increased sales will move their market share to approximately 8.4% next year. This makes them the fourth largest manufacturer in the world, with projected growth ahead of those predicted by major rival and neighbor, Samsung. The projections also exceed the expected growth of Nokia, though that company has the largest share of the market already.
In October, LG made their ambitions public. They stated that their goal is to have a 10% market share by 2007 with sales of 100 million handsets.