LG Electronics Enhances Automotive Business Competitiveness... Wins 5G Telematics Component Orders

Global Telematics Market Share at 24.1% Level

[Asia Economy Reporter Park Sun-mi] LG Electronics is strengthening its competitiveness in the automotive electronics business by signing contracts to supply 5th generation mobile communication (5G) telematics solutions to premium European automobile companies.

On the 28th, LG Electronics announced through its global newsroom that it recently received orders for next-generation 5G telematics components for vehicles from a premium European automaker. Eun Seok-hyun, head of LG Electronics' Vehicle Component Solutions (VS) division, said, "Thanks to LG Electronics' experience and expertise in vehicle telematics, we were able to secure multiple new contracts from global automakers." He added, "LG Electronics, a trusted partner to automakers worldwide, is helping create a safer and better future with its advanced mobility innovation portfolio."

Telematics is a vehicle wireless communication technology that provides various functions such as traffic information, emergency rescue in case of vehicle accidents, tracking the location of stolen vehicles, and remote vehicle diagnostics. According to market research firm SA, 5G telematics communication modules were installed in vehicles for the first time last year and are expected to account for more than 25% of the entire telematics market by 2026. The telematics market is projected to grow to $7 billion (approximately 8.4315 trillion KRW) by 2026, with an estimated 67 million new vehicles equipped with telematics communication modules.

LG Electronics' global telematics market share was about 24.1% as of the third quarter of last year. In particular, LG holds about 10% of the world's 5G patent standard approvals with its advanced core technologies, ranking second globally and securing competitiveness.

This content was produced with the assistance of AI translation services.