INVESTMENT

OPPORTUNITIES
IN KOREA

AUTO &
AUTO PARTS
 INVESTMENT
OPPORTUNITIES
IN KOREA

AUTO &
AUTO PARTS

KOREA,
Where Success Knows No Limits
Contents

04 Industry overview
Koreas auto parts industry
Status of foreign direct investment

12 Prospects and geographical competitive advantages

Locations of Koreas 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
 01 INDUSTRY OVERVIEW 05

The auto parts industry of Korea represents 5.6% of the countrys manufacturing-industry
Koreas auto
INDUSTRY
production and 3.4% of the industrys added value. It accounts for 7.7% of Koreas employment.
parts industry Koreas 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 countrys total exports and with the

OVERVIEW trade balance amounting to USD 21.4 billion.

Status of Korea's automotive industry (2012)

Trade
No. of Employment Production Added value Exports
balance
companies (1,000 people) (KRW billion)* (KRW billion) (USD million)
(USD million)
Automotive industry 3,869 295 175,221 53,158 76,586
Share in 63,825
manufacturing 6.1% 10.9% 11.6% 30.3% 13.7%
industry
Auto parts industry 3,670 208 84,347 16,145 27,406
21,406
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 worlds fifth-largest auto parts manufacturer, following China, Japan, the USA and
Germany.
The global production share of Koreas 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 industrys 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.
06 AUTO & AUTO PARTS 01 INDUSTRY OVERVIEW 07

Global ranking of major auto parts manufacturers Annual sales of the auto parts industry of Korea
(Unit: USD 100 billion)

2007 2010 2013 Sales (Unit: KRW 100 million)

Classification Fluctuation (%)
Company Sales Company Sales Company Sales OEM A/S Exports Total
1 Denso (JP) 37,510 Bosch (DE) 34,565 Bosch (DE) 40,183 2009 342,236 20,533 82,689 445,458 -10.2
2 Bosch (DE) 34,000 Denso (JP) 32,850 Denso (JP) 35,849 2010 440,794 26,448 121,285 588,527 32.1
3 Magna International (CA) 25,645 Continental AG (DE) 24,819 Magna International (CA) 34,375 2011 516,293 30,978 130,912 678,183 15.2
4 Continental AG (DE) 25,000 Aisin Seiki (JP) 24,613 Continental AG (DE) 33,500 2012 519,732 30,184 199,443 750,359 10.6
5 Delphi (USA) 22,283 Magna International (CA) 23,600 Aisin Seiki (JP) 27,125 2013 507,352 30,441 210,510 748,303 -0.3
Hyundai Mobis (9) 14,433 Hyundai Mobis (6) 24,677 * Source: Korea Auto Industries Coop. Association (KAICA)
Hyundai Mobis (27) 6,074
Hyundai Wia (45) 3,827 Hyundai Wia (35) 6,741
Korean
Companies
Mando (53) 4,115 Mando (43) 5,145 While small- and medium-sized enterprises (SME) make up the majority of the auto parts
Mando (76) 2,367 Hyundai Powertech (54) 3,885 industry, conglomerates have an absolute advantage in OEM sales, accounting for 78.3% of the
Hyundai Dymos (92) 1,338
Hyundai Dymos (76) 2,434
total OEM deliveries in 2013.
* Source: Automotive News
This is mainly due to the fact that the conglomerates are at the top of the auto parts supply
Hyundai Wia ranked 35th, rising three notches and with sales of USD 6.741 billion; Mando 43rd, chain and thus have benefitted from the growth of the domestic auto and auto parts industry,
rising three spots and with sales of USD 5.145 billion; Hyundai Powertech 54th, rising 16 spots mergers and acquisitions in the market and the parts standardization trend created by
and with sales of USD 3.885 billion; and Hyundai Dymos 76th, rising 14 spots and with sales of modularization and platform integration.
USD 2.434 billion.
Halla Visteon Climate Control Corporation is not on the list, as it is considered a part of the U.S. Since the mid-2000s, auto parts exports have been rapidly growing and leading industry growth,
Visteon. Considering the companys total sales of USD 4.738 billion, the company is estimated with its growth rate exceeding that of total sales.
to rank 46th. Total industry sales have increased 8.6% annually on average while exports have soared 14.9%
over the past five years.
The global market share of Koreas auto parts manufacturers has risen along with the increased This is due to increased direct exports to global finished-automakers and auto parts

sales and production of domestic finished-automobile manufacturers, and the rising exports and manufacturers, and the increased export of local auto parts due to the expanding overseas
local production of auto parts makers. production of Korean finished-automobile manufacturers.
The global market share of Koreas top 5 auto parts businesses (in terms of annual sales) rose
from 3.2% in 2007 to 5.9% in 2013. Exports and imports of Koreas automotive parts industry
(Unit: USD mn)

30,000
Trade balance Export Import
25,000
Status of Koreas auto parts industry
20,000

Koreas auto parts industry has experienced steady development spurred by the growth of 15,000

downstream industries. 10,000

The growth of the auto parts industry is attributable to increased unit prices due to 5,000

specification improvements; increased overseas production of domestic finished-automobile 0

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
manufacturers and increased exports due to the global sourcing trend of foreign finished-
automakers; increased outsourcing and modularization of the finished-automobile * Source: KOTIS

manufacturers; and enhanced role of domestic auto part manufacturers.

08 AUTO & AUTO PARTS 01 INDUSTRY OVERVIEW 09

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%)
The major export markets of Koreas 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 industrys overseas production volume is highest in China, Korea exports most to

2013 2012
the United States (22.9%). This is because the high sales volume of Korean automobiles in the
HS Items
Share United States has resulted in great demand for A/S parts.
8708999000 Other parts and components 13,579 52.1 13,925 China is Koreas second-largest auto part export market, following the United States, but the
8708400000 Transmissions (gear boxes) 3,012 11.5 2,529 importance of the Chinese market is relatively low due to localization and other issues.
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 Status of Koreas auto parts manufacturers
Export

8708930000 Clutches and their parts 329 1.3 253 The five leading Korean auto parts companies whose annual sales exceeded KRW 1 trillion
8512900000 Parts of lights or signaling devices 318 1.2 286 in 2013 are Hyundai Mobis (KRW 17.512 trillion), Hyundai Wia (KRW 6.287 trillion), Hyundai
8413304000 Fuel pumps 280 1.1 245 Powertech (KRW 3.274 trillion), Hyundai Dymos (KRW 1.6040 trillion) and Hyundai Kefico (KRW
8708920000 Silencers (mufflers) and exhaust pipes 265 1.0 270 1.5030 trillion).
Parts of electric ignition or starting equipment used for internal
8511909000 131 0.5 135
combustion engines
Status of Koreas 10 largest auto parts vendors
(Unit: KRW 1 billion, people)
8708400000 Transmissions (gear boxes) 1,027 21.0 1,057
Ranking Vendor Turnover No. of employees Main products
8708999000 Other parts and components 859 17.6 956
1 Hyundai Mobis 17,512 7,338 Modules and systems
8409992000 Engine parts (diesel) 469 9.6 567
Gear boxes, engines, constant velocity
8413304000 Fuel pumps 317 6.5 262 2 Hyundai Wia 6,287 2,688
joints, axles
8708290000 Other auto body parts (except seatbelts) 285 5.8 222 3 Mando 5,060 4,192 Brake, steering and suspension devices
Import

8708940000 Steering wheels and steering boxes 208 4.3 184 4 Hyundai Powertech 3,273 1,800 Gearbox
870850 Drive-axles with differential gears 136 2.8 129 5 Hyundai Dymos 1,604 1,096 Powertrain, seats
8708700000 Road wheels and their parts and accessories 117 2.4 97 6 Hyundai Kefico 1,503 1,052 Engine control unit, powertrain control unit
8431200000 Parts of fork-lift trucks and other work trucks 113 2.3 122 Korea Delphi Automotive
7 1,203 1,940 Brake, steering and powertrain devices
Systems Corporation
8512900000 Parts of lights or signaling devices 67 1.4 57
8 Heesung Catalysts Corp. 1,107 306 Automotive catalyst
* Source: KOTIS
9 Kyungshin 1,103 1,340 Wiring harnesses, junction boxes
The list shows that the main auto parts export items are other auto body parts, gear boxes and 10 Sungwoo Hitech 937 1,246 Bumper rails, door / door side inner
clutches and their parts, while the industrys main import items are gear boxes, engine parts and * Source: Korea Enterprise Data (KED)
* Note: Ranking based on 2013 sales
fuel pumps.
Uncategorized and miscellaneous parts rather than specific unit parts make up the majority The 10 vendors are large-scale, specialized parts manufacturers equipped with world-class,
of exports. For example, miscellaneous auto parts accounted for 52.1% of the total exports in advanced technologies. These companies consist of the so-called 0.5 stage partners that
2013, while other auto body parts accounted for 10.3% of total exports the same year. deliver modules for the assembly process and the 1st stage partners that produce gearboxes,
Despite the increased overseas automobile production, the export of gear boxes, especially axles and brakes.
automatic transmissions that are difficult to procure locally, have significantly increased. 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.
10 AUTO & AUTO PARTS 01 INDUSTRY OVERVIEW 11

Status and trends of foreign investment Company (equity share) Parts / components supplied
Status of Valeo-Samsung Thermal Systems Co., Ltd.(50%) Climate control systems
As of 2013, 168 of Koreas primary auto parts makers are foreign-invested companies.
foreign direct Valeo Valeo Pyeong Hwa (50%) Clutches, friction materials, etc.
Most of the worlds top 10 auto parts makers have invested in Koreas local auto parts industry
investment Valeo Air-Control Korea (100%) Alternators, starter motors
and maintain multiple subsidiaries in Korea. France
Many of the worlds leading companies have invested in the domestic auto parts industry; Faurecia Emissions Control Systems Korea (100%) Emission control systems

Delphi and Visteon of the United States, Bosch, Siemens and ZF of Germany, Yajaki and Denso Faurecia Faurecia Shin Sung Co., Ltd. (60%) Instrument panels, consoles

of Japan and Valeo of France. Kwangjin Faurecia (50%) Door modules

Foreign-invested companies mainly supply high-tech core parts. The mother companies Denso Korea Automotive Corp. (71.0%) Motors, electric components

strong negotiation power has pushed the operating profit rates of those foreign-invested Denso Denso Korea Electronics Corp. (100%) Instrument cluster, HUD
Japan
companies above the industrys average level. Denso International Korea Corp. (100%) Sale corporation

Hitachi Automotive Engine parts, steering and control

Namyang Metals Co., Ltd. (90.8%)
Systems devices
Annual foreign investment in local auto parts industry
(Unit: Cases, USD 1,000) Magna Powertrain Korea (100%) Engine and transmission parts
Magna
2007 2008 2009 2010 2011 2012 2013 Other
International Inc. WIA Magna Powertrain Corp. (50%) Power train parts
No. of
8 2 2 7 4 5 6
investments
Automobiles
Amount
51,038 10,379 417,352 373,301 3,694 889,391 799,563 Global auto parts giants have advanced into the Korean market in order to use Korea as a key
invested
No. of
axis of their global network strategies.
74 67 36 44 42 34 40
investments To that end, they have adopted the tactic of holding a majority of the equity shares of the local
Auto parts
Amount
invested
332,672 287,840 88,481 2,079,611 188,890 254,056 274,941 auto parts companies they have invested in.
* Source: Ministry of Trade, Industry & Energy 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
Advancement of globally leading auto parts manufacturers into Korea conditions.
Company (equity share) Parts / components supplied
TRW Shinhan Valve Ind. Co., Ltd. (25%) Engine valves

Halla Visteon Climate Control Corp. (69.9%) Climate control systems, etc.
Visteon
Visteon Interiors Korea (50.9%) Built-in modules

Johnson Johnson Controls Automotive Interior Korea (100%) Door trim

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

Packard Korea (50%) Wiring harnesses

Delphi
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

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

Robert Bosch Korea Ltd. (100%) Engine parts

Germany
Robert Bosch 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
12 AUTO & AUTO PARTS 02 PROSPECTS AND GEOGRAPHICAL COMPETITIVE ADVANTAGES 13

Koreas auto parts manufacturers are located in the Southwest Belt (Gwangju, Gunsan), West
Locations of Coast Belt (metropolitan area) and Southeast Belt (Ulsan).
Koreas auto
parts manu- Car manufacturing plants and primary parts suppliers (Production capacity, Number of companies)
facturers Seoul Parts suppliers: 38 Gangwon Province Parts suppliers: 5 North Chungcheong
Parts suppliers: 27
Province
Incheon Parts suppliers: 63
Incheon GM Daewoo: 440K cars North Gyeongsang
Parts suppliers: 63
Province
Sohari Kia: 350K cars Daegu Parts suppliers: 51
Hwaseong Kia: 600K cars
South Gyeongsang
Pyeongtaek SsangYong Motor: 250K cars Parts suppliers: 143
Province
Gyeonggi Province Parts suppliers: 207 Changwon GM Daewoo: 210K cars
Asan Hyundai: 300K cars Ulsan Parts suppliers: 37
Seosan Donghee Auto (Kia): 150K cars Ulsan Daewoo Bus: 10K cars
South Chungcheong Ulsan Hyundai: 1.7mn cars
Parts suppliers: 76
Province
Renault Samsung Motors:
Daejeon Parts suppliers: 8 Busan
300K cars
Gunsan GM Daewoo: 260K cars Busan Parts suppliers: 89
Gunsan Tata Daewoo: 20K cars Gwangju Kia: 420K cars
North Jeolla Province Parts suppliers: 59 Gwangju Parts suppliers: 27
Car manufacturing plants
Jeonju Hyundai: 125K cars South Jeolla Province Parts suppliers: 8

Southwest Belt
Auto parts makers in the southwestern area form a belt stretching from the GimjeIksanJeongeup
area to the GunsanWanju 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.

Koreas four auto majors Hyundai Motor Company, GM Korea, Tata Daewoo and Kia Motors

PROSPECTS AND
are located in the southwest area.
Gunsan, Jeonju and Gwangju of North Jeolla Province account for 17% of Koreas auto
production capacity, with an annual production capacity of 760,000 cars (mainly passenger
GEOGRAPHICAL and commercial vehicles).
The region accounts for 93% of Koreas medium- and large-sized commercial automobile

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

ADVANTAGES
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).
14 AUTO & AUTO PARTS 02 PROSPECTS AND GEOGRAPHICAL COMPETITIVE ADVANTAGES 15

West Coast Belt As the clusters main focus is on manufacturing and production, its R&D innovation network is
rather weak.
The West Coast Auto Industry Belt has been formed in and around Gyeonggi and South
Chungcheong Provinces.

Although the domestic auto parts industry is more price competitive than that of Japan, the
Local auto parts makers, including Hyundai Mobis (Giheung), Mando (Giheung) and Hyundai
Competitive- price gap between Korean and Chinese products is widening.
Wia (Hwaseong), and globally leading auto parts companies such as Bosch (Germany, Yongin),
ness of the Korea is narrowing its price competitiveness gap with Japan, recording 87.5% compared to
Siemens (Germany, Icheon) and Delphi (USA, Giheung) are located in Gyeonggi Province.
The province also accommodates Namyang Research Center of the Hyundai Kia Automotive
auto parts Japans 100%. However, the difference in price competitiveness between Korea and China has
industry widened from 12.2% to 14.7%.
Group, the research centers and plants of other major auto parts makers and three of Koreas
six proving grounds located in the Hyundai Namyang Research Center, Kia Joam Research
Price competitiveness Quality competitiveness Technological competitiveness
Center and Korea Transportation Safety Authority Hwaseong Research Center.
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
In Chungcheong Province, auto makers are clustered in the southern part, and the province 2004 100 87.5 72.8 100 91.6 73.9 100 87.4 67.0
ranks third for production capacity in Korea, following Ulsan and Gyeonggi Province in terms of * Source: KIET, Korea Auto Parts Industry Promotion (KAP)

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.
The quality competitiveness of domestic auto parts makers is rapidly improving, narrowing the
gap with Japan while widening the gap with China.
Koreas 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.

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 Koreas 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 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.
Koreas technological competitiveness went up by 3.9 percentage points, from 87.4 in 2004 to
91.3 in 2012, while Chinas technological competitiveness saw a 6.9 percentage point increase,
from 67.0 to 73.9, during the same period.
Promising regions
Promising
The Korean government is promoting a synergy effect between the enhancement of regional
regions and
innovation capacity and specialization development, through providing support for industry-
industrial
academia-research institute projects tailored to each regions needs.
fields
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.
16 AUTO & AUTO PARTS 02 PROSPECTS AND GEOGRAPHICAL COMPETITIVE ADVANTAGES 17

In addition, the government is providing specialized support to the green automobile design Development plans for green vehicle core parts
and convenience system fields in South Chungcheong Province; clean commercial vehicle parts Core parts Development plans
in North Jeolla Province; clean diesel car parts in Gwangju; and high-end car-tuning parts in Motor Develop motor miniaturization design technologies to enhance power density and efficiency
connection with the F1 circuit in South Jeolla Provice. 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
Regional clusters for automotive parts R&D Develop battery technologies to increase the one-charge driving range from 140 km to 200 km and
Battery
reduce the slow charging time from 6 hours to 3 hours
Gyeonggi Develop home chargers
Green car energy Charger
Province Develop slow & fast chargers to overcome long-charging-time issues
Develop technologies to improve the efficiency of the power train system, which performs as an
South Power train system
Automotive interior / intermediate control between a combustion system and a motor ((P)HEV)
Chungcheong
electronic parts
Province Stack Achieve 100% local production of stacks by 2015
Smart car
Daegu
commercialization Achieve 100% local production of core clean diesel parts, including common rail core parts and new
North Jeolla Green car Common rail system
Daegu Smart green cars material filters for after-treatment system (CDV)
Province commercialization
Support center for * Source: Ministry of Trade, Industry & Energy
Daegu automotive performance
Gwangju Clean diesel car tuning service

Gwangju
Automotive production
base with 1 mn car
With an increasing number of required auto parts due to strengthened transport safety
North
capacity Convergence automotive
Gyeongsang
parts regulations, the outlook for such parts is also promising.
Province
South Jeolla
MICRO Mobility
A list of parts, including AEB, eCall (Emergency Call), rear view, FCWS and LDWS, is expected to
Province Ulsan EV components
become mandatory automobile equipment. Small compact cars will be required to have parts
South Jeolla
Province
Auto parts sophistication Busan Global quality certification that are currently required only for large vehicles.
South Jeolla Automotive performance Feasibility study projects Although Koreas auto parts industry has competitive module and system unit part
Province tuning service base
technologies, it strives to domestically produce core parts and unit parts, including sensors
* Source: Ministry of Trade, Industry & Energy and auto semiconductors, respectively.

Promising industrial fields
Strengthened 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 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.
18 AUTO & AUTO PARTS 19

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
countrys IT competitiveness can enhance the growth of the field.

The production trend of Korean finished-automobile manufacturers from 2004 to 2013 shows a
Outlook for drastic increase, from 3.178 million cars (2003) to 4.562 million cars (2012).
market entry 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 GOVERNMENT
POLICIES AND
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 Koreas overall
auto industry will grow.
REGULATIONS
Expanded overseas production is expected to negatively affect Koreas auto exports. However,
increased parts exports to overseas production facilities run by domestic companies and
global automobile manufacturers are expected to offset such loss.
20 AUTO & AUTO PARTS 03 GOVERNMENT POLICIES AND REGULATIONS 21

Policies for future vehicles The government promotes the independent development of sensing system technologies
Government including those for cameras and radars, which are the core parts of automobiles.
Through its Green Vehicle Industry Development Plans, the Korean government has set a 2015
policies In line with safety regulations including mandatory equipment and the New Car Assessment
target for the green vehicle industry to produce 1.2 million vehicles, export 900,000 vehicles and
Program (NCAP), the government aims to secure the competitiveness of surround sensors,
hold 21% of the domestic market share.
which will be used to prevent accidents by autonomous vehicles (AVs).
I n order to secure global competitiveness, the government supports the domestic
R&D support for green vehicles
development of technologies related to RFIC, CMOS, image sensors and DPS, along with the
Government Government
Category R&D project
support
Category R&D project
support development of convergence censors.
Development of EV Local production of
EV finished-vehicles KRW 20.5 billion Hybrid vehicles power train systems KRW 16 billion
(2010 -) and parts

Hydrogen fuel
Development of
Clean diesel
Development of Polices to strengthen the competitiveness of the parts industry
systems and parts KRW 14 billion intake & exhaust KRW 10.5 billion
vehicle vehicles
(2006 -) system parts The Korean government actively supports the efforts of domestic auto parts companies to enter
Plug-in hybrid Local production of
vehicle parts (2008 -)
KRW 19.6 billion - - - the global market.
* Source: The Korea Institute for the Advancement of Technology (KIAT) The government provides customized support related to technology development, human
resources, finance, consulting and IT solutions, in order to promote and nurture global parts
In order to lay out the foundation for mass-production, the government has set support
companies.
measures for the development of eight green vehicle core parts, establishment of facilities, In order to support global parts exports, Auto Parts Parks have been established around the
market creation and supply base expansion. world in Detroit, Frankfurt and Nagoya.
The auto industry invested KRW 1.3 trillion from 2006 to 2010 and plans to invest KRW 3.1 The government aims to support certification parts SMEs through the establishment of the
trillion from 2011 to 2015. Automobile Global Quality Certification Center in Busan.

As for smart vehicles, the government focuses on the creation of new auto-IT industries through The government also supports the establishment of an industrial environment for SMEs.
exploring and applying innovative auto-IT technologies while enhancing the competitiveness of The government strives to explore core parts that can be developed by SMEs and expand the
IT SMEs. participation of SMEs in conglomerate-led R&D projects.
In order to support the establishment of an industrial environment for auto-IT convergence, The government aims to establish a vertical division of labor environment by promoting
the government aims to provide one-stop services to help IT companies enter the auto market new R&D cooperation models, including those that allow a multiple number of demand-
through the establishment of a VIC New Biz Center. corporations, as well as foreign demand-corporations, to participate in government R&D
A business R&D model, R&BD, has been introduced to minimize market entrance failure and
projects.
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 governments project to develop industrial source technologies for IT
convergence.
22 AUTO & AUTO PARTS 04 COST 23

The chart below shows production cost comparisons between Korea and other countries with a

COST
strong automobile industry. Koreas raw material costs and labor costs are estimated at 68.6 and
4.7, respectively, out of 100.
Koreas auto labor costs have been on the rise, but the countrys 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 Koreas raw material cost competitiveness.
24 AUTO & AUTO PARTS 05 SUCCESS CASE 25

Honeywell entered the Korean market in 1989 as Honeywell Koreas Turbo Operations
Overview
SUCCESS CASE
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 Koreas flagship turbocharger brand is Garrett, which has a dominant market
presence in Korea, with more than 60% of the market share.

The companys 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 Honeywells 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 Koreas production facility is the 5th largest of Honeywells 12 facilities. Honeywell
evaluates that Koreas manufacturing industry is still strong in advanced parts, including IT and
automobiles. Honeywell reinvests all the profits incurred in Korea, into the Korean market.
Koreas 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.
Honeywells Korean facility has been evaluated to outperform the companys 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 governments measures to promote the tuning industry.
26 AUTO & AUTO PARTS 06 RELATED COMPANIES AND ASSOCIATIONS 27

Name Website Major role

Related Established in 1990 to complement insufficient R&D manpower and technologies to

agencies Korea Automotive

Technology Institute
(KATECH)
Korea Auto Parts Industry
Promotion (KAP)
Korea Auto Industries
Cooperative Association
(KAICA)
Korea Automobile
Manufacturing Association
(KAMA)
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
www.katech.re.kr
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.
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-
www.kapkorea.org
ties, the establishment of a quality system and business management, along with offering
information about the overall auto industry.
As a representative association of the auto parts industry, KAICA supports auto parts
www.kaica.or.kr companies through proposals to the government and finds export channels for them to
promote the global market entrance of domestic auto parts companies.
In order to enhance business efficiency to facilitate the countrys auto industry, KAMAs
work includes nurturing the auto industry; responding to trade-related issues; proposing
www.kama.or.kr
suggestions for safety-related policies and regulations; and publishing auto-related stud-
ies and statistics.

Function Category Major parts Major companies

Major parts Finished-car makers

companies Cylinder heads /

blocks
Daedong Metals Co., Ltd., Doosan Infracore Co., Ltd., Yeong Hwa
Metal Co., Ltd.
by function Dong Yang Piston Co., Ltd., Dongsuh Industrial Co., Ltd., Korea
Pistons
(combustion Dongdo Industry Co., Ltd.

engine Engine Crankshafts,

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

vehicles) Camshafts
Yoosung 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.
Halla Visteon Climate Control Corp., Samsung Climate Control
Power
Co., Ltd., Denso Korea Automotive Corp., Korea Delphi
Generation
Automotive Systems Corporation
Equipment
Cooling system Cooler modules Radiators, Halla Visteon Climate Control Corp, Samsung Climate Control
condensers Co., Ltd., Denso Korea Automotive Corp.
Fan motors Denso Korea Automotive Corp., DY Corporation
Fan shrouds Ecoplastic, Dai-han Calsonic Co., Ltd.
Fuel tanks Sejong Industrial Co., Ltd., Donghee Industrial Co., Ltd.
Fuel system Fuel pumps / water pumps JICO, GMB Korea Corp., Myunghwa Ind., Co., Ltd.
Oil pans SL Corporation, Hwa Shin Co., Ltd.

RELATED Intake
& exhaust system
Intake & exhaust manifolds
Silencers /exhaust pipes
Catalytic converters
Daelim Enterprise, Samjoo Construction Machinery
Sejong Industrial Co., Ltd., Dongwon Metal Co., Ltd.
Sejong Industrial Co., Ltd., Daegi Faurecia, Daeji Metal Co., Ltd.

COMPANIES AND Throttle bodies MOTONIC, S&T Motiv

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

ASSOCIATIONS Power Train

Equipment
Transmission Levers / hand gears
Gears, shafts
Oil pumps
SL, Kyung Chang Industrial Co., Ltd., SL Corporation
S&T Dynamics, Kyung Chang Industrial Co., Ltd.
Kasco Co., Ltd., Tesma
Propeller shafts Kasco Co., Ltd., Daesung Co., Ltd.
Other
Transmission Pedals (clutches, accelerators, brakes) Kyung Chang Industrial Co., Ltd., Donghee Precision Co., Ltd.
Electronics
Clutches / parts Valeo Pyeong Hwa Co., Ltd., Seojin Automotive
28 AUTO & AUTO PARTS 06 RELATED COMPANIES AND ASSOCIATIONS 29

Function Category Major parts Major companies Function Category Major parts Major companies
Floors, roofs, sides, back panels Austem Co., Ltd., Sungwoo Hitech, Ilji Tech, Sewon Precision Battery Hankook, Sebang Global Battery Co., Ltd., Hyundai Enercell,
Panels, frames Sejong Industrial Co., Ltd., Hwa Shin Co., Ltd., S&T Motiv, Austem INFAC Corporation, Kyung Chang Industrial Co., Ltd., Daedong
Cross / side members Cables
Co., Ltd. Wiring System
Bumpers Front / rear bumpers Ecoplastic, Sungwoo Hitech, Plakor Co., Ltd., LG Chem. Connectors Korea Electric Terminal Co., Ltd., THN Corporation
Car Pyeong Hwa Automotive Co., Ltd., Kwangjin ABS, door locks, fans, heaters, power
body Motor Denso Korea Automotive Corp, DY Corporation, Kamco
Electricity windows, etc.
Door frames Sungwoo Hitech, Dongwon Metal Co., Ltd.
Airbags, heat / temperature, crankshafts, Inzi Controls Co., Ltd., Hyundai Kefico, Unick Corporation, S&T
Door modules Door locks Pyeong Hwa Automotive Co., Ltd., Daeki Co., Ltd. Sensor
etc. Motiv
Window regulators Kwangjin, Daeki Co., Ltd., Daeki Co., Ltd.
Headlamps, tail lamps, indoor car lights, SL Corporation, Seogu Industry Co., Ltd., Shinwoo Co., Ltd.,
Door trim system Ecoplastic, Hanil Company, Hanil E-hwa Lamps
direction indicator lamps, fog lamps Ilhung
Chassis modules Control units BCU, TCU Hyundai Kefico, Siemens Automotive, Robert Bosch Korea
Axle assembly Hyundai Dymos, S&T Dynamics, Korea Flange Co., Ltd.
Korea Flange Co., Ltd., Hanil Forging Co., Ltd., Daeil Industrial Co.,
Axles Axle shafts
Ltd.
Bearings Iljin Co., Ltd., Schaeffler Korea Corporation Module Parts Company
Brake assembly
Hyundai Mobis, Kasco Co., Ltd., Mando Corp., Korea Delphi Major green Motors Hyundai Mobis, Komotek, etc.
Automotive Systems Corporation
Kasco Co., Ltd., Mando Corp., Namyang Metals Co., Ltd.,
vehicle parts Driving parts Inverters LSIS Co., Ltd., ADT Caps, etc.
Brake system Brake boosters
Myunghwa Ind., Co., Ltd. companies by Exclusive engines
Batteries (inc. BMS)
Hyundai Motor, etc.
LG Chem., SK Energy,SB LiMotive
Chassis
Disc / drum brakes, wheel hubs
Brake linings, pads
Sangshin Brake Co., KB Autosys Co., Ltd.
Kasco Co., Ltd., Mando Corp., S&T Motiv
function Energy storage
Charging system LS Cable & System Ltd., KEPCO.
parts
Shock absorbers Daewon Kangup Co., Ltd., Sammok Kangup Co., Ltd. Battery charging ports Korea Electric Terminal Co., Ltd., Yura Corporation, LS Cable & System Ltd.

Springs (coil, leaf), SL Corporation, Donghee Precision Co., Ltd., Hwa Shin Co., Ltd. High-voltage harnesses LS Cable & System Ltd., etc.

Suspension system Hyundai Wia, Mando Corp., S&T Dynamics, Korea Delphi Semiconductors Fairchild, Samsung Electronics, etc.
Stabilizer bars
Automotive Systems Corporation Electronics Converters Dongah Elecom, GPhilos, ADT Caps, etc.
Control arms Kwangjin, Daeki Co., Ltd. HYBRID Circuit breakers LSIS Co., Ltd., etc.
Steering System (manual, power) Hyundai Mobis, Dukyang Ind., Co., Ltd. Film capacitors NuinTEK Company, Nesscap
Steering columns / shafts Mando Corp., S&T Dynamics, Namyang Ind., Co., Ltd. Electric steering device Hyundai Mobis, Mando Co., Ltd., etc.
Steering system
Sammi Metal Products Co., Ltd., S&T Dynamics, Namyang Metals Body / Electric brakes Hyundai Mobis, Mando Co., Ltd., etc.
Steering knuckles
Co., Ltd. chassis parts 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
Crash pads Hyundai Mobis, Dukyang Ind., Co., Ltd., Goryeo Industry Co., Ltd.
Air conditioning / Halla Visteon Climate Control Corp, Doowon Climate Control Co., Ltd., Donghwan Ind.
Cockpit modules Combination meters Denso Korea Automotive Corp., Unick Corporation cooling system Corp., etc.
Hyundai Mobis, S&T Motiv, Korea Delphi Automotive Systems Common core Electric heaters Woory Industrial Company, Jahwa Electronics, etc.
Airbags parts
Corporation
Sensors Daesung Electric, Woory Industrial Company, etc.
A/V and navigation system Hyundai Mobis, Hyundai Autonet Co., Ltd., Bontec Ltd.
Electric pumps Magna Powertrain Korea Inc., Myunghwa Ind., Co., Ltd., etc.
Cockpit modules Halla Visteon Climate Control Corp., Doowon Climate Control Co.,
Heating and air conditioning system Motors Hyundai Mobis, Hyundai Heavy Industries Co., Ltd., Shidae Electric Co., Ltd., Justek Inc., etc.
Ltd., Dai-han Calsonic Co., Ltd., Denso Korea Automotive Corp.
Interior & Driving parts Inverters Hyundai Mobis, LSIS Co., Ltd., Young Hwa Tech, Delphi, etc.
Exterior Halil E-Hwa, Hanil Company, Daewon Sanup Co., Ltd., Duckboo,
Seats / seat belts Reducers Hyundai Wia, Hyundai Powertech, etc.
System Das Corp.
Interior
Consoles, ashtrays, Ecoplastic, Dongil Industries Co., Ltd., Ilhung, Korea FT Energy storage system SK Energy, LG Chem., SB LiMotive, Kokam Co., Ltd., Nexcon Technology, etc.
Energy storage
handles and etc. Corporation Chargers LSIS Co., Ltd., Mando Co., Ltd., Hyundai Mobis, Delphi, Young Hwa Tech Co., Ltd., etc.
Garnishes, radiator grilles, emblems and Yura Corporation, Kyungshin Corp., LSIS Co., Ltd., Woory Industrial Company, Korea Electric
Ecoplastic, Samshin Chemical Co., Ltd. High-voltage electronics
etc. Terminal Co., Young Hwa Tech Co., Ltd., MJC Korea
EV Electronics /
Korea Wiper Blade Co., Ltd., Denso Korea Automotive Corp., control (IT) Controllers Hyundai Mobis, Hyundai Kefico, etc.
Exterior Wiper modules
Fukoku Korea Co., Ltd.
LDC Hyundai Mobis, Young Hwa Tech Co., Ltd, etc.
Sunroof modules Webasto Donghee Co., Ltd.
Platforms Finished-auto makers
Wheels / wheel covers Austem Co., Ltd., Ecoplastic Body / chassis
Brakes Mando Co., Ltd., Hyundai Mobis., Delphi, etc.
Halla Visteon Climate Control Corporation, Doowon Climate Control Co., Ltd., Hyundai
Common core Air conditioning / cooling
Mobis, Dai-han Calsonic Co., Ltd., etc.
parts
Design parts Hanil E-Hwa, Dukyang Ind., Co., Ltd., Das Corp., Hyundai Dymos, etc.
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