AUTO & AUTO PARTS

AUTO & AUTO PARTS

INVESTMENTOPPORTUNITIESIN KOREA

AUTO & AUTO PARTS

INVESTMENTOPPORTUNITIESIN KOREA

KOREA, Where Success Knows No Limits

Contents

04 Industry overview

Korea’s auto parts industry

Status of foreign direct investment

12 Prospects and geographical competitive advantages

Locations of Korea’s auto parts manufacturers

Competitiveness of the auto parts industry

Promising regions and industrial fields

Outlook for market entry

19 Government policies and regulations

Government policies

22 Cost

24 Success case

Overview

26 Related companies and associations

Related agencies

Major parts companies by function (combustion engine vehicles)

Major green vehicle parts companies by function

0501 INDUSTRY OVERVIEW

Korea’s auto parts industryINDUSTRY

OVERVIEW

The auto parts industry of Korea represents 5.6% of the country’s manufacturing-industry production and 3.4% of the industry’s added value. It accounts for 7.7% of Korea’s employment. •�Korea’s auto parts industry has grown from a domestic-oriented industry to one driven by

exports, with the industry share accounting for 4.9% of the country’s total exports and with the trade balance amounting to USD 21.4 billion.

Status of Korea's automotive industry (2012)

No. of companies

Employment(1,000 people)

Production(KRW billion)*

Added value(KRW billion)

Exports(USD million)

Trade balance

(USD million)

Automotive industry 3,869 295 175,221 53,158 76,586

63,825Share in manufacturing industry

6.1% 10.9% 11.6% 30.3% 13.7%

Auto parts industry 3,670 208 84,347 16,145 27,40621,406

Proportion (%) 5.7 7.7 5.6 3.4 4.9

* Source: ISTANS Major Industry Trend Index, Korea Institute for Industrial Economics and Trade (KIET)* Note: 1) Exports and trade balance as of 2013* Note: 2) “Proportion” shows the proportions to the manufacturing industry. “Exports Proportion” refers to the proportion to total exports.* Note: 3) * KRW 1 billion = USD 908,348. Currency conversion based on March 5, 2015 rate.

Korea is the world’s fifth-largest auto parts manufacturer, following China, Japan, the USA and Germany. •�The global production share of Korea’s auto parts industry rose to 3.7% in 2005 from 2.6% in

2000, reaching 5% in 2010. •�Auto parts exports rose significantly and the industry’s share of global exports increased

sharply as well, from a mere 1.1% in 2000 to 5.2% in 2012. Hyundai Mobis’ ranking on the list of the top 100 global suppliers published by “Automotive News” rose to sixth in 2013 from eighth in 2012 , with its 2013 sales reaching USD 24.677 billion.

0706 01 INDUSTRY OVERVIEWAUTO & AUTO PARTS

Global ranking of major auto parts manufacturers (Unit: USD 100 billion)

2007 2010 2013

Company Sales Company Sales Company Sales

1 Denso (JP) 37,510 Bosch (DE) 34,565 Bosch (DE) 40,183

2 Bosch (DE) 34,000 Denso (JP) 32,850 Denso (JP) 35,849

3 Magna International (CA) 25,645 Continental AG (DE) 24,819 Magna International (CA) 34,375

4 Continental AG (DE) 25,000 Aisin Seiki (JP) 24,613 Continental AG (DE) 33,500

5 Delphi (USA) 22,283 Magna International (CA) 23,600 Aisin Seiki (JP) 27,125

Korean Companies

Hyundai Mobis (27) 6,074Hyundai Mobis (9) 14,433 Hyundai Mobis (6) 24,677

Hyundai Wia (45) 3,827 Hyundai Wia (35) 6,741

Mando (76) 2,367

Mando (53) 4,115 Mando (43) 5,145

Hyundai Dymos (92) 1,338Hyundai Powertech (54) 3,885

Hyundai Dymos (76) 2,434

* Source: Automotive News

•�Hyundai Wia ranked 35th, rising three notches and with sales of USD 6.741 billion; Mando 43rd, rising three spots and with sales of USD 5.145 billion; Hyundai Powertech 54th, rising 16 spots and with sales of USD 3.885 billion; and Hyundai Dymos 76th, rising 14 spots and with sales of USD 2.434 billion.

•�Halla Visteon Climate Control Corporation is not on the list, as it is considered a part of the U.S. Visteon. Considering the company’s total sales of USD 4.738 billion, the company is estimated to rank 46th.

The global market share of Korea’s auto parts manufacturers has risen along with the increased sales and production of domestic finished-automobile manufacturers, and the rising exports and local production of auto parts makers. •�The global market share of Korea’s top 5 auto parts businesses (in terms of annual sales) rose

from 3.2% in 2007 to 5.9% in 2013.

Status of Korea’s auto parts industry

Korea’s auto parts industry has experienced steady development spurred by the growth of downstream industries.•�The growth of the auto parts industry is attributable to increased unit prices due to

specification improvements; increased overseas production of domestic finished-automobile manufacturers and increased exports due to the global sourcing trend of foreign finished-automakers; increased outsourcing and modularization of the finished-automobile manufacturers; and enhanced role of domestic auto part manufacturers.

Annual sales of the auto parts industry of Korea

ClassificationSales (Unit: KRW 100 million)

Fluctuation (%)OEM A/S Exports Total

2009 342,236 20,533 82,689 445,458 -10.2

2010 440,794 26,448 121,285 588,527 32.1

2011 516,293 30,978 130,912 678,183 15.2

2012 519,732 30,184 199,443 750,359 10.6

2013 507,352 30,441 210,510 748,303 -0.3

* Source: Korea Auto Industries Coop. Association (KAICA)

While small- and medium-sized enterprises (SME) make up the majority of the auto parts industry, conglomerates have an absolute advantage in OEM sales, accounting for 78.3% of the total OEM deliveries in 2013. •�This is mainly due to the fact that the conglomerates are at the top of the auto parts supply

chain and thus have benefitted from the growth of the domestic auto and auto parts industry, mergers and acquisitions in the market and the parts standardization trend created by modularization and platform integration.

Since the mid-2000s, auto parts exports have been rapidly growing and leading industry growth, with its growth rate exceeding that of total sales. •�Total industry sales have increased 8.6% annually on average while exports have soared 14.9%

over the past five years.•�This is due to increased direct exports to global finished-automakers and auto parts

manufacturers, and the increased export of local auto parts due to the expanding overseas production of Korean finished-automobile manufacturers.

Exports and imports of Korea’s automotive parts industry

(Unit: USD mn)

1997 2001 2005 20091999 2003 2007 20111998 2002 2006 20102000 2004 2008 2012 2013

30,000

25,000

20,000

15,000

10,000

5,000

0

Trade balance Export Import

* Source: KOTIS


The export growth is mainly due to increased automotive knock-down kit exports to India and China but also due to a sharp increase in OEM parts exports to overseas manufacturers.

List of major export / import Items of the auto parts industry (Unit: USD 1,000%)

HS Items2013 2012

Share

Expo

rt

8708999000 Other parts and components 13,579 52.1 13,925

8708400000 Transmissions (gear boxes) 3,012 11.5 2,529

8708290000 Other auto body parts (excluding seatbelts) 2,689 10.3 2,386

8708940000 Steering wheels and steering boxes 888 3.4 561

8708700000 Road wheels and their parts and accessories 453 1.7 460

8708930000 Clutches and their parts 329 1.3 253

8512900000 Parts of lights or signaling devices 318 1.2 286

8413304000 Fuel pumps 280 1.1 245

8708920000 Silencers (mufflers) and exhaust pipes 265 1.0 270

8511909000 Parts of electric ignition or starting equipment used for internal combustion engines 131 0.5 135

Impo

rt

8708400000 Transmissions (gear boxes) 1,027 21.0 1,057

8708999000 Other parts and components 859 17.6 956

8409992000 Engine parts (diesel) 469 9.6 567

8413304000 Fuel pumps 317 6.5 262

8708290000 Other auto body parts (except seatbelts) 285 5.8 222

8708940000 Steering wheels and steering boxes 208 4.3 184

870850 Drive-axles with differential gears 136 2.8 129

8708700000 Road wheels and their parts and accessories 117 2.4 97

8431200000 Parts of fork-lift trucks and other work trucks 113 2.3 122

8512900000 Parts of lights or signaling devices 67 1.4 57

* Source: KOTIS

The list shows that the main auto parts export items are other auto body parts, gear boxes and clutches and their parts, while the industry’s main import items are gear boxes, engine parts and fuel pumps.•�Uncategorized and miscellaneous parts rather than specific unit parts make up the majority

of exports. For example, miscellaneous auto parts accounted for 52.1% of the total exports in 2013, while other auto body parts accounted for 10.3% of total exports the same year.

•�Despite the increased overseas automobile production, the export of gear boxes, especially automatic transmissions that are difficult to procure locally, have significantly increased.

The major export markets of Korea’s auto parts industry are the USA, China, Russia, India, Brazil, the Czech Republic, Slovakia and other countries where Korean finished-automobile makers have established overseas production facilities.•�While the industry’s overseas production volume is highest in China, Korea exports most to

the United States (22.9%). This is because the high sales volume of Korean automobiles in the United States has resulted in great demand for A/S parts.

•�China is Korea’s second-largest auto part export market, following the United States, but the importance of the Chinese market is relatively low due to localization and other issues.

Status of Korea’s auto parts manufacturers The five leading Korean auto parts companies whose annual sales exceeded KRW 1 trillion in 2013 are Hyundai Mobis (KRW 17.512 trillion), Hyundai Wia (KRW 6.287 trillion), Hyundai Powertech (KRW 3.274 trillion), Hyundai Dymos (KRW 1.6040 trillion) and Hyundai Kefico (KRW 1.5030 trillion).

Status of Korea’s 10 largest auto parts vendors (Unit: KRW 1 billion, people)

Ranking Vendor Turnover No. of employees Main products

1 Hyundai Mobis 17,512 7,338 Modules and systems

2 Hyundai Wia 6,287 2,688 Gear boxes, engines, constant velocity joints, axles

3 Mando 5,060 4,192 Brake, steering and suspension devices

4 Hyundai Powertech 3,273 1,800 Gearbox

5 Hyundai Dymos 1,604 1,096 Powertrain, seats

6 Hyundai Kefico 1,503 1,052 Engine control unit, powertrain control unit

7 Korea Delphi Automotive Systems Corporation 1,203 1,940 Brake, steering and powertrain devices

8 Heesung Catalysts Corp. 1,107 306 Automotive catalyst

9 Kyungshin 1,103 1,340 Wiring harnesses, junction boxes　

10 Sungwoo Hitech 937 1,246 Bumper rails, door / door side inner

* Source: Korea Enterprise Data (KED)* Note: Ranking based on 2013 sales

•�The 10 vendors are large-scale, specialized parts manufacturers equipped with world-class, advanced technologies. These companies consist of the so-called “0.5 stage” partners that deliver modules for the assembly process and the “1st stage” partners that produce gearboxes, axles and brakes. •�Building on their expertise, these companies are expanding trade with global automakers

while striving to increase sales through local production in China, the United States and other countries.


Status and trends of foreign investmentAs of 2013, 168 of Korea’s primary auto parts makers are foreign-invested companies.•�Most of the world’s top 10 auto parts makers have invested in Korea’s local auto parts industry

and maintain multiple subsidiaries in Korea.•�Many of the world’s leading companies have invested in the domestic auto parts industry;

Delphi and Visteon of the United States, Bosch, Siemens and ZF of Germany, Yajaki and Denso of Japan and Valeo of France.

•�Foreign-invested companies mainly supply high-tech core parts. The mother companies’ strong negotiation power has pushed the operating profit rates of those foreign-invested companies above the industry’s average level.

Annual foreign investment in local auto parts industry (Unit: Cases, USD 1,000)

2007 2008 2009 2010 2011 2012 2013

Automobiles

No. of investments 8 2 2 7 4 5 6

Amount invested 51,038 10,379 417,352 373,301 3,694 889,391 799,563

Auto parts

No. of investments 74 67 36 44 42 34 40

Amount invested 332,672 287,840 88,481 2,079,611 188,890 254,056 274,941

* Source: Ministry of Trade, Industry & Energy

Advancement of globally leading auto parts manufacturers into Korea

Company (equity share) Parts / components supplied

USA

TRW Shinhan Valve Ind. Co., Ltd. (25%) Engine valves

VisteonHalla Visteon Climate Control Corp. (69.9%) Climate control systems, etc.

Visteon Interiors Korea (50.9%) Built-in modules

JohnsonControls

Johnson Controls Automotive Interior Korea (100%) Door trim

Johnson Controls Automotive Korea (100%) Seats, etc.

DelphiPackard Korea (50%) Wiring harnesses

Korea Delphi Automotive Systems Corporation (50%) Steering control devices and brakes

Lear Corp. Lear Korea (100%) Seats, etc.

Federal-Mogul Corp. Dongsuh Industrial Co., Ltd. (50%) Engine parts

Germany

Continental Automotive

Continental Automotive Systems Corp. (65%) Fuel injection devices, electronic control devices, etc.

Continental Automotive Electronics (65%) Censors, instrument cluster

Robert Bosch

Robert Bosch Korea Ltd. (100%) Engine parts

Robert Bosch Korea Buyong (100%) Auto motors, etc.

ETAS Korea Co., Ltd. (100%) Auto embedded systems

Mahle GmbH Mahle Donghyun Filter Systems Co., Ltd. (100%) Air filters, cylinder parts

Company (equity share) Parts / components supplied

France

Valeo

Valeo-Samsung Thermal Systems Co., Ltd.(50%) Climate control systems

Valeo Pyeong Hwa (50%) Clutches, friction materials, etc.

Valeo Air-Control Korea (100%) Alternators, starter motors

Faurecia

Faurecia Emissions Control Systems Korea (100%) Emission control systems

Faurecia Shin Sung Co., Ltd. (60%) Instrument panels, consoles

Kwangjin Faurecia (50%) Door modules

Japan

Denso

Denso Korea Automotive Corp. (71.0%) Motors, electric components

Denso Korea Electronics Corp. (100%) Instrument cluster, HUD

Denso International Korea Corp. (100%) Sale corporation

Hitachi Automotive Systems Namyang Metals Co., Ltd. (90.8%) Engine parts, steering and control

devices

Other Magna International Inc.

Magna Powertrain Korea (100%) Engine and transmission parts

WIA Magna Powertrain Corp. (50%) Power train parts

Global auto parts giants have advanced into the Korean market in order to use Korea as a key axis of their global network strategies. •�To that end, they have adopted the tactic of holding a majority of the equity shares of the local

auto parts companies they have invested in.•�The region has other important auto-manufacturing countries, including Japan and China. But

Korea has been assessed to have strategic significance due to its market size and production conditions.

Status of foreign direct investment

1312 02 PROSPECTS AND GEOGRAPHICAL COMPETITIVE ADVANTAGES AUTO & AUTO PARTS

Korea’s auto parts manufacturers are located in the Southwest Belt (Gwangju, Gunsan), West Coast Belt (metropolitan area) and Southeast Belt (Ulsan).

Car manufacturing plants and primary parts suppliers (Production capacity, Number of companies)

Gangwon Province Parts suppliers: 5

North Gyeongsang Province Parts suppliers: 63

Daegu Parts suppliers: 51

Gwangju Kia: 420K carsGwangju Parts suppliers: 27South Jeolla Province Parts suppliers: 8

Ulsan Parts suppliers: 37Ulsan Daewoo Bus: 10K carsUlsan Hyundai: 1.7mn cars

South Gyeongsang Province Parts suppliers: 143

Changwon GM Daewoo: 210K cars

Busan Renault Samsung Motors: 300K cars

Busan Parts suppliers: 89

North Chungcheong Province Parts suppliers: 27

Incheon Parts suppliers: 63

Incheon GM Daewoo: 440K cars

Sohari Kia: 350K carsHwaseong Kia: 600K carsPyeongtaek SsangYong Motor: 250K carsGyeonggi Province Parts suppliers: 207

Asan Hyundai: 300K carsSeosan Donghee Auto (Kia): 150K carsSouth Chungcheong Province Parts suppliers: 76

Daejeon Parts suppliers: 8

Gunsan GM Daewoo: 260K carsGunsan Tata Daewoo: 20K carsNorth Jeolla Province Parts suppliers: 59Jeonju Hyundai: 125K cars

Seoul Parts suppliers: 38

Car manufacturing plants

Southwest Belt Auto parts makers in the southwestern area form a belt stretching from the Gimje·Iksan·Jeongeup area to the Gunsan·Wanju area, reaching Gwangju.

•�In North Jeolla Province, large complexes, including the Wanju Industrial Complex 3 (Hyundai Motor Company), Iksan Industrial Complex 2 (Mando) and Gunsan Industrial Complex (GM Korea), and parts subcontractors equipped with injection, press, die casting and precision casting production technologies, are concentrated.•�The North Jeolla Province area is also home to manufacturing clusters for passenger

automobiles, commercial vehicles, special vehicles, tractors and agricultural machines.

Korea’s four auto majors – Hyundai Motor Company, GM Korea, Tata Daewoo and Kia Motors – are located in the southwest area. •�Gunsan, Jeonju and Gwangju of North Jeolla Province account for 17% of Korea’s auto

production capacity, with an annual production capacity of 760,000 cars (mainly passenger and commercial vehicles).•�The region accounts for 93% of Korea’s medium- and large-sized commercial automobile

production and for all of the medium- and large-sized trucks in Korea.

Kia Motors plants are located in Gwangju, and their annual production capacity is 600,000 cars (mainly SUVs and CUVs).•�South Jeolla Province provides a favorable environment for an auto industry belt because it is

home to auto parts and materials clusters where POSCO (Gwangyang Steelworks), Hyundai Hysco and other companies in the Yeocheon Petrochemical Complex produce every essential material, including metal, ceramic and chemicals (plastic).

PROSPECTS AND GEOGRAPHICAL

COMPETITIVE ADVANTAGES

Locations of Korea’s auto parts manu-facturers


West Coast Belt The West Coast Auto Industry Belt has been formed in and around Gyeonggi and South Chungcheong Provinces.

Local auto parts makers, including Hyundai Mobis (Giheung), Mando (Giheung) and Hyundai Wia (Hwaseong), and globally leading auto parts companies such as Bosch (Germany, Yongin), Siemens (Germany, Icheon) and Delphi (USA, Giheung) are located in Gyeonggi Province.•�The province also accommodates Namyang Research Center of the Hyundai Kia Automotive

Group, the research centers and plants of other major auto parts makers and three of Korea’s six proving grounds – located in the Hyundai Namyang Research Center, Kia Joam Research Center and Korea Transportation Safety Authority Hwaseong Research Center.

In Chungcheong Province, auto makers are clustered in the southern part, and the province ranks third for production capacity in Korea, following Ulsan and Gyeonggi Province in terms of finished-automobile plants.•�78 primary subcontractors, including three major auto parts makers – Hyundai Mobis (Asan),

Daihan Climate Control (Cheonan) and Hyundai Powertech (Seosan) – are concentrated in the Cheonan, Asan and Dangjin areas.

•�The North Chungcheong area is home to Hyundai Autonet and other primary sub-contractors for automotive electronics. Nine primary sub-contractors, including Halla Visteon Climate Control Corp, are located in the Daejeon area.

Southeast Belt The auto industry in the Southeast Belt is the largest, accounting for 29% of the total domestic manufacturing companies and 36.7% of the total yield.•�Although the three areas in the Southeast Belt – the Ulsan, Busan, South Gyeongsang Province

areas – maintain close work relations, the Ulsan and South Gyeongsang Province areas in particular have high self-supply rates.

•�This is mainly due to the fact that Korea’s major finished-automobile manufacturers – Hyundai Motor (the largest domestic automaker), Renault Samsung and GM Korea – are all located in the regions.

The Ulsan auto cluster is led by conglomerates. It comprises Hyundai Motor and parts conglomerates that supply parts to Hyundai Motor.•�Along with experience and expertise operating auto production facilities, the companies in

the cluster are well equipped with transportation infrastructure, logistics systems and a skilled labor force.

•�As the cluster’s main focus is on manufacturing and production, its R&D innovation network is rather weak.

Although the domestic auto parts industry is more price competitive than that of Japan, the price gap between Korean and Chinese products is widening.•�Korea is narrowing its price competitiveness gap with Japan, recording 87.5% compared to

Japan’s 100%. However, the difference in price competitiveness between Korea and China has widened from 12.2% to 14.7%.

Price competitiveness Quality competitiveness Technological competitiveness

Japan Korea China Japan Korea China Japan Korea China

2012 100 84.2 72.0 100 93.5 74.9 100 91.3 73.9

2004 100 87.5 72.8 100 91.6 73.9 100 87.4 67.0

* Source: KIET, Korea Auto Parts Industry Promotion (KAP)

The quality competitiveness of domestic auto parts makers is rapidly improving, narrowing the gap with Japan while widening the gap with China.•�Korea’s quality competitiveness increased from 91.6 in 2004 to 93.5 in 2012 while Chinese auto

parts makers achieved a small increase, from 73.9 to 74.9•�This is due to improvements in various areas, including the skill level of workers, production

facility, the level of efficiency in production processing, quality of parts and part design.

As for technological competitiveness, domestic auto parts makers are narrowing their gap with Japanese counterparts, but they are rapidly being chased by Chinese auto part manufacturers.•�Korea’s technological competitiveness went up by 3.9 percentage points, from 87.4 in 2004 to

91.3 in 2012, while China’s technological competitiveness saw a 6.9 percentage point increase, from 67.0 to 73.9, during the same period.

Promising regionsThe Korean government is promoting a synergy effect between the enhancement of regional innovation capacity and specialization development, through providing support for industry-academia-research institute projects tailored to each region’s needs.

For example, the government is promoting convergence parts that use materials in North Gyeongsang Province; intelligent auto parts in Daegu; green electric vehicle parts in Ulsan; and untapped areas in the unit parts field, such as quality certification in Busan.

Competitive-ness of the auto parts industry

Promising regions and industrial fields


In addition, the government is providing specialized support to the green automobile design and convenience system fields in South Chungcheong Province; clean commercial vehicle parts in North Jeolla Province; clean diesel car parts in Gwangju; and high-end car-tuning parts in connection with the F1 circuit in South Jeolla Provice.

Regional clusters for automotive parts R&D

North Gyeongsang Province

Convergence automotive parts

South Jeolla Province Auto parts sophistication

South Jeolla Province

Automotive performance tuning service base

Ulsan EV components

Busan Global quality certification

Daegu Smart car commercialization

Daegu Smart green cars

DaeguSupport center for automotive performance tuning service

Gyeonggi Province Green car energy

North Jeolla Province

Green car commercialization

South Jeolla Province MICRO – Mobility

South Chungcheong Province

Automotive interior / electronic parts

Feasibility study projects

Gwangju Clean diesel car

GwangjuAutomotive production base with 1 mn car capacity


Promising industrial fieldsStrengthened regulations on fuel efficiency, environment and safety have accelerated the development of green vehicles. In order to provide intensive support, the government has designated 8 core green vehicle parts, which are in urgent need of development due to a technology gap with advanced countries.•�The government plans to achieve 100% domestic development of EV motors, air control

systems, parts weight reduction, batteries and chargers, power train systems for hybrid vehicles, fuel cell vehicle stacks, core parts for common rail systems and after-treatment equipment for clean diesel vehicles, etc.

•�Amid the changing environment of the auto industry, demand for such parts is expected to grow. The government will continue with its support as part of its plan to advance the structure of the auto industry.

Development plans for green vehicle core parts

Core parts Development plans

Motor Develop motor miniaturization design technologies to enhance power density and efficiency

Air control system Develop parts, including pumps and those for the heating system, to enhance the performance of EV air conditioning systems

Weight reduction Develop lightening technologies through optimal design for auto bodies and convenience systems

Battery Develop battery technologies to increase the one-charge driving range from 140 km to 200 km and reduce the slow charging time from 6 hours to 3 hours

Charger Develop home chargers Develop slow & fast chargers to overcome long-charging-time issues

Power train system Develop technologies to improve the efficiency of the power train system, which performs as an intermediate control between a combustion system and a motor ((P)HEV)

Stack Achieve 100% local production of stacks by 2015

Common rail system Achieve 100% local production of core clean diesel parts, including common rail core parts and new material filters for after-treatment system (CDV)


With an increasing number of required auto parts due to strengthened transport safety regulations, the outlook for such parts is also promising.•�A list of parts, including AEB, eCall (Emergency Call), rear view, FCWS and LDWS, is expected to

become mandatory automobile equipment. Small compact cars will be required to have parts that are currently required only for large vehicles.•�Although Korea’s auto parts industry has competitive module and system unit part

technologies, it strives to domestically produce core parts and unit parts, including sensors and auto semiconductors, respectively.

Development efforts to enhance the efficiency of existing combustion engine vehicles are well underway. Parts related to multi-range transmissions and high-performance small engines are thus expected to have bright prospects. •�Related technologies include a before / after treatment system for combustion engine vehicles,

alternative fuel vehicle technologies, recycling technologies, high-performance engine technologies and miniaturization and weight reduction technologies.•�The outlook is bright for the following parts: Core parts including turbo chargers, which are

necessary for engine downsizing to improve efficiency, and those for direct injection systems; and parts related to multi-range transmissions to enhance fuel efficiency.

As the price competitiveness and quality of Korean auto parts are well recognized in the global market, parts with great export potential are also considered promising. •�As automobile chassis parts, which are parts for the brake system, suspension system and

steering system, are relatively small and light compared to other parts, chassis parts exports can be expanded.•�The exports of engine and transmission parts are highly likely to grow, as they are also small,

light and equipped with highly competitive domestic technologies.

1918 AUTO & AUTO PARTS

R&D efforts are significantly important for automotive electronics parts, as the production of parts is completed only after fine adjustments – for example, adjustments on power currents – on each model of vehicles, which takes place after the completion of product development.•�Although the competitiveness of domestic parts makers in this field is rather weak now, the

country’s IT competitiveness can enhance the growth of the field.

The production trend of Korean finished-automobile manufacturers from 2004 to 2013 shows a drastic increase, from 3.178 million cars (2003) to 4.562 million cars (2012).•�Although there have been ups and downs due to the economic recession or strikes, the overall

production trend is on a steep rise.•�The current production capacity is reaching its limit due to the long absence of new

production facility establishments, but the global reputation of the domestic auto industry is being solidified with increased sales through overseas production.

Spurred by the growth of the downstream industry, the domestic auto parts industry is showing steady growth in terms of revenue.•�The domestic auto parts industry is expected to be on the same growth track as its

downstream industry, the automotive industry.•�The exterior growth trend is forecast to continue thanks to existing growth contributors

including the increased unit price of sales per vehicle due to improved specifications and sophistication (OEM revenue), the increased number of domestic vehicles in use (A/S revenue), the expanded overseas production of domestic companies and the global parts sourcing of overseas finished-auto makers.

A strong global sourcing trend has translated into the increased deliveries of Korean parts makers, which are well equipped with high price and quality competitiveness, to global auto makers. •�Domestic parts makers will enjoy great opportunities to participate in the global sourcing

trend, especially with overseas auto makers that are based in Korea.

As domestic auto production is stagnant, with overseas finished-automobile production exceeding 50% of the total production, the importance of the parts industry in Korea’s overall auto industry will grow.•�Expanded overseas production is expected to negatively affect Korea’s auto exports. However,

increased parts exports to overseas production facilities run by domestic companies and global automobile manufacturers are expected to offset such loss.

Outlook for market entry

GOVERNMENT POLICIES AND REGULATIONS

2120 03 GOVERNMENT POLICIES AND REGULATIONSAUTO & AUTO PARTS

Policies for future vehiclesThrough its “Green Vehicle Industry Development Plans,” the Korean government has set a 2015 target for the green vehicle industry to produce 1.2 million vehicles, export 900,000 vehicles and hold 21% of the domestic market share.

R&D support for green vehicles

Category R&D project Governmentsupport Category R&D project Government

support

EVDevelopment of EV finished-vehicles (2010 -)

KRW 20.5 billion Hybrid vehiclesLocal production of power train systems and parts

KRW 16 billion

Hydrogen fuel vehicle

Development of systems and parts(2006 -)

KRW 14 billion Clean diesel vehicles

Development of intake & exhaust system parts

KRW 10.5 billion

Plug-in hybrid vehicle

Local production of parts (2008 -) KRW 19.6 billion - - -

* Source: The Korea Institute for the Advancement of Technology (KIAT)

•�In order to lay out the foundation for mass-production, the government has set support

measures for the development of eight green vehicle core parts, establishment of facilities, market creation and supply base expansion.

•�The auto industry invested KRW 1.3 trillion from 2006 to 2010 and plans to invest KRW 3.1 trillion from 2011 to 2015.

As for smart vehicles, the government focuses on the creation of new auto-IT industries through exploring and applying innovative auto-IT technologies while enhancing the competitiveness of IT SMEs. •�In order to support the establishment of an industrial environment for auto-IT convergence,

the government aims to provide one-stop services to help IT companies enter the auto market through the establishment of a VIC New Biz Center.

•�A business R&D model, R&BD, has been introduced to minimize market entrance failure and encourage companies to explore creative business models.

•�The government provides support for technology development based on policy demand, private demand, technology roadmaps and patent-related technologies, through exploring new tasks in the government’s project to develop industrial source technologies for IT convergence.

The government promotes the independent development of sensing system technologies including those for cameras and radars, which are the core parts of automobiles.•�In line with safety regulations including mandatory equipment and the New Car Assessment

Program (NCAP), the government aims to secure the competitiveness of surround sensors, which will be used to prevent accidents by autonomous vehicles (AVs).•�In order to secure global competitiveness, the government supports the domestic

development of technologies related to RFIC, CMOS, image sensors and DPS, along with the development of convergence censors.

Polices to strengthen the competitiveness of the parts industry The Korean government actively supports the efforts of domestic auto parts companies to enter the global market.•�The government provides customized support related to technology development, human

resources, finance, consulting and IT solutions, in order to promote and nurture global parts companies.•�In order to support global parts exports, Auto Parts Parks have been established around the

world – in Detroit, Frankfurt and Nagoya. •�The government aims to support certification parts SMEs through the establishment of the

Automobile Global Quality Certification Center in Busan.

The government also supports the establishment of an industrial environment for SMEs.•�The government strives to explore core parts that can be developed by SMEs and expand the

participation of SMEs in conglomerate-led R&D projects.•�The government aims to establish a vertical division of labor environment by promoting

new R&D cooperation models, including those that allow a multiple number of demand-corporations, as well as foreign demand-corporations, to participate in government R&D projects.

Government policies

2322 04 COSTAUTO & AUTO PARTS

The chart below shows production cost comparisons between Korea and other countries with a strong automobile industry. Korea’s raw material costs and labor costs are estimated at 68.6 and 4.7, respectively, out of 100.•�Korea’s auto labor costs have been on the rise, but the country’s absolute level compared to

those of advanced countries, including Japan, Germany and the United States, remains low.

Costs comparison of major auto countries

Korea Japan Germany Mexico USA

Sales 100.0 100.0 100.0 100.0 100.0

Raw material costs 68.6 67.8 71.0 59.9 77.6

Fuel costs 0.5 1.0 0.9 0.8 0.5

Outsourcing costs 3.2 3.2 3.2 3.2 3.2

Labor costs 4.7 10.1 13.9 3.3 11.0

Depreciation costs 5.5 4.8 3.7 11.1 4.5

* Source: Mizuho Bank. Ltd. of Japan

Compared to Japan, Korea is more actively expanding its FTA network, especially with major auto markets including the United States, European Union, Canada and Australia. Costs saved from tariff reduction by FTAs enhance Korea’s raw material cost competitiveness.

COST

2524 05 SUCCESS CASEAUTO & AUTO PARTS

SUCCESS CASEHoneywell entered the Korean market in 1989 as Honeywell Korea’s Turbo Operations established an assembly facility in the Sihwa Industrial Complex in Ansan, Gyeonggi Province. •�Honeywell Korea is a foreign-invested corporation based on a full capital investment of USD 3

million by Honeywell. Following the initial establishment of the assembly facility, Honeywell Korea is currently operating a 3,305-square meter-production facility in the same complex after relocating and expanding three times.•�Honeywell Korea’s flagship turbocharger brand is “Garrett,” which has a dominant market

presence in Korea, with more than 60% of the market share.

The company’s major partners are finished-automobile makers including Hyundai-Kia, Ssangyong and GM Korea. OEM sales account for 90% of the total sales, while the aftermarket share, including engine tuning, represents about 10%.•�Honeywell Turbo Operations run 12 production facilities around the world, including one in

Shanghai.•�As for turbochargers, which is Honeywell’s major focus, the domestic market size is 1.7 million

turbos a year, and Honeywell Korea accounts for more than 50% of the market.

Honeywell Korea’s production facility is the 5th largest of Honeywell’s 12 facilities. Honeywell evaluates that Korea’s manufacturing industry is still strong in advanced parts, including IT and automobiles. Honeywell reinvests all the profits incurred in Korea, into the Korean market.•�Korea’s turbocharger market is rapidly expanding, especially since 2005, when the government

started to impose environment-related regulations on diesel vehicles.•�The advanced parts business, including IT and auto parts, is not too sensitive to labor costs.

Honeywell’s Korean facility has been evaluated to outperform the company’s Chinese production facility in terms of sales per capita and productivity.

The turbocharger technology is a core technology for engine downsizing to enhance fuel efficiency and requires advanced technologies.•�As of 2013, diesel vehicles take up 32.7% of the domestic passenger vehicle market, a 17%

increase from the 2008 figure. The market has been growing at 19.1% every year on average for the past five years, showing great growth potential. •�Domestic companies are currently developing related technologies with the aim of mass-

producing turbochargers after 2016. Thus, the market is expected to grow continuously.•�In addition, the aftermarket, including engine tuning, is expected to grow, spurred by the

Korean government’s measures to promote the tuning industry.

Overview

2726 06 RELATED COMPANIES AND ASSOCIATIONSAUTO & AUTO PARTS

Name Website Major role

Korea Automotive Technology Institute (KATECH)

www.katech.re.kr

Established in 1990 to complement insufficient R&D manpower and technologies to develop high equipment in the auto parts industry, KATECH has been steadily supporting R&D activities in the industry. KATECH provides comprehensive, systematic support to promote the development of new technologies through various projects, including those for the development of next-generation automotive technologies, automobile-based technologies, future-vehicle technologies and new corporate consignment projects.

Korea Auto Parts Industry Promotion (KAP)

www.kapkorea.org

As a private, autonomous public corporation for the development of the auto parts industry, KAP provides support to auto parts companies with regard to technology-related difficul-ties, the establishment of a quality system and business management, along with offering information about the overall auto industry.

Korea Auto Industries Cooperative Association (KAICA)

www.kaica.or.krAs a representative association of the auto parts industry, KAICA supports auto parts companies through proposals to the government and finds export channels for them to promote the global market entrance of domestic auto parts companies.

Korea Automobile Manufacturing Association (KAMA)

www.kama.or.kr

In order to enhance business efficiency to facilitate the country’s auto industry, KAMA’s work includes nurturing the auto industry; responding to trade-related issues; proposing suggestions for safety-related policies and regulations; and publishing auto-related stud-ies and statistics.

Function Category Major parts Major companies

Power GenerationEquipment

Engine

Finished-car makers

Cylinder heads / blocks

Daedong Metals Co., Ltd., Doosan Infracore Co., Ltd., Yeong Hwa Metal Co., Ltd.

PistonsDong Yang Piston Co., Ltd., Dongsuh Industrial Co., Ltd., Korea Dongdo Industry Co., Ltd.

Crankshafts, connecting rods

Daechang Forging Co., Ltd., Korea Flange Co., Ltd., Sammi Metal Products Co., Ltd.

CamshaftsYoosung Enterprise Co., Ltd., Leewon Precision Co., Ltd., Taechang Enterprise Co., Ltd.

Piston rings, cylinder liners Yoosung Enterprise Co., Ltd., Korea Piston Ring Inc.

Bellows SJM Holdings, SDB Bellows Co., Ltd.

Cooling system Cooler modules

Halla Visteon Climate Control Corp., Samsung Climate Control Co., Ltd., Denso Korea Automotive Corp., Korea Delphi Automotive Systems Corporation

Radiators, condensers

Halla Visteon Climate Control Corp, Samsung Climate Control Co., Ltd., Denso Korea Automotive Corp.

Fan motors Denso Korea Automotive Corp., DY Corporation

Fan shrouds Ecoplastic, Dai-han Calsonic Co., Ltd.

Fuel system

Fuel tanks Sejong Industrial Co., Ltd., Donghee Industrial Co., Ltd.

Fuel pumps / water pumps JICO, GMB Korea Corp., Myunghwa Ind., Co., Ltd.

Oil pans SL Corporation, Hwa Shin Co., Ltd.

Intake & exhaust system

Intake & exhaust manifolds Daelim Enterprise, Samjoo Construction Machinery

Silencers /exhaust pipes Sejong Industrial Co., Ltd., Dongwon Metal Co., Ltd.

Catalytic converters Sejong Industrial Co., Ltd., Daegi Faurecia, Daeji Metal Co., Ltd.

Throttle bodies MOTONIC, S&T Motiv

Power TrainEquipment

Transmission

Finished-auto makers, Hyundai Dymos, Hyundai Powertech, S&T Dynamics

Levers / hand gears SL, Kyung Chang Industrial Co., Ltd., SL Corporation

Gears, shafts S&T Dynamics, Kyung Chang Industrial Co., Ltd.

Oil pumps Kasco Co., Ltd., Tesma

OtherTransmissionElectronics

Propeller shafts Kasco Co., Ltd., Daesung Co., Ltd.

Pedals (clutches, accelerators, brakes) Kyung Chang Industrial Co., Ltd., Donghee Precision Co., Ltd.

Clutches / parts Valeo Pyeong Hwa Co., Ltd., Seojin Automotive

RELATED COMPANIES AND ASSOCIATIONS

Related agencies

Major parts companies by function (combustion engine vehicles)

2928 06 RELATED COMPANIES AND ASSOCIATIONSAUTO & AUTO PARTS


Carbody

Panels, frames

Floors, roofs, “sides,” back panels Austem Co., Ltd., Sungwoo Hitech, Ilji Tech, Sewon Precision

Cross / side membersSejong Industrial Co., Ltd., Hwa Shin Co., Ltd., S&T Motiv, Austem Co., Ltd.

Bumpers Front / rear bumpers Ecoplastic, Sungwoo Hitech, Plakor Co., Ltd., LG Chem.

Door modules

Pyeong Hwa Automotive Co., Ltd., Kwangjin

Door frames Sungwoo Hitech, Dongwon Metal Co., Ltd.

Door locks Pyeong Hwa Automotive Co., Ltd., Daeki Co., Ltd.

Window regulators Kwangjin, Daeki Co., Ltd., Daeki Co., Ltd.

Door trim system Ecoplastic, Hanil Company, Hanil E-hwa

Chassis

Chassis modules

Axles

Axle assembly Hyundai Dymos, S&T Dynamics, Korea Flange Co., Ltd.

Axle shaftsKorea Flange Co., Ltd., Hanil Forging Co., Ltd., Daeil Industrial Co., Ltd.

Bearings Iljin Co., Ltd., Schaeffler Korea Corporation

Brake system

Brake assemblyHyundai Mobis, Kasco Co., Ltd., Mando Corp., Korea Delphi Automotive Systems Corporation

Brake boostersKasco Co., Ltd., Mando Corp., Namyang Metals Co., Ltd., Myunghwa Ind., Co., Ltd.

Disc / drum brakes, wheel hubs Sangshin Brake Co., KB Autosys Co., Ltd.

Brake linings, pads Kasco Co., Ltd., Mando Corp., S&T Motiv

Suspension system

Shock absorbers Daewon Kangup Co., Ltd., Sammok Kangup Co., Ltd.

Springs (coil, leaf), SL Corporation, Donghee Precision Co., Ltd., Hwa Shin Co., Ltd.

Stabilizer barsHyundai Wia, Mando Corp., S&T Dynamics, Korea Delphi Automotive Systems Corporation

Control arms Kwangjin, Daeki Co., Ltd.

Steering system

Steering System (manual, power) Hyundai Mobis, Dukyang Ind., Co., Ltd.

Steering columns / shafts Mando Corp., S&T Dynamics, Namyang Ind., Co., Ltd.

Steering knucklesSammi Metal Products Co., Ltd., S&T Dynamics, Namyang Metals Co., Ltd.

Interior & ExteriorSystem

Cockpit modules

Crash pads Hyundai Mobis, Dukyang Ind., Co., Ltd., Goryeo Industry Co., Ltd.

Combination meters Denso Korea Automotive Corp., Unick Corporation

AirbagsHyundai Mobis, S&T Motiv, Korea Delphi Automotive Systems Corporation

Cockpit modules

A/V and navigation system Hyundai Mobis, Hyundai Autonet Co., Ltd., Bontec Ltd.

Heating and air conditioning system Halla Visteon Climate Control Corp., Doowon Climate Control Co., Ltd., Dai-han Calsonic Co., Ltd., Denso Korea Automotive Corp.

Interior

Seats / seat beltsHalil E-Hwa, Hanil Company, Daewon Sanup Co., Ltd., Duckboo, Das Corp.

Consoles, ashtrays, handles and etc.

Ecoplastic, Dongil Industries Co., Ltd., Ilhung, Korea FT Corporation

Exterior

Garnishes, radiator grilles, emblems and etc.

Ecoplastic, Samshin Chemical Co., Ltd.

Wiper modulesKorea Wiper Blade Co., Ltd., Denso Korea Automotive Corp., Fukoku Korea Co., Ltd.

Sunroof modules Webasto Donghee Co., Ltd.

Wheels / wheel covers Austem Co., Ltd., Ecoplastic


Electricity

Battery Hankook, Sebang Global Battery Co., Ltd., Hyundai Enercell,

WiringCables

INFAC Corporation, Kyung Chang Industrial Co., Ltd., Daedong System

Connectors Korea Electric Terminal Co., Ltd., THN Corporation

MotorABS, door locks, fans, heaters, power windows, etc.

Denso Korea Automotive Corp, DY Corporation, Kamco

SensorAirbags, heat / temperature, crankshafts, etc.

Inzi Controls Co., Ltd., Hyundai Kefico, Unick Corporation, S&T Motiv

LampsHeadlamps, tail lamps, indoor car lights, direction indicator lamps, fog lamps

SL Corporation, Seogu Industry Co., Ltd., Shinwoo Co., Ltd., Ilhung

Control units BCU, TCU Hyundai Kefico, Siemens Automotive, Robert Bosch Korea

Module Parts Company

HYBRID

Driving parts

Motors Hyundai Mobis, Komotek, etc.

Inverters LSIS Co., Ltd., ADT Caps, etc.

Exclusive engines Hyundai Motor, etc.

Energy storageparts

Batteries (inc. BMS) LG Chem., SK Energy,SB LiMotive

Charging system LS Cable & System Ltd., KEPCO.

Battery charging ports Korea Electric Terminal Co., Ltd., Yura Corporation, LS Cable & System Ltd.

Electronics

High-voltage harnesses LS Cable & System Ltd., etc.

Semiconductors Fairchild, Samsung Electronics, etc.

Converters Dongah Elecom, GPhilos, ADT Caps, etc.

Circuit breakers LSIS Co., Ltd., etc.

Film capacitors NuinTEK Company, Nesscap

Body / chassis parts

Electric steering device Hyundai Mobis, Mando Co., Ltd., etc.

Electric brakes Hyundai Mobis, Mando Co., Ltd., etc.

Transmissions Korea Powertrain Co., Ltd., Hyundai Mobis, etc.

Smart seats Daewon Kangup Co., Ltd., Das Corp., Daewon Sanup Co., Ltd., Hyundai Dymos, Hail E-Hwa

Common core parts

Air conditioning / cooling system

Halla Visteon Climate Control Corp, Doowon Climate Control Co., Ltd., Donghwan Ind. Corp., etc.

Electric heaters Woory Industrial Company, Jahwa Electronics, etc.

Sensors Daesung Electric, Woory Industrial Company, etc.

Electric pumps Magna Powertrain Korea Inc., Myunghwa Ind., Co., Ltd., etc.

EV

Driving parts

Motors Hyundai Mobis, Hyundai Heavy Industries Co., Ltd., Shidae Electric Co., Ltd., Justek Inc., etc.

Inverters Hyundai Mobis, LSIS Co., Ltd., Young Hwa Tech, Delphi, etc.

Reducers Hyundai Wia, Hyundai Powertech, etc.

Energy storageEnergy storage system SK Energy, LG Chem., SB LiMotive, Kokam Co., Ltd., Nexcon Technology, etc.

Chargers LSIS Co., Ltd., Mando Co., Ltd., Hyundai Mobis, Delphi, Young Hwa Tech Co., Ltd., etc.

Electronics /control (IT)

High-voltage electronicsYura Corporation, Kyungshin Corp., LSIS Co., Ltd., Woory Industrial Company, Korea Electric Terminal Co., Young Hwa Tech Co., Ltd., MJC Korea

Controllers Hyundai Mobis, Hyundai Kefico, etc.

LDC Hyundai Mobis, Young Hwa Tech Co., Ltd, etc.

Body / chassis Platforms Finished-auto makers

Brakes Mando Co., Ltd., Hyundai Mobis., Delphi, etc.

Common core parts

Air conditioning / cooling Halla Visteon Climate Control Corporation, Doowon Climate Control Co., Ltd., Hyundai Mobis, Dai-han Calsonic Co., Ltd., etc.

Design parts Hanil E-Hwa, Dukyang Ind., Co., Ltd., Das Corp., Hyundai Dymos, etc.

Major green vehicle parts companies by function

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