Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.
LG Innotek to boost future growth business share to 25% of sales by 2030
LG Innotek CEO Moon Hyuk-soo speaks during the company’s management session in Gumi, North Gyeongsang Province, Sept. 19. Courtesy of LG Innotek
By Lee Gyu-lee
LG Innotek is accelerating its push into mobility sensing, robotics and semiconductor components as part of a bold strategy to secure new growth drivers, announcing plans to generate more than 25 percent of its revenue from future growth businesses by 2030.
“Our future growth businesses, which are driving the company’s sustainable growth, are expanding rapidly. Let’s work together to grow the share of these new businesses to more than 25 percent of the company’s total revenue by 2030,” LG Innotek CEO Moon Hyuk-soo said during the company’s management session in Gumi, North Gyeongsang Province, Sept. 19.
“By leveraging our most valuable future assets — high-value core technologies and business experience gained through collaboration with top-tier global customers — let’s build another leading business that creates differentiated customer value.”
Moon, who took on the role of CEO in 2023, has been spearheading the expansion, seeking to diversify the business portfolio and establish new growth drivers.
One of the flagship initiatives is light detection and ranging (LiDAR). LG Innotek recently signed a strategic partnership with the U.S.-based LiDAR specialist Aeva.
Under the partnership, LG Innotek will supply Aeva with ultraslim long-range frequency-modulated continuous-wave LiDAR modules, which will be integrated with Aeva’s software to be installed in next-generation vehicles from leading global automakers starting in 2028.
Alongside LiDAR, the company is also advancing radar technology development, investing in the local venture Smart Radar System, which holds proprietary core radar technologies. The recent investment provides LG Innotek with access to high-performance radar technologies, including 4D imaging radar and ultra short-range radar.
By 2030, LG Innotek aims to grow its mobility sensing solutions business to 2 trillion won ($1.42 billion) and its automated driving (AD) and advanced driver assistance system (ADAS) components, including sensing, communications and lighting, to 5 trillion won.
The company’s robotics components business has already seen positive results following its launch last year.
In May, the company signed a partnership with Boston Dynamics to jointly develop robotic components. LG Innotek will provide vision sensing modules for the U.S. robotics company’s next-generation humanoid robot Atlas.
Additionally, LG Innotek has recently entered the automotive application processor module market, a semiconductor component that integrates and controls ADAS. With global demand for the module expected to rise from 33 million units in 2024 to 113 million units in 2030, Moon seeks to establish the company as a key player in semiconductor components by leveraging application processor modules for automobiles.
LG Innotek has designated AD/ADAS components, advanced semiconductor substrates and new businesses in robotics, drones and aerospace as its future growth businesses, with the goal of expanding them into an 8 trillion won portfolio by 2030.