LG Innotek announced on Monday its target of achieving 2 trillion won ($1.44 billion) in annual automotive sensor sales by 2030. The company aims to leverage its advanced optical technology to enhance future mobility and automotive sensing solutions.
“Building on our success in the mobile camera module business, we plan to make our automotive sensor business the industry leader, with annual sales reaching 2 trillion won by 2030,” said Moon Hyuk-soo, CEO of LG Innotek.
The company intends to expand its advanced driver assistance systems (ADAS) and autonomous driving (AD) sensing solutions, focusing on LiDAR and camera modules.
LG Innotek’s strategic focus is on LiDAR, the light detection and ranging sensors crucial for self-driving vehicles. Earlier this month, the company launched a new team solely dedicated to LiDAR development under the direct supervision of CEO Moon Hyuk-soo.
CEO Moon Hyuk-soo emphasized the importance of leveraging LG Innotek’s expertise in mobile camera modules to drive future growth in the automotive sensor market. The company has been enhancing its LiDAR capabilities since 2015, acquiring 77 US patents related to LiDAR from an American autonomous driving startup last year, bringing its total to approximately 300 patents.
In addition to LiDAR, LG Innotek is also strengthening its vehicle camera module capabilities. The company signed an equity investment contract with Taiwan’s AOE Optronics earlier this year, targeting the market for self-driving cameras and optical components for extended reality (XR).
In February, LG Innotek introduced heating camera modules with an additional heater function, maintaining the size of the camera module. The company is currently developing high-heating materials to further increase the heating speed and aims to complete verification of high-speed heating camera module performance within the year.
LG Innotek’s focus on high-performance LiDAR and advanced vehicle sensing solutions aligns with its goal of achieving 2 trillion won in annual automotive sensor sales by 2030. By leveraging its expertise in optical technology and expanding its patent portfolio, LG Innotek is well-positioned to lead the market in autonomous driving and ADAS technologies.
According to market tracker Yole Intelligence, the LiDAR sensor market for autonomous vehicles is projected to surge from $2.1 billion in 2025 to $11.2 billion in 2030, reaching $17.5 billion by 2032.
In line with this growth, LG Innotek is focusing on high-value vehicle camera modules, which are essential for the “eyes” of autonomous vehicles. The company plans to continue investing in these modules to enhance their precision and advanced sensing capabilities.
Earlier this year, LG Innotek strengthened its competitiveness by signing an equity investment agreement with AOE Optoelectronics, a Taiwanese lens manufacturing company. This partnership aims to boost LG Innotek’s capability in developing camera modules for cars. Additionally, the company introduced a high-performance heating camera module that quickly defrosts lenses in extremely cold weather, ensuring clear vision for autonomous vehicles.
LG Innotek is also developing new camera modules equipped with cleaning functions to remove dust and dirt from the lens while driving. To support the production of these advanced modules, the company expanded its production facility in Mexico by acquiring an additional 30,000 square meters in 2023. The new factory is set to commence full-scale production of vehicle camera modules in the second half of next year, positioning Mexico as a key production hub due to its proximity to North American automotive customers.
S&P Global predicts that the automotive camera module market will grow at an annual average rate of 7%, from $6.437 billion in 2023 to $10.03 billion by 2030. With its strategic investments and focus on innovative technologies, LG Innotek is well-positioned to capitalize on this growth and become a leader in the automotive sensor market.
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