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LG Electronics and Samsung Electronics are ready to enter the mobility industry next month. The two South Korean companies are displaying their technologies at the upcoming IAA Mobility 2023, which will take place from Sept. 5 to Sept. 10.
LG Electronics and Samsung Electronics are joining this international motor show in Munich, Germany, to officially launch their products and enter the automotive electronic parts business. Companies are seeing this industry as one of their growth engines in the future. Thus, they hope to showcase their capabilities in the field through the IAA Mobility 2023.
The Korea Times reported that LG and Samsung's move to join the international motor show is their response to the growth of future mobility alternatives such as autonomous and electric vehicles. The firms wish to scale up their businesses to be more competitive in the modern auto parts sectors.
Moreover, the two electronics giants are diving into this area as the automotive component industry is expected to grow at an annual average rate of 14% until 2029. This percentage prediction was based on today's apparent rapid growth of the electric vehicle (EV) market. The demand for EVs naturally led to increased banding of high-value components, including sensors, semiconductors, displays, cameras, and communication systems.
The IAA Mobility Summit is the perfect platform for LG Electronics and Samsung Electronics to show the world what they got. This is the largest and most important mobility event, after all. It gives suppliers, tech firms, manufacturers, and auto service providers great opportunities to introduce and present their designs and technologies to an international audience.
"At IAA Mobility, we will present a vision for the future in-car experience for the first time and propose an advanced mobility ecosystem to customers and partners," an official of LG Electronics stated,
LG Electronics will be at the motor show as a sponsor and is scheduled to have its own press conference before the opening on Sept. 4. On the other hand, Samsung Electronics will be at the event along with its Samsung Display and Samsung SDI subsidiaries.
Finally, as per Korea Joongang Daily, the company plans to "showcase how Samsung Electronics is revolutionizing the automotive industry through innovative technology, by offering reliable solutions and fostering a collaborative ecosystem" in its booth at the IAA Mobility 2023.
Photo by: Stephan Forstmann/Pixabay
