The rental business of LG Electronics Inc., a major home appliance maker in South Korea, experienced sharp growth last year, a report showed Friday, as the company eyes to further boost its competitiveness in the sector riding on the rise of the pandemic-induced stay-at-home economy.

Sales of LG's rental business stood at 591.1 billion won ($524 million) in 2020, up 34 percent from a year earlier, its audit report showed.

Compared with 2018, revenues from its rental business have more than doubled.

LG currently provides rental services for eight home appliance products that include water purifiers, dish washers, dryers, air purifiers and massage chairs.

LG revealed that it had 2.39 million subscribers as of the first half of 2020. Industry insiders estimate that the figure may have grown up to 2.7 million by the end of 2020, with its rental business reportedly achieving a double-digit profit margin.

To accelerate its growth, LG recently scaled up its rental service unit and established a subsidiary dedicated to the regular maintenance of its home appliances. (Yonhap)