iPhone7, V20 Lead South Korea's Smartphone Market

After ending the production of Samsung Galaxy Note 7, Apple's iPhone7 and LG Electronics' V20 have taken a favorable portion of the Korean smartphone industry since the launches of the said devices, Korea Heral reported.

The report also mentions that the two devices from Samsung's biggest rivals are anticipated to gain continuous upper hand in the market as Samsung plans to encourage remaining Note 7 owners to replace their fire-prone devices.

According to the Korea Telecommunications Operators Association on Sunday, about 62,000 consumers have already switched their telecom providers since the launch of Apple's iPhone7 on Friday. The said figure is much higher than the 57,000 people who changed their telecom operators when the Galaxy Note7 was launched two months ago.

Reportedly, there are more than 100,000 units of the iPhone7 and iPhone7 Plus sold on the launch day itself, and over 300,000 units of iPhone7 were pre-ordered.

A professor at the Korea Advanced Institute of Science and Technology's College of Business, Lee Byung Tae said, "It is hard to estimate how many Note 7 owners will opt for the iPhone7. But, it may be difficult for Samsung to win customers back once they transfer to an iPhone (which has a different platform from Android)."

LG Electronics' new flagship smartphone V20 also benefitted from the absence of Samsung Note7. The sales of the said unit posted a 20 percent increase since its release on September 29. V20 is presently selling around 5,000 units every day.

An industry source stated, "Some Note7 users appear to choose V20 as both have the same 5.7-inch screen and similar specifications."

At present, Samsung is offering a complimentary voucher worth 30,000 won ($26) for Note users in South Korea when they return their phones and a one-time 70,000 won credit on their monthly cellphone bill is given when they replace the phone with other Samsung devices.