LG is planning to launch the next version of Google TV in the week of May 21, ahead of expectations that Apple is going to enter the TV market in 2012. Initially U.S.-only, the TV could launch in Europe and Asia depending on market response.

The news came from a LG executive today - Monday, May 7 - who said production will begin mid-May.

"Production of Google TVs will start from May 17 in our factory in Mexico and U.S. consumers will be able to buy the product from the week of May 21," Ro Seogho, executive vice president of LG's TV business unit, told a group of reporters.

No pricing details, shipments targets or TV sizes were given, but LG is looking to gain market share in the emerging Internet TV market. Research firm iHS iSuppli said the worldwide Internet-enabled TV market will grow by almost 60 percent in 2012 to 95 million TVs, whereas the TV market is expected to grow by just two percent.

LG's TV will release the second version of Google TV after the first was launched in 2010, but failed to gain consumer appeal. Google TV brings to access to Google services and YouTube. Other TV manufacturers such as Samsung offer Internet-connected TVs in high-end sets as low-cost manufacturers emerge.

Sixty percent of LG's TVs will be fit with the NetCast platform, which brings Internet access and LG's TV applications.

Logitech developed a set-top box using Google TV. It said during 2011 it lost 10s of millions through the set-top box due to weak sales. Google owns the majority of global advertising budgets and wants to exploit that through television.

Some features of Google TV are using a smartphone as a remote control, browsing the Internet while watching a TV show and the ability to create a homepage with app launch icons and TV channels.

In Q1 2012, LG's TV division saw profit margins rise to above four percent through sales of 3D- and Internet-enabled televisions. Competitors such as Sony, Panasonic and Sharp are expected to lose $21 million combined by March 31.

(reported by Jonathan Charles, edited by Dave Clark)