LG Electronics on Wednesday unveiled a new device to challenge Apple, Samsung and other rivals in the booming smartphone market.

The G2 was introduced as the first in a new LG premium smartphone line and boasts features that include control buttons moved from the edges to the back, and a 5.2-inch high-definition screen spanning the front.

"Our definition of innovation today is technology that truly resonates with consumers," said LG mobile communications chief Jong-seok Park.

He referred to the G2 as the most ambitious mobile phone ever produced by the South Korean company.

LG said the smartphone's design incorporated lifestyle research showing that people want ergonomic designs, practical functions and intuitive interaction.

LG is the second-largest maker of Android-powered smartphones, with 6.5 percent of the market in the second quarter of this year, according to a report released Wednesday by International Data Corporation.

Samsung is the world's top Android smartphone with 39.1 percent of the global market, but LG closed the gap slightly during the quarter, IDC reported.

Google's Android software was the world's most popular smartphone platform, ending the second quarter with 79.3 percent of the market as compared with the 13.2 percent held by second-place Apple, according to IDC.

G2 phones will be released in South Korea in coming weeks and then gradually roll out in other countries, according to LG. Pricing was not disclosed.