LG Innotek targets $1.4bn automotive sensor sales by 2030

[Courtesy of LG Innotek Co.]

LG Innotek Co., an information technology component unit of South Korea’s LG Group, has set the target of raising 2 trillion won ($1.4 billion) in annual sales from its automotive sensor solution business by 2030.

“Based on our success equation of becoming the No. 1 player in the mobile camera module business, we will nurture the automotive sensor business to raise 2 trillion won in annual sales by 2030,” said Moon Hyuk-soo, the company’s chief executive officer, on Monday.

LG Innotek plans to strengthen its advanced driver assistance systems (ADAS) and autonomous driving (AD) sensing solutions, which include LiDAR and camera modules.

In particular, the company is focusing on high-performance LiDAR as a key component.

Earlier this month, LG Innotek created a LiDAR business division directly under the CEO.

The reorganization integrated the LiDAR development and business units, which were scattered under the Optics Solution Division and the Chief Technology Officer (CTO).

”Moon‘s determination to directly oversee and concentrate the company’s capabilities on the LiDAR business played a significant role,“ said a company official.

LG Innotek has acquired 77 LiDAR patents from a U.S. autonomous driving startup last year, the official added.

According to market research firm Yole Intelligence, the LiDAR market is expected to grow to $11.2 billion by 2030.

LG Innotek is also enhancing its capabilities in vehicle camera modules.

Earlier this year, the company signed an equity investment agreement with AOE Optronics Co., a lens manufacturing company in Taiwan.

With AEO, it aims to target the market for autonomous driving cameras and optical components for extended reality (XR).

In February, the company also introduced a heating camera module which has an additional heater function while maintaining the size of the camera module.