LG to ship 60 mn phones in 2014

South Korean firm LG Electronics will ship 60 million smartphones in 2014, with good sales of its flagship G3 model pushing up the numbers.

"While the competition in the smartphone sector is set to escalate over the second half, the G3 model will continue to gain ground before the launch of the new iPhone," market analyst Kiwoom Securities said in its latest report.

This will be the first time that LG crosses the 60-million mark since it started selling smartphones in 2010.

LG claimed a 4.9 percent share of the smartphone industry in 2013.

Chinese firms have expanded their presence in the market, and Huawei has a growing market share of 6.9 percent, and grew 95 percent over 2013.

Analysts, however, believe that Chinese players will have a limited impact on LG, as the new Chinese companies focus on low-end models, unlike the LG which offers high-end phones.