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LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module

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LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module
Business

Business

LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module

2024-12-24 07:00 Last Updated At:07:15

SEOUL, South Korea, Dec. 24, 2024 /PRNewswire/ -- LG Innotek (CEO Moon Hyuksoo) announced on December 23 the development of a "Automotive RGB-IR In-Cabin camera module" equipped with a five-megapixel RGB (red, green, blue)-IR (infrared) sensor.

This RGB-IR In-Cabin camera module is a component designed for installation inside vehicles and can be mounted in various locations, such as on the rearview mirror or above the front of the passenger seat. It can detect various aspects of the driver's condition, such as drowsiness or inattention, and enables real-time monitoring of the conditions of passengers as well, such as whether seat belts are being used in the front and second rows.

The key to autonomous driving is ensuring the safety of drivers, passengers, and pedestrians. Alongside exterior components, such as camera modules for Autonomous Driving (AD) and Advanced Driver Assistance Systems (ADAS) and Light Detection And Ranging (LiDAR) systems, the industry is increasingly focusing on In-Cabin cameras to monitor passengers.

Of particular note is that Europe has mandated the installation of Driver Monitoring Systems (DMSs) in vehicles starting in 2025, and other major countries, including the United States and Japan, are considering similar requirements. As a result, global automakers are increasingly adopting In-Cabin cameras.

Previous In-Cabin cameras were mostly limited to certain specific functions, such as DMSs and Occupant Monitoring Systems (OMSs). Executing diverse functions often required the installation of multiple cameras.

In contrast, "LG Innotek's RGB-IR In-Cabin camera module" can perform various functions with a single camera. Installed with a high-resolution RGB-IR sensor, it captures red, green, and blue visible light as well as infrared wavelengths, offering a wider viewing angle through the company's unique wide-angle technology.

With a resolution of five megapixels, five times higher than conventional cameras, "LG Innotek's RGB-IR In-Cabin camera module" delivers clearer images for more accurate occupant monitoring. It also supports entertainment features such as video calls and conferencing, which are expected to become more relevant as autonomous driving advances. Additionally, its ability to detect infrared rays allows it to clearly recognize subjects in dark environments, enabling accurate monitoring of occupants even at night, when identifying driver drowsiness is most needed.

The "RGB-IR In-Cabin camera module" also boasts a Horizontal Field Of View (HFOV) that is more than double that of earlier models. LG Innotek has applied its proprietary wide-angle technology to support a HFOV of 143Ëš, expanding the scope of monitoring. This offers visibility of both front-row and second-row seats from various angles.

"LG Innotek's RGB-IR In-Cabin camera module" is 15% smaller than existing models. The smaller size of the module allows it to be installed in various locations. For automakers, this enables them to not only make more efficient use of the space inside the vehicle but also increase their design freedom.

The company applied the "wedge bonding" process to minimize the size of the product. Wedge bonding is a technology that uses ultrasonic energy to attach chips and substrates.

In the past, the chips used in the module had to be secured to Printed Circuit Boards (PCB) by applying heat to the joint, with a "heating block" added to the bottom of the PCB board to keep it heated. Wedge bonding eliminates the need for such components and reduces the size of the module by eliminating the need for space for the heating block.

This year, LG Innotek further strengthened its portfolio of vehicle sensing solutions for both the interior and exterior of vehicles by introducing its high-performance heating camera module and high-performance LiDAR, followed by RGB-IR In-Cabin camera module. These flagship products are being actively promoted to automotive customers in North America and Europe.

Looking ahead, LG Innotek will continue to introduce, based on its world-leading optical technology, high-value products such as an "all-weather high-performance camera module" with high-performance heating and cleaning functions. By offering exclusive customer value, the company plans to accelerate its seizure of market leadership.

LG Innotek CEO Moon Hyuksoo said, "The vehicle sensing solutions business, including camera modules and LiDAR, is a core pillar of LG Innotek's business in autonomous driving components." He went on to add, "We are committed to growing our vehicle sensing solutions business to USD 1.4 billion business by 2030."

According to market research firm S&P Global, the global automotive camera module market is projected to grow from approximately USD 6.923 billion in 2023 to USD 10.769 billion by 2030, showing an average annual growth rate of 7%.

LG Innotek will unveil its "RGB-IR In-Cabin camera module", along with its latest innovations, at the Consumer Electronics Show (CES) 2025 in Las Vegas in January next year.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module

LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module

LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module

LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module

LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module

LG Innotek to Foster the Automotive Car Sensing Business into a USD 1.4 Billion Business by 2030, Led by Its RGB-IR In-Cabin camera module

MADRID, Dec. 24, 2024 /PRNewswire/ -- On December 20, the global lifestyle brand MINISO launched its largest store in Spain, which is also the first MINISO LAND store in Europe. This new flagship store in Madrid brings the brand's IP collaborations to life in an immersive and playful setting, offering MINISO's new "IP theme park-style" shopping experience to Europe for the first time.

MINISO LAND is a scenario-based IP co-branded collection store that brings the world's favorite IPs to life in exciting new ways. From MINISO's new Harry Potter collection to popular collaborations with Sanrio, Snoopy, and Disney, the store's design creates a unique and unforgettable way to shop and play in a scenario-based environment. The store has individual IP zones across two floors including Stitch and Harry Potter, with more than 6,000 different products to explore, of which roughly 70% are IP collaboration products.

Besides the brand's amazing IP collections, the 1100m2 store is home to MINISO's diverse range of products, from blind boxes and plushies, to fragrances, cosmetics, stationary and more.

The new flagship store brings MINISO's Joy Philosophy to Gran Via – one of the world's busiest commercial thoroughfares – just in time for the holiday season. From the street, the store stands out with an eye-catching 20-meter Sanrio-inspired glass exterior façade. Inside the store, shoppers can explore a blind box zone, cosmetic and fragrance areas, a large claw machine experience area, a white Penpen penguin bathroom, a Penpen Madrid tree-hugging design, and a special Callao street view photo spot – highlights that are perfectly curated for capturing and sharing on social media.

In the build up to the store's grand opening, MINISO's beloved Penpen mascots toured the city, bringing joy to the capital's famous landmarks from Cibeles Palace and Callao Square to Preciados, Puerta Del Sol and more.

"We're thrilled to open a new MINISO flagship store in the heart of Madrid's vibrant Gran Via commercial district, and to bring our MINISO LAND store format to Spain for the first time," said Vincent Huang, General Manager of MINISO Overseas distributor markets and Vice President. "IP collaborations are a key strategic category for MINISO. This high-level store format perfectly showcases our highly popular IP collections, especially beloved by Spanish consumers, putting interest-driven consumption and experience-driven retail at the heart of the in-store experience, while embodying MINISO's 'life is for fun' attitude."

The expansion of MINISO's MINISO LAND store format is rooted in its ambition to become the world's leading IP design retail group. The first MINISO LAND opened in Shanghai, China, in October, creating a huge buzz and breaking the brand's sales record. The exciting format showcases the brand's IP products while making shopping an event to be enjoyed and shared.

The opening of this store on Madrid's Gran Via is the latest opening as MINISO pursues rapid expansion across Europe and globally. As of the end of September 2024, MINISO has approximately 7,200 stores globally, of which 260 are in Europe. In Spain, the brand currently has stores in Madrid in Fuencarral, in Barcelona at Westfield La Maquinista and in Malaga at Plaza Mayor. In the coming year, MINISO will continue to bring its memorable and exciting in-store experiences and joyful products to more of the world's iconic locations.

About MINISO

MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

European Debut: MINISO Unveils Its Innovative 'MINISO LAND' - A Pioneering IP-scenerio Retail Concept

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