SEOUL, South Korea, July 4, 2024 /PRNewswire/ -- LG Innotek (CEO Moon Hyuksoo) is poised to accelerate growth in the vehicle sensing solution business by leveraging its leading-edge optical technology to drive innovation in the future mobility sector.
At a press conference held in March, LG Innotek CEO Moon, Hyuksoo outlined his plans, stating, "We will identify a new business opportunity where we can leverage our company's distinctive 'No. 1 know-how' in the mobile camera module industry to establish a robust business portfolio."
The sensing solution business for AD (Autonomous Driving) & ADAS (Advanced Driver Assistance System) is one of the most promising areas where the CEO's management strategy can be implemented with the greatest impact.
The paramount concern in the autonomous driving market, which is emerging as a key area for future vehicles, is the safety of both drivers and pedestrians. If a vehicle cannot accurately detect obstacles that hamper driving, it may lead to a serious accident. This is the reason why car makers are investing in advanced vehicle sensing solutions.
LG Innotek has identified 'High Performance LiDAR' as a key pillar of its Vehicle Sensing Solution business and is pursuing a targeted approach to the LiDAR market.
In particular, LG Innotek has recently established a dedicated business division for LiDAR, reporting directly to the CEO. The development and business of LiDAR, previously dispersed across the existing optical solution business division and CTO, have been consolidated under the LiDAR business division. This organisational restructuring was driven by the CEO's strong desire to oversee the LiDAR business directly and to enhance capabilities and operational efficiency.
LG Innotek has been consistently strengthening its core capacity to engage in the LiDAR business since 2015. Last year, LG Innotek acquired 77 US patents related to LiDAR from a US autonomous driving startup company. The company currently holds over 300 patents related to LiDAR.
Another product line that LG Innotek has identified as a key pillar is high-value added vehicle camera modules.
The majority of camera modules mounted on vehicles that have been commercialised to date tend to fulfil only the basic function of filming and have low added value as products. However, as we enter the era of autonomous driving, the vehicle camera modules must take on the role of the eyes of a driver. It is therefore vital that vehicle camera modules are equipped with enhanced sensing capabilities.
In line with such trends, LG Innotek has entered into a contract for equity investment with AOE Optronics (hereinafter referred to as 'AOE') to enhance its capabilities in the vehicle camera module business.
Recently, there has been a notable increase in demand for 'Aspherical Glass Lenses', a key component for high-resolution cameras in the autonomous driving vehicle industry. AOE has considerable expertise in manufacturing technologies for this specific area. By working closely with AOE, LG Innotek is able to accelerate the development of high-value camera modules.
Furthermore, in February 2024, LG Innotek launched a 'High-Performance Heating Camera Module', designed to rapidly defrost vehicle camera lenses in cold weather conditions. This module maintains its original size while adding a heating function to offer customers enhanced value.
LG Innotek is currently developing a high heat-generating material that can accelerate heating even faster than the current product. The company intends to conduct performance verification on the ultra-high-speed heating camera modules incorporating this material.
Moreover, LG Innotek is developing camera modules with a washing function to remove foreign substances like dust from the lens while driving. These will enable the company to expand its high-value-added vehicle camera module portfolio.
The company is also investing in facilities to occupy the vehicle camera module market.
In addition, LG Innotek purchased approximately 99,173 square meters of land near its manufacturing subsidiary in San Juan de Rio, Mexico, with the intention of expanding its factory last year. The newly expanded factory is scheduled to commence mass production of vehicle camera modules in the second half of next year.
An official from LG Innotek commented, "The decision to locate the vehicle camera module production hub in Mexico was driven by our strategy to enhance our ability to serve customers in the North American region, where major car makers are concentrated, by making good use of the geographical proximity."
LG Innotek aims to become a market leader in AD/ADAS sensing solutions by offering differentiated customer value as a 'Vehicle Sensing Total Solution Provider' that encompasses vehicle interior and exterior solutions.
It is well-known that global car manufacturers developing autonomous driving vehicles have established various strategies for adopting different sensing components.
LG Innotek intends to continue improving the performance of vehicle camera modules in response to customers who are interested in adopting only vehicle camera modules.
Furthermore, the company is actively seeking to attract customers by implementing 'Sensor Fusion', which combines vehicle camera modules and LiDAR through software.
This will enable the company to offer customers a wider range of sensing parts for installation on a vehicle's exterior and a 'In-Cabin Vehicle Camera Module' that can be employed for various purposes inside a vehicle, such as teleconferencing, entertainment, and infant monitoring.
The CEO stated that, based on the formula for becoming No. 1 learned from the mobile camera module business, the vehicle sensing solution business will be fostered into a business with annual sales of 1.4 billion USD by 2030 and developed as another top-ranking business.
[Reference 1] Outlook on size of global autonomous driving vehicle market
According to the global market research firm, 'Precedence Research,' the global autonomous driving vehicle market is forecasted to grow by an annual average of 35% from 158.3 billion USD in 2023 to approximately 2.35 trillion USD in 2032.
[Reference 2] Outlook on size of global autonomous driving LiDAR market
The global autonomous driving vehicle market is forecast to grow by an annual average of 35% from 158.3 billion USD in 2023 to approximately 2.35 trillion USD in 2032, according to the global market research firm, 'Precedence Research'.
[Reference 3] Outlook on size of global vehicle camera module market
The market research firm S&P Global and LG Innotek's internal analysis indicates that the global vehicle camera module market will grow at an annual average of 7% from 6.44 billion USD in 2023 to 10.03 billion USD by 2030 due to the advancement of autonomous driving technology.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
LG Innotek aims to grow its Vehicle Sensing Solution business into a 1.4 billion USD operation by 2030
LG Innotek aims to grow its Vehicle Sensing Solution business into a 1.4 billion USD operation by 2030
Presenting an Authentic and Immersive Macau Experience to Visitors Under One Roof
KUALA LUMPUR, Malaysia, July 5, 2024 /PRNewswire/ -- Galaxy Macauâ„¢, The World Class Integrated Resort ("Galaxy Macau"), has been actively supporting and participating in Macau SAR Government's promotional activities, and continuously working with the government and industry partners to expand international visitor sources. The "Experience Macao Malaysia Roadshow", organised by the Macao Government Tourism Office, was officially launched on 5 July 2024 in Kuala Lumpur at Sunway Pyramid Shopping Mall. The four-day event (5 to 8 July) aims to showcase the diverse tourism products in Macau to international tourists, attracting travellers to choose Macau as a travel destination. Galaxy Macau is also shining with its exciting tourism products by presenting its unparalleled luxury offerings and its one-stop luxury resort experience as Asia's leading destination for leisure, entertainment, dining, events and conferences.
Galaxy Macau proudly supports and aligns with the Macao SAR government's efforts to extend Macau's reach into the Southeast Asian market. The world-class integrated resort's iconic booth at the Malaysia Roadshow, showcasing the grand landscape of the integrated resort. Visitors to the booth can not only enjoy the interaction and photo moment with the adorable GalaxyKidz mascot "Wavey" the Peacock at the photobooth, but also experience the unique charm of Macao's "tourism+" offerings, reflecting Galaxy Macau's commitment to promoting Macau as a World Centre of Tourism and Leisure.
There are also daily lucky draws during the roadshow where visitors can stand a chance to win prizes sponsored by Galaxy Macau.
Starting from MYR271++ per night, Galaxy Macau is offering roadshow-exclusive offers for stays between 12 July to 30 November 2024 from a selection of world class hotels – Andaz Macau, Broadway Hotel, Galaxy Hotel™, Hotel Okura Macau or Banyan Tree Macau. Booking period opens from 5 to 19 July 2024. Applicable to all five hotels, the offer includes free access to the Grand Resort Deck and free minibar, immersing guests in a comprehensive one-stop integrated resort experience.
A Macao Travel Trade Seminar & Minimart was also conducted at the Sunway Resort Hotel Ballroom on 4 July 2024 in conjunction with the "Experience Macao" Malaysia Roadshow, where guests were presented with the latest hotel information on Andaz Macau, Broadway Hotel, Galaxy Hotelâ„¢, Hotel Okura Macau, Banyan Tree Macau, and Galaxy International Convention Centre (GICC).
Remaining the top integrated resort globally with the most Forbes five-star hotel honors under one roof – Galaxy Macau spans over 1.1 million square-meters and is renowned for its unparalleled mix of entertainment and leisure attractions that are unmatched in Macau. With 8 award-winning world-class luxury hotels to choose from, guests are spoilt for choice. Water sports enthusiasts can make a splash at the 75,000-square-meter Grand Resort Deck – the world's leading skytop oasis. Foodies meanwhile can indulge in a selection of over 120 dining options, ranging from Michelin-starred establishments to local street food legends; a delectable selection that has earned Galaxy Macau the distinction of being Asia's premier dining destination. For an authentic Asian street food adventure, guests can cross the link bridge to explore vibrant local and Asian cuisines at Broadway Food Street. Fashionistas will adore Galaxy Promenade, an award-winning shopping destination spread over 100,000 square-meters. Luxury flagship stores, designer boutiques and high-street labels contribute to over 200 world-renowned luxury fashion and lifestyle brands. For live performances and events, the 2,500-seat Broadway Theatre plays host to a diverse range of live shows, events and cultural activities from around the world with up-close and personal experiences. Galaxy Macau opened two world-class hotels – Raffles at Galaxy Macau and Andaz Macau, with GICC as its latest addition to the Group's ever-expanding integrated resort precinct, ushering a new era for the MICE industry in Macau. GICC is a world-class event venue featuring 40,000 square-meters of total flexible MICE, and a 16,000-seat Galaxy Arena – the largest indoor arena in Macau. In April 2024, Galaxy Macau also announced the launch of Capella at Galaxy Macau, further solidifying the destination's undisputed reputation as Macau's Ultimate Luxury Integrated Resort.
Galaxy Macau has always adhered to its "World Class, Asian Heart" service philosophy to offer exceptional experiences for guests from all around the world. As the city gears up for a continuing wave of international tourism, Galaxy Macau looks forward to welcoming visitors with award-winning accommodations, unforgettable leisure experiences, and unparalleled shopping, dining and entertainment all under one roof. In the future, Galaxy Macau will continue to launch more world-class events to enhance Macau's positioning as a World Centre of Tourism and Leisure.
More high-res images of the Experience Macao Malaysia Roadshow can be found in the virtual media kit.
About Galaxy Macau Integrated Resort
Galaxy Macauâ„¢, The World-class Luxury Integrated Resort delivers the "Most Spectacular Entertainment and Leisure Destination in the World". Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Eight award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotelâ„¢, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau, Andaz Macau. Unique to Galaxy Macau, the 75,000-square-meters Grand Resort Deck features the world's longest Skytop Adventure Rapids at 575-meters, the largest Skytop Wave Pool with waves up to 1.5-meters high and 150-meters pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz- Carlton Spa, Macau help guests relax and rejuvenate.
As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies; Galaxy Promenade is the hottest shopping destination featuring the latest in fashion and curated experiences in Macau. Spanning over 100,000-square-meters, luxury flagship stores, lifestyle boutiques and our selection of labels are among the more than 200 world-renowned brands for a world-class shopping journey; Galaxy Cinemas, immersive thrills and luxurious comfort go hand in hand at Galaxy Cinemas. All 10 theaters are equipped with the latest audio-visual technology; CHINA ROUGE, one-of-a-kind deluxe lounge that evokes the glitz and glamor of Shanghai's golden era with entertainment in luxury and style; and Foot Hub presents the traditional art of reflexology to make you feel more relaxed and revitalized. For Authentic Macau Flavours & Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavours at its Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events. Meeting, incentive and banquet groups are also well looked after with a portfolio of unique venues in Galaxy Macau and a professional service staff.
Galaxy International Convention Center (GICC) is the latest addition to the Group's ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world- class event venue featuring 40,000-square-meter of total flexible MICE, and a 16,000-seat Galaxy Arena – the largest indoor arena in Macau.
For more details, please visit www.galaxymacau.com, www.broadwaymacau.com.mo and www.galaxyicc.com
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Galaxy Macau, The World Class Integrated Resort, Brings the "Experience Macao Malaysia Roadshow" to Kuala Lumpur
Galaxy Macau, The World Class Integrated Resort, Brings the "Experience Macao Malaysia Roadshow" to Kuala Lumpur
Galaxy Macau, The World Class Integrated Resort, Brings the "Experience Macao Malaysia Roadshow" to Kuala Lumpur
