Thanks to the success brought about by the LG G3, LG Electronics enjoyed a 16.3 percent share in the smartphone market in North America in the third quarter of 2014, according to U.S.-based Strategy Analytics. This is more than twice the company's 7.4-percent share last year. 

LG sold 16.8 million units of its smartphones in Q3, which is a big jump from the second quarter's 14.5 million units. The company earned $420 million in profit, doubling the company's figures from last year with an increase of 111.8 percent. 

The smartphone market was dominated again by Apple with 33.9 percent, thanks to the popularity of iPhone 6 and iPhone 6 Plus, followed by South Korean tech giant Samsung with 24.8 percent market share with the release of Samsung Galaxy Note 4 and Note Edge. 

Because LG posted its highest market share this year, largely due to the success of the LG G3, the company is said to have been prompted to up its game.  According to reports, they already trademarked the names G4 to G9 last August, which suggests that they will continue to work on the smartphone line in the future. 

The first in the roster is, of course, the successor to the LG G3.  Below are the purported specs and features of the forthcoming LG G4: 

• Metal body
• 5.3 inch bezel-free screen display with quad HD or 1440 x 2560 pixel resolution.
• Octa-core Nuclun processor or Qualcomm Snapdragon 810 chipset with 64-bit architecture
• 4 GB RAM
• 32 GB and 64 GB storage variants
• microSD slot for external storage
• Android 5.0 Lollipop OS
• 20.7 MP rear camera with Optical Image Stabilization technology
• 3500 mAh battery

According to rumors, the LG G4 release date will be in May 2015 based on the previous launch of its predecessor. However, LG Electronics has not commented yet on the buzz surrounding this device.