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Hanon Systems SWOT & PESTLE Analysis

ID : 52858653| Feb 2021| 16 pages

COMPANY PROFILE -Hanon Systems

Business Sector :Automotive Systems

Operating Geography :South Korea, Asia, Global.

About Hanon Systems :

Hanon Systems is a Korean company engaged in the manufacturing and sale of automotive thermal management systems and automotive parts. It is headquartered in Daejeon, Korea. In 1986, the company was formed as a traditional automotive climate supplier. It undertakes production and sale of heating ventilation air conditioning (HVAC) systems, compressors, fluid transport (FT) systems, battery heat management systems, power train cooling (PTC) systems, heat pump systems, radiators, condensers, others used in automobiles and high voltage cooling fan motors. The company's engineering professional automakers develops innovative automotive climate solutions that address current and future requirements, and exceed the expectations of global automakers. It offers the automakers a suite of solutions that focus on optimizing performance, improving fuel efficiency, and enhancing the sense of comfort and cleanliness for vehicle occupants. In January 2021, the company announced to change its executive structure that reduces its representative officers. Hanon Systems won Ford World Excellence Gold Award for its superior quality, delivery and cost performance at the company's Pyeongtaek manufacturing facility in South Korea in 2017.
Hanon Systems 's Unique Selling Proposition or USP lies in it being having an ever-expanding global workforce which strengthens local communities and reinforce a team spirit. The company's vision is, " To be a leader in innovative thermal and energy management solutions and is steadfast in its commitment to create sustainable long-term success".

Hanon Systems Revenue :


KRW 7,154,153 million – FY ending 31st Dec 2019
KRW 5,937,585 million – FY ending 31st Dec 2018

Competitive Analysis of Hanon Systems

SWOT
PESTLE

The SWOT analysis for Hanon Systems is presented below in a matrix followed by the detailed analysis report

StrengthsWeaknesses
1. Strong brand name in the automobile component industry
2. Serving products across the global market
3. Specialized product offering for specific automotive needs
4. Increasing profitability over the years
5. Strategic acquisitions strengthening capability and footprint
1. Increasing debt burden may impact cash flows
OpportunitiesThreats
1. Shift towards electric and self-driving cars
2. Expected growth in the automobile sector
3. Constant innovation in the thermal energy sector and focus on digitalization
1. Competition faced in the market from the other players
2. Impact of COVID-19 on the automobile industry
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Hanon Systems

Strength

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Weakness

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Opportunity

1. Shift towards electric and self-driving cars: Nowadays consumers around the globe, are moving towards sustainable and ecofriendly technology. This enthusiasm has led to the electrification of the automobile sector as well. Hanon Systems also, took a step forward to take up lead in the Electric Vehicle [EV] components sector. The company has been certified by the South Korean Industry Ministry for its water-cooled condenser designed for EVs. The ministry awarded New Excellent Technology [NET] certificate to the company for the condenser technology. The new condenser is believed to be 20% more efficient and lighter than the traditional condensers. It supports 800-volt rapid charging which is important for the future endeavors of EVs.

2. Expected growth in the automobile sector: As per a 2020 study conducted by McKinsey, it is estimated that demand for shared mobility would increase in the next decade till 2030. This could slightly affect the demand for personal vehicles. The study expects the demand for personal vehicle to grow but, at a lower rate. Nevertheless, increase in shared mobility would result in increasing demand for vehicles worldwide. This in return would imply to increasing production rate of automobiles globally. It is rather a purely win-win situation for Hanon Systems. Hanon Systems can still provide its energy management solutions to different vehicle types and in new market areas.

Threats

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TABLE OF CONTENTS
DELIVERY AND FORMAT
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Check Out Analysis of Other Relevant Companies

References used in Hanon Systems SWOT & PESTLE Analysis Report

1. Just as India’s auto sector was getting back on its feet, coronavirus has come back to bite it - https://qz.com/india/1959077/ford-india-mahindra-mahindra-hit-by-semiconductor-shortage/
2. Sustainability Report 2019 - https://www.hanonsystems.com/Eng/Files/Downloads/Corporate_Sustainability_Report_2019.pdf
3. Hanon Systems Issues 300 Billion Bond - https://www.hanonsystems.com/En/Media/NewsDetails/66
4. Here's Why Hanon Systems (KRX:018880) Has A Meaningful Debt Burden - https://simplywall.st/stocks/kr/automobiles/kose-a018880/hanon-systems-shares/news/heres-why-hanon-systems-krx018880-has-a-meaningful-debt-burd
5. How digital is helping Hanon systems move ahead - https://medium.com/sap-innovation-spotlight/how-it-innovation-is-helping-this-auto-supplier-gain-competitive-advantage-7337bbcbba8c
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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In-text: (SWOT & PESTLE.com, 2021)

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