Hankook SWOT Analysis, Competitors & USP

Hankook Tires

Tyre Industry

Automobiles

Driving Emotion

Hi-technology and continuous innovation with global operations to fulfill varied demands of customer’s world over.

Automobile industry

Passenger car, winter, truck, and bus tires, automobile and equipment using micro-HEV batteries and batteries for renewable energy storage; industrial-use brakes; and steel belt cutters, bead winners, tire builders and curing press for tire manufacturing industries.

Leading Global Tire Company, Excellent quality, customer-oriented approach

Below is the Strengths, Weaknesses, Opportunities & Threats (SWOT) Analysis of Hankook. Strengths are:

1.  Company was Korea’s first tire manufacturing company and has been the largest manufacturer of tire since its inception in 1941
2. They have global reach with its tires being sold in more than 180 countries of the world
3. They are a rapidly growing company with increasing annual growth
4. Company is known for its excellent technology and believes in continuous innovation through its 5 R & D centers

5. They have 5 plants at present in three countries and have capacity projects in China and Indonesia

6. Company has healthy financial position.

7. Wide range of portfolio helps company satisfy varied demands of the customers all over the world.

Here are the weaknesses in the Hankook SWOT Analysis:

1. They have less visibility in emerging economy like India, Brazil
2. Lack of diversification

Following are the Opportunities in Hankook SWOT Analysis:

1.They have growth opportunity in emerging economies like India, China, Brazil etc.
2. Opportunity to diversify more strategically to mitigate the risk of putting all the eggs in one basket

3. Opportunity to improve its market share in motorbike category

4. Communicating their eco-friendly approach and improving visibility in market

The threats in the SWOT Analysis of Hankook are as mentioned:

1. There is Stiff Competition from national and international brands.

2. European economy is not growing and has reached a maturity phase but it has its max sales in European
3. Government Policies w.r.t export duties, import duties, tax levied on automobile industries and economic condition of nation as it determines the sale of automobiles.

4. Introduction of other transport facilities like metro, monorails and local trains keeping pollution hazards caused by combustion of automobile fuels

Below are the top 10 Hankook competitors:

1.Goodyear
2. Sumitomo
3.Cooper Tyres

4. Michelin

5. Bridgestone

6. Continental
7. Yokohama
8. Pirelli

9. Apollo Tyres Ltd.

10. Dunlop Tyres  Ltd.