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Hankook Tire & Technology SWOT & PESTLE Analysis

ID : 52764153| Mar 2021| 12 pages

COMPANY PROFILE -Hankook Tire & Technology Company

Business Sector :Tire & Rubber

Operating Geography :South Korea, Asia-Pacific, Global

About Hankook Tire & Technology Company :

The Hankook Tire & Technology group is a South Korean Company that manufactures and distributes tire and tube products. The company operates through two segments: The Tire Segment engages in the production and sales of tires, batteries and tubes and the Non-Tire Segment is involved in the manufacture of tire production equipments as well as molds for machinery and tires. Hankook is headquartered in Seoul, South Korea and it consequently employs a workforce of 21736 people as of 2020. The company was formerly known as Hankook Tire Co. Ltd and converted its name to Hankook Tire & Technology Co., Ltd in May 2009. Its commitment to innovation and incomparable technological development has fueled its growth. They even provide a wide range of sustainable solutions to deliver driving satisfaction to all its customers. The company mainly operates its business through numerous subsidiaries such as Hankook Atlas BX Co Ltd, Hankook Engineering Works Co Ltd and others. Additionally, Hankook exclusively provides engineering services-mainly design, processing, assembly and commissioning services. Hankook Tire has won multiple awards including its massive accomplishment of three awards in the categories of Professional Concept and Product at the iF Design Awards 2019. The three winning works were concept tires, ‘Hexonic’ and ‘HLS-23’ and a passenger car tire ‘Kinergy 4S 2’
Hankook Tire & Technology’s unique selling proposition or USP lies in being a leading tire maker in Korea with 30-40% of the share in the passenger car tire market. Its mission statement reads, “To remain a leader in customer satisfaction, provide high quality products and achieve financial strength.”

Hankook Tire & Technology Company Revenue :


KRW 6,883.2 billion – FY ended 31st December 2019 (y-o-y increase of 1.3%)
KRW 6,795.1 billion – FY ended 31st December 2018

Competitive Analysis of Hankook Tire & Technology Company

SWOT
PESTLE
The SWOT analysis for Hankook Tire & Technology is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Global presence with key strategic locations around the world
2. Strong commitment to the pursuit of innovation across entire business conduct
3. Steady investment in R&D activities
4. Recognized for outstanding sustainability management from multi-year perspective
1. Bribery allegations on Hankook’s CEO
OpportunitiesThreats
1. Exploring growth opportunities through technology-driven innovation
2. Securing growth momentum by adopting an innovative business model
3. Pioneering the future of mobility lifestyle
1. Risks arising due to the weakening automobile market and irregular raw material price trajectory
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Hankook Tire & Technology Company

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

This section is available only in the 'Complete Report' on purchase.

Opportunity

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Threats

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Major Competitors :

Major Brands :

  • Hankook
  • Laufenn,
  • Aurora
  • Kingstar
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References used in Hankook Tire & Technology Company SWOT & PESTLE Analysis Report

1.Hankook Tecnology Group Annual Report 2019 – https://www.hankooktire.com/atc/ir/GO/en/2020/03/Hankook%20Technology%20Group%20AR_2019_eng_high.pdf
2. Hankook Tire grapples with 'owner risk' – https://www.koreatimes.co.kr/www/tech/2020/02/419_279051.html
3. CEO of South Korea's top tire maker arrested on bribery charges – https://www.reuters.com/article/us-hankooktire-tech-ceo-arrest/ceo-of-south-koreas-top-tire-maker-arrested-on-bribery-charges-idUSKBN1XV1M3
4. Virginia jury issues $37 million verdict against Hankook – https://www.rubbernews.com/article/20180313/NEWS/180319984/virginia-jury-issues-37-million-verdict-against-hankook
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2021). Hankook Tire & Technology SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/hankook-tire-technology/ [Accessed 19 Oct, 2021].

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Hankook Tire & Technology SWOT and PESTLE analysis has been conducted by Anindya Anindita and reviewed by senior analysts from Barakaat Consulting.

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