Samsung promises to overtake Nokia by 2010

Samsung has vowed to beat Nokia in the global mobile phone market by 2010.

The Korean giant has around 10 per cent of the market now compared to Nokia's leading 35 per cent but the world's largest family-run conglomerate says it will rise from third place and oust Nokia with a 25 per cent global market share and $25bn in revenues from phones within the next seven years, the Korean daily The Korea Times has reported.

Samsung Electronics will focus on high-end mobiles with features like PDAs and GPS systems, and include GSM phones. Chairman Lee Kun-hee said the company will re-evaluate its strategy and develop a customised corporate structure to manage the short mobile phone replacement cycle.

He described the industry as "an art in which diverse factors like technology, design, colour, function and price decide success and failure, asides from the parts business", according to the newspaper.

Second-place market competitor Motorola's share has dropped to 15 per cent, while Samsung's has risen from 5 percent in 2000 and sixth place.

Samsung's mobile phone sales are expected to grow more than 30 per cent this year against 2002, Lee Ki-tae, chief executive of Samsung Electronics Telecomm Network said.

Samsung said it expects to sell 55 million mobile phones in 2003, 2.5 million above its earlier estimate. As optimistic, Lee says Samsung will be a market leader by 2006.