According to the latest report, South Korea’s LG Electronics plans to establish partnerships with many companies around the world, while recruiting professionals to strengthen its automotive electronics business. The company predicts that the automotive electronics market will grow six times its current size within seven years, and the market size will exceed 800 trillion won in 2028.
LG Electronics pointed out in an internal report that by 2028, the global automotive infotainment system, battery/motor assembly, and automotive lighting market will grow from the current 143 trillion won to 8.37 million won. Among them, the market size of electronic powertrains including motors, inverters, and reducers is expected to grow by 33.5% annually, while the automotive and automotive lighting markets are expected to grow by 8.7% and 4.9% each year.
Moreover, LG Electronics will actively invest in the division responsible for the automotive electronics business. The company plans to improve its competitiveness through mergers and acquisitions and joint ventures. It has previously acquired the Austrian lighting company ZKW in 2018, and also established a joint venture with OnePlus Canada in July 2021 to establish LG Magna Powertrain. LG also took over Cybellum, an Israeli car security company, in September 2021 to strengthen its software capabilities.
Furthermore, LG currently has established a cooperation system with Volvo, Ford, and Stellatis, and provides parts for Bentley and Porsche. In addition, it also provides infotainment vehicle systems for Renault Group’s Megan E-Tech electric vehicles.