South Korea’s LG Electronics is exiting the mobile phone market, planning to wind down its mobile phone business by July 31.
The company has been the number three player in the U.S. smartphone market, which is dominated by Apple and Samsung. According to Counterpoint Research, LG had about 9% of the U.S. smartphone market as of the fourth quarter of 2020. Apple had around 65% of the U.S. market and Samsung around 16%, according to Counterpoint, and those two were the only device OEMs to see positive growth during the fourth quarter of last year.
