LG Innotek, a prominent technology company, has announced its ambitious goal of achieving 2 trillion won in automotive sensor sales by the year 2030. The company is dedicated to accelerating its efforts in integrating state-of-the-art optical technology into various future mobility and automotive sensing solutions.
A primary focus for LG Innotek is lidar, which stands for light detection and ranging sensors. These sensors play a critical role in the development of self-driving vehicles. In line with this, LG Innotek recently established a new team dedicated solely to lidar development, emphasizing the company’s commitment to driving future growth through innovation.
CEO Moon Hyuk-soo has expressed the company’s intent to leverage its expertise in the mobile camera module business to drive progress in the field of automotive sensors. With a strategic eye towards the autonomous driving and advanced driver-assistance system sectors, LG Innotek aims to position itself at the forefront of the industry, encompassing camera modules, lidar, and radar technologies.
The company’s dedication to lidar development is exemplified by its continuous efforts to enhance its core capabilities since 2015. Moreover, LG Innotek’s acquisition of 77 US patents related to lidar from an American autonomous driving startup has bolstered its intellectual property portfolio to approximately 300 patents.
Anticipating the future growth of the market for lidar sensors, LG Innotek is well-positioned to capitalize on the projected exponential increase in demand. Market intelligence from Yole Intelligence indicates that the market for lidar sensors for autonomous vehicles is forecasted to grow from $2.1 billion in 2025 to $17.5 billion by 2032, underlining the vast potential for companies operating in this space.
In addition to lidar sensors, LG Innotek is also heavily investing in high-value vehicle camera modules. These camera modules are set to play a pivotal role as the “eyes” for autonomous vehicles in the years to come. As part of this initiative, LG Innotek has entered into an equity investment agreement with AOE Optoelectronics, a leading Taiwanese lens manufacturing company, to further enhance its capabilities in building camera modules for cars.
Moreover, LG Innotek’s recent introduction of a high-performance heating camera module, designed to swiftly defrost the camera lens during extreme cold weather conditions, underscores the company’s commitment to technological innovation. Additionally, the company is actively developing new camera modules equipped with the ability to remove dust and dirt from the lens while in operation.
To support its growth plans, LG Innotek has expanded its manufacturing capabilities by acquiring additional production space in Mexico. The expansion of its production facility will enable the company to commence full-scale production of vehicle camera modules in the latter half of next year.
LG Innotek’s strategic vision, coupled with its unwavering commitment to innovation and excellence, positions it to be a key player in the evolution of automotive sensor technology. As the industry continues to evolve, the company’s dedication to pushing the boundaries of what’s possible in automotive sensing solutions is poised to shape the future of mobility and autonomous driving.