LG Innotek Accelerates Its Expansion into the Automotive Communication Component Market with Its Next-generation Digital Key solution

SEOUL, South Korea, Aug. 2, 2024 /PRNewswire/ -- LG Innotek (CEO Moon, Hyuksoo) is gearing up to take the lead in the automotive communication component market with its cutting-edge 'Digital Key solution'. 

The Digital Key is highlighted as a next-generation car key that can be used to open, lock, and start the car using a smartphone connected to the vehicle through wireless communication technology. Users will no longer need to carry a separate car key, eliminating the worry of misplacing it. And since the car can be started only with a smartphone connected to the digital key, there is a low risk of theft.

With the recent growth of the vehicle sharing industry, including car sharing and car rental, the demand for digital keys is on the rise. According to the global market research firm Persistence Market Research, the automotive digital key market is expected to more than quadruple, from USD 3.0167 billion in 2023, reaching USD 11.3813 billion in 2033.

LG Innotek has continuously enhanced the performance of its products since it first launched a 'Digital Key Module for Vehicles' in 2021. Now, it has developed a 'Next-Generation Digital Key solution' that significantly enhances the safety and convenience of passengers.

This product is a package of not only a digital key module installed with an antenna and circuitry but also software to operate the digital key. It places the company in a highly advantageous position in the automotive communication component market.

LG Innotek's 'Next-Generation Digital Key solution' incorporates the unrivalled wireless communication technology capabilities that the company has accumulated over the past 40 years.

It is equipped with short-range communication technologies, including Bluetooth Low Energy (BLE) and Ultra Wideband (UWB). UWB is a wireless communication technology that uses a wide bandwidth frequency that is less prone to interference than BLE. This technology plays a crucial role in accurately measuring the location of the smartphone connected to the digital key. This is complemented by the company's proprietary algorithm, which accurately detects the smartphone's location to within 10cm. This industry-leading performance is expected to significantly reduce the failure rate of existing digital keys.

Operating based on short-range wireless communication, LG Innotek's 'Next-Generation Digital Key solution' is significantly more secure than the existing solution that is currently available on the market. This is because the risk of remote hacking cannot be ruled out due to the wide coverage of the long-range communication method used.

In particular, the product is equipped with the company's independently-developed wireless communication hacking prevention technology to ensure that the digital key function can be activated only by the smartphone authorized by the user. This solves the security issue that has been pointed out as the biggest vulnerability of connected cars.

In addition, it adheres to the latest standards of the 'Car Connectivity Consortium (CCC)', a global digital key standardization organization. It can be used regardless of country, terrain, or vehicle type and is compatible with a wide range of smartphones. It is also designed to be interoperable with both iOS and Android operating systems, enhancing user convenience.

Furthermore, the 'Next-Generation Digital Key solution' is equipped with a radar that was developed in-house to provide additional functions that enhance safety and convenience.

An example is the 'Child Presence Detection (CPD)' function for when a child is left in the vehicle. The radar instantly detects the child's movement or breathing and sends a real-time alert to the user's smartphone.

In 2022, 33 children in the United States lost their lives from heatstroke after being left alone in a car. To prevent similar accidents in the future, the United States and Europe are planning to make in-car CDP systems mandatory in 2025.

Most importantly, LG Innotek's 'Next-Generation Digital Key solution' is the smallest in the industry. More than 60 components and modules for BLE and UWB wireless communication, including RF (radio frequency) and power supply devices and in-house developed software, are packed into a solution smaller than a business card. This provides differentiated customer value, including greater design freedom.

LG Innotek has set 2027 as its target year for full-scale mass production of its 'Next-Generation Digital Key solution' and is actively promoting it to global customers of fully-built units.

In addition to this, it is accelerating efforts to capture the automotive communication component market with the second-generation '5G-V2X Communication Module' that it developed last year. The company recently won an order for this module from a global automaker and expects to expand its sales volume of vehicle communication modules by more than four times this year compared to last year.

LG Innotek CEO Moon said, "LG Innotek will continue to foster automotive communication components based on its unparalleled wireless communication source technology as the core pillar of its electronic component business." He then added, "We will continue to present products that offer differentiated customer value and solidify our position as a leader in the global automotive communication component market."

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

LG Innotek Accelerates Its Expansion into the Automotive Communication Component Market with Its Next-generation Digital Key solution

LG Innotek Accelerates Its Expansion into the Automotive Communication Component Market with Its Next-generation Digital Key solution

LG Innotek Accelerates Its Expansion into the Automotive Communication Component Market with Its Next-generation Digital Key solution

GUANGDONG, China, Sept. 16, 2024 /PRNewswire/ -- Since the Tang Dynasty (618-907), Guangzhou in Guangdong Province has been a prominent port where Sino-foreign trade flourished, attracting numerous foreign merchants who traveled here along the Maritime Silk Road.

Following the founding of the People's Republic of China, Guangdong continued to serve as China's "trade window." To earn foreign exchange and meet the country's urgent demand for various imported materials necessary for large-scale economic construction, Guangdong capitalized on its geographical proximity to Hong Kong and Macao to host three export fairs from October 1955 to May 1956. In this context, officials from the former Ministry of Foreign Trade and the Guangdong Provincial Government considered hosting a national export fair in Guangzhou.

From April 25 to May 25, 1957, the first Canton Fair took place, covering an exhibition area of 9,600 square meters and showcasing 10,900 categories of goods. The event attracted 1,223 buyers from 19 countries and regions, achieving an export turnover of $17.54 million. Today, the Canton Fair stands as the longest-running and largest comprehensive international trade exhibition in China, often regarded as "China's No. 1 Exhibition." As of the first half of 2024, this grand event has successfully hosted 135 sessions, established trade relations with 229 countries and regions worldwide, achieved a cumulative export turnover of approximately $1.5 trillion, and attracted over 9.3 million overseas participants. The fair has significantly enhanced trade exchanges and fostered friendly ties between China and other countries and regions across the globe.

In 2015, the China (Guangdong) Pilot Free Trade Zone was established in Shenzhen, Guangdong, making it one of the second batch of pilot free trade zones approved in China. Johannes Jozef Bults, a Dutch entrepreneur engaged in import and export in the Qianhai and Shekou Area of Shenzhen, an integral part of the pilot free trade zone, noted that since the establishment of the zone, he has witnessed a continuous optimization of the business environment. "The government's support, from company registration to everyday operations, has made it incredibly convenient for entrepreneurs to do business here," he remarked.

Gu Qingyang, an associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, expressed that China is currently at a critical stage of development. He anticipates that Guangdong will continue to embody the pioneering spirit of innovation and exploration, boldly venturing into avenues for high-quality development in China.

Since 2024, the term "new quality productive forces" has become a frequently discussed theme in economic plans across various sectors and regions in Guangdong. The province is dedicated to developing the manufacturing industry and prioritizing the real economy, aiming to build a modern industrial system with international competitiveness and accelerate the formation of "new quality productive forces." Additionally, Guangdong is committed to enhancing the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on strengthening major infrastructure connectivity, improving foreign trade cooperation, accelerating industrial investment, and promoting collaboration in marine sectors. The province is also working to continually improve its maritime, land, and air transportation while leading in institutional openness regarding rules, regulations, management, and standards within the Greater Bay Area.

The spirit of openness from the Maritime Silk Road continues to thrive. Today, Guangdong has become a microcosm of China's reform and opening-up, serving as a vital window for the world to understand and engage with China.

Contact: Mei Zhang
Tel.:0086-18611686759
E-mail: 1713543383@qq.com

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

From Maritime Silk Road Hub to "Trade Window": Guangdong's Continuous Push for Opening Up