Korean phone maker Pantech creeping up on LG's market share

CEO Lee Jun-woo says Pantech, Korea’s third-largest smartphone maker, is close to gaining a 15 percent local market share, reports ZDNet Korea's Kim Tae-jung.

The handset maker’s new flagship phone the Vega Iron 2, unveiled on May 8, is expected to help drive this growth.

“We are getting closer and closer to securing 15 percent of the local smartphone market,” said Lee in a call with ZDNet Korea. “Because the initial reception of our Vega Iron 2 was extremely positive, we believe there will be good news soon.”

Pantech boss Lee Jun-woo

In the first half of 2013, Pantech had 10 percent of Korea's smartphone market, growing to 13 to 14 percent in January and February this year. The increase was interrupted due to a Korean government ban on telcos signing up new subscribers – a consequence of telcos offering subsidies above the legal limit during parts of March and April.

“It was difficult during the ban period for us to assess our market share,” said Lee, stressing that Pantech was back on track for an aggressive sales campaign.

In Korea, Samsung Electronics reigns supreme in the local market with over 70 percent market share while LG Electronics' share fluctuates between 10 to 20 percent, according to market watchers.

Pantech is currently in a debt workout to improve its liquidity.


Source: ZDNet Korea (zdnet.kr)