By Cho Mu-hyun

The domestic smartphone market is heating up with Samsung, LG Electronics and Pantech rushing to release new devices equipped with unique features and designs.

The country’s smallest handset maker Pantech launched its new Vega Racer 2 Friday, while LG will release its new Optimus LTE 2 this week and Samsung’s SHV-E170K is set to hit stores on May 25.

With consumers’ inclinations leaning towards long-term evolution (LTE) phones and planning to jump from 3G to 4G, the manufacturers are all expecting high sales for their new products.

Pantech is boasting a single chip processor in its Vega Racer 2 that combines mobile and application processors for longer battery life in its attempt to beat the competition.

“I am absolutely confident that our new product is in no way behind our competitors,” said Pantech Chairman Park Byeong-yeop during a showcase ceremony earlier this month. “Our new handset is the answer to our consumers demand for longer battery life.”

LG is also offering a one-chip solution for the new Optimus LTE 2. It has 2 gigabytes of RAM, two times the memory of a standard tablet and nearly the same capacity as a notebook. The high memory allows users to use different applications at the same time without slowing down.

LG’s new phone also features a wireless charging system.

Samsung is planning to launch its new SHV-E170K, ahead of the much anticipated Galaxy S3 next month. The SHV-E170 will use Qualcomm’s Snapdragon S4 chip and have a 4.3 inch screen.

Consumers who bought the Galaxy S when it came out in June 2010 are nearing the end of their 2-year contracts, and are likely looking for new phones.

Besides the domestic competition, speculation is rising that Apple is planning to release the iPhone 5 next month, which would provide further competition between mobile phone manufactures.