Hankook Tire and Technology SWOT and PESTLE Analysis

Strength

1. Global presence with key strategic locations around the world: By leveraging its global network of manufacturing, R&D, sales, and marketing & communication, Hankook Technology Group meets specific local needs by delivering the best products and services. The group continues to ceaselessly push the boundaries of its outreach, towards the wider world by enhancing customer interaction and bringing about the greatest possible satisfaction. Moreover, on the basis of its locally-optimized strategy, Hankook balances the growth in both emerging and advanced automobile markets. The company’s sales network spans China, Europe, the Americas, Asia Pacific, and the Middle East & Africa, with headquarters in Korea, and strives to satisfy local customer needs by delivering. Furthermore, in Korea, China, Germany, the U.S., Japan and Indonesia, the OE offices were established as OE tire communication channels to foster close partnerships with global automobile businesses.

2. Strong commitment to the pursuit of innovation across entire business conduct: Since inception, Hankook Technology Group has aggressively promoted the essence of innovation as well the myriad opportunities brought about by it. The company has since then evolved into a global top-tier company, spanning over multiple business domains, by traversing a journey on the path of innovation. It considers innovation to be the most viable mode of survival and impregnated with supreme value. Moreover, the company has registered sustained growth over the past decades, and attributes the success to its commitment towards its pursuit of technology-based innovation across the entire business conduct. Also, Hankook aims to encourage open innovation by connecting people and technology as well as transcending all limitations with a customer-centric approach.

Weakness

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Opportunity

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Threats

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Political

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Economic

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Social

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Technological

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Legal

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Environmental

1. Preventing business-related risks caused by climate change: Climatic changes are sparking events like rising sea-level and ecosystem alterations. Spiralling greenhouse gas emissions are also triggering these events. The role of companies is becoming increasingly important with respect to limiting the overall temperature soar to 1.5 degrees Celsius above pre-industrial levels as well as maximizing energy efficiency and low-carbon transition. Hankook invests its best efforts to bring about the benefits of enhanced competitiveness and improved corporate brand value. With the help of CDP (Carbon Disclosure Project), the company aims to transition from the usage of fossil fuel to green energy adoption and thereby, curtail the ill effects on the environment, ecosystem, and people, including diverse regions and stakeholders. Hankook responds to the issues related to climate change across the entire supply chain by reducing greenhouse emissions from raw materials, tire production and product use perspectives.

2. Incorporating eco-friendly standards and production techniques to create long-term sustainability: Marching forward towards transitioning into a sustainable society, companies are protecting the environment by reducing the environmental impacts from the manufacturing processes as well as other activities like the use of certain products and raw materials. Hankook strives to start early from the product development stage and strengthen its research efforts along the way. The company incorporates eco-friendly standards and production techniques in the processes for developing a new tire to its disposal, thereby promoting long-term sustainability as well as survival in the green era. In 2017, the CSR Vision 2020 Roadmap was established, whose progress was reviewed upon by the EHS Committee and the Product Environment Committee. Moreover, the company set its mid-/long-term CSR targets in 2019, considering that from 2020, SDGs and K-SDGs will kickstart initiatives to meet the set targets.