LG Innotek Targets USD 1.4 Billion in Automotive Sensing by 2030
Seoul, Monday, 23 December 2024.
LG Innotek plans to expand its automotive sensing business, driven by innovative in-cabin camera modules, aiming for USD 1.4 billion by 2030, aligning with rising in-cabin technology demand.
Revolutionary RGB-IR Technology
LG Innotek’s latest breakthrough comes in the form of a five-megapixel RGB-IR In-Cabin camera module, announced on December 23, 2024 [1]. This innovative device represents a significant advancement in automotive sensing technology, featuring a remarkable 143-degree Horizontal Field of View (HFOV) - more than double the capability of previous models [1]. The module’s ability to detect both visible and infrared light enables comprehensive monitoring of both driver and passengers with a single device [1][6], marking a departure from traditional systems that required multiple cameras for different functions.
Technical Excellence and Space Efficiency
The new module showcases impressive engineering achievements, being 15% more compact than existing models [1]. This size reduction is achieved through innovative ‘wedge bonding’ technology [1], enhancing design flexibility and installation options for automotive manufacturers. The camera’s advanced capabilities extend beyond basic monitoring, supporting modern features such as video calls and conferencing [1], positioning it as a versatile solution for next-generation vehicles.
Market Growth and Regulatory Drivers
The timing of this innovation aligns with significant market opportunities. According to S&P Global, the global automotive camera module market is projected to grow from USD 6.923 billion in 2023 to USD 10.769 billion by 2030, with a 7% annual growth rate [1]. This growth is partly driven by upcoming European regulations mandating Driver Monitoring Systems (DMSs) in vehicles from 2025 [1], with similar regulations under consideration in the United States and Japan.
Future Outlook and Industry Showcase
LG Innotek is set to demonstrate its commitment to automotive innovation at CES 2025 in Las Vegas, where it will showcase 41 core components for future mobility [4]. The company’s CEO Moon Hyuksoo emphasizes that vehicle sensing solutions, including camera modules and LiDAR, represent a fundamental aspect of their autonomous driving components business [1][5]. The exhibition will feature the new RGB-IR In-Cabin camera module alongside other cutting-edge technologies, reinforcing LG Innotek’s position as a leading provider of automotive sensing solutions [4][5].