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Samsung Elec leads premium washer, fridge market in Latin America

Collected: 2017.06.14

Distributed: 2017.06.15

Source: Go Direct

Samsung’s Black Edition fridge and AddWash washer are on display in a Samsung store in Peru. [Photo by Samsung Electronics Co.]

Samsung Electronics Co. has swept the premium washing machine and refrigerator markets in Latin America where demand for mid-range or low-end appliances is generally higher.

According to market research firm NPD on Tuesday, the January-April market share of Samsung Electronics’ front-load washers and double-door refrigerators in Latin America reached a record high of 43 percent and 35 percent, respectively. In Latin America, front-load washers and double-door fridges are considered high-end products and their prices generally double those of regular products.

The premium appliance market in Latin America is growing at a rapid pace in recent years. Industry experts estimate Latin America’s market for refrigerators to be around $5 billion and washing machines $4 billion. Front-load washers and double-door fridges occupy about 20 percent of their respective markets.

Global appliance giants are fiercely competing in the markets but Samsung maintains a comfortable lead over its rivals, said a company official.

The Korean electronics behemoth first entered the Latin American market in 2012 with its Eco Bubble front-load washing machine. Since then, it has continued to roll out high-end products in the region, including Twin Cooling refrigerator and T9000 double-door refrigerator.

Last month, the company made inroads into Cuba by opening a brand shop selling all of its premium products in its capital Havana in a bid to accelerate its growth momentum in Latin America’s premium home appliances market.

By Kim Dong-eun

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