The raised status of Hyundai and Kia has resulted in the remarkable growth of Korea's parts makers, and they have been less affected than rivals by the decrease in demand for automobiles due to the global financial crisis. The development of Korea's auto parts industry has enabled domestic small-and-medium-sized auto parts manufacturers and suppliers to grow bigger and to hold core technologies via partnership with major automobile companies.
1. Current Status of the Automotive Industry
As of 2011, the global market share of Korea's auto industry ranked 5th at 5.8%; domestic demand, 12th at 1.47 million units; and exports, 4th at 3.14million units.
(1,000, %)
| 2009 | 2010 | 2011 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Country | Production | Share | Country | Production | Share | Country | Production | Share | |
| 1 | Japan | 13,790 | 22.5 | Japan | 18,265 | 23.3 | China | 18,419 | 22.9 |
| 2 | USA | 7,934 | 12.9 | China | 9,629 | 12.3 | Japan | 8,646 | 10.7 |
| 3 | China | 5,696 | 9.3 | USA | 7,743 | 9.9 | USA | 8,399 | 10.4 |
| 4 | Germany | 5,206 | 8.5 | Germany | 5,906 | 7.5 | Germany | 6,311 | 7.8 |
| 5 | Korea | 3,512 | 5.7 | Korea | 4,272 | 5.5 | Korea | 4,657 | 5.8 |
Source: Korea Automobile Manufacturers Association
| Hyundai | Kia | GM Korea | Ssangyong | Renault-Samsung | |
|---|---|---|---|---|---|
| Establishment | Dec. 1967 | Dec. 1944 | Aug. 2002 | Jan. 1954 | Sep. 2000 |
| Location of factories | Ulsan, Jeonju, Asan | Gwangmyeong, Hwaseong, Gwangju | Gunsan, Changwon, Bupyeong | Pyeongtaek, Changwon | Busan |
| Number of employees | 55,984 | 32,616 | 16,922 | 4,763 | 7,539 |
| Types of vehicles | Passenger cars, SUV, CDV, buses, trucks, special vehicles | Passenger cars, SUV, CDV, buses, trucks, special vehicles | Passenger cars, CDV | Passenger cars, SUV | Passenger cars, SUV |
| Sales (KRW billion) | 42,774 | 27,742 | 15,068 | 2,773 | 4,981 |
| Net income (KRW billion) | 4,741 | 1,805 | 125 | -112 | -292 |
| Production (1,000) | 1,892 | 1,584 | 811 | 113 | 244 |
| Domestic sales (1,000) | 684 | 493 | 141 | 39 | 109 |
| Exports (1,000) | 1,204 | 1,076 | 656 | 74 | 138 |
| Overseas factories | China, India, Turkey, USA, Czech Republic, Russia, Brazil | China, Slovakia, USA | - | - | - |
Source: Operating reports and audit reports of each company, Korea Automobile Manufacturers Association
| Combined(Automobiles and Parts) | Automobiles | Auto Parts | |
|---|---|---|---|
| Number of companies | 3,019 | 36* | 2,983 |
| Number of employees | 250,069 | 79,177 | 170,892 |
| Production (KRW billion) | 113,028 | 59,565 | 53,463 |
| Shipping (KRW billion) | 113,284 | 59,895 | 53,389 |
| Value added (KRW billion) | 35,223 | 18,197 | 17,026 |
| Overseas direct investment (USD million) | 672 | 108 | 564 |
| Foreign investment (USD million) | 193 | 4 | 189 |
| Equipment investment (KRW billion) | 4,571 | 2,917 | 1,654 |
| Exports (USD million) | 68,420 | 45,300 | 23,110 |
| Imports (USD million) | 10,105 | 4,268 | 5,837 |
| Trade balance (USD million) | 58,315 | 41,035 | 17,276 |
Source: Statistics Korea, Korea International Trade Association, Ministry of Knowledge Economy, Korea Development Bank, Export-Import Bank of Korea
Note: Figures for number of companies, number of employees, shipping, and production are as of 2009, overseas direct investment and equipment investment as of 2010, and exports, imports, and trade balance as of 2011.
* Remodeling of special vehicles is included in the number of companies.
2. Current Status of the Auto Parts Industry
Encouraged by Hyundai and Kia's strong performance, the domestic auto parts industry has expanded rapidly. They have been less affected than rivals by the decrease in demand for automobiles due to the global financial crisis. This is attributable to the increase in demand for Korea's auto parts caused by the expansion of global outsourcing, and to the rise in production and overseas investment by Korean carmakers.
(KRW 100 million)
| Sales | Growth (%) | ||||
|---|---|---|---|---|---|
| OEM | A/S | Exports | Total | ||
| 2006 | 360,004 | 23,400 | 76,704 | 460,108 | 10.3 |
| 2007 | 386,409 | 23,185 | 92,306 | 501,900 | 9.1 |
| 2008 | 368,486 | 22,109 | 105,271 | 495,866 | -1.2 |
| 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 |
Source: Korea Auto Industries Coop. Association
3. Current Status and Trends of Foreign Investment
Foreign-invested companies are providing core components that require advanced technologies, and their operating profit is above the industry average, thanks to the strong bargaining power of their parent companies. The number of foreign companies making investment in domestic auto parts companies is 281 as of the end of 2011. Most of the top 10 global auto parts companies are investing in Korea's auto parts industry, and each of them has multiple subsidiaries in Korea.
| -1995 | 1996-2000 | 2001-2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | Total | |
|---|---|---|---|---|---|---|---|---|---|---|
| Number of Companies | 89 | 50 | 79 | 12 | 19 | 9 | 8 | 7 | 8 | 281 |
| Investment(USD million) | 1,085 | 933 | 689 | 126 | 230 | 84 | 221 | 8 | 37 | 3,417 |
Source: Korea Auto Industries Coop. Association
| Foreign companies | Company name (ratio of shareholding) | Major Products |
|---|---|---|
| Denso | Denso PS Electronics (73%) | Electrical parts, air-conditioning systems |
| TRW | TRW Steering Co. Ltd (71%) | Steering equipment |
| Shin Han Valve Ind. Co., Ltd (50%) | Engine valves | |
| Delphi | Delphi Korea (100%) | Seatbelts, airbags |
| Daesung Electric Co., Ltd. (49.5%) | Electrical parts | |
| Packard Korea Inc. (50%) | Electrical parts | |
| Korea Delphi Automotive Systems Corporation (50%) | Electrical parts, steering and brake systems | |
| Visteon | Halla Climate Control Corp. (70%) | Air-conditioning systems |
| Dukyang Ind. Co., Ltd. (51%) | Crash pads, trims | |
| Visteon Interiors Korea Co., Ltd. (51%) | Embedded modules | |
| Johnson Controls | Johnson Controls Automotive Korea Inc. (100%) | Interiors |
| Delkor Corporation | Batteries | |
| Johnson Matthey Ltd. | Exhaust systems, catalysts | |
| Magna Powertrain | Magna Powertrain Korea Inc. (100%) | Engines, gearbox parts |
| WIA Magna Powertrain (50%) | Gearbox parts | |
| Robert Bosch | Robert Bosch Korea Mechanics (100%) | Fuel injection devices, electronic control units |
| Kefico (50%) | Engine control, fuel injection devices | |
| Bosch Diesel | Common rails | |
| Continental Automotive | Continental Automotive System (65%) | Fuel injection devices, electronic control units |
| Continental Automotive (100%) | Dashboard modules | |
| Valeo | Valeo Compressor Korea Co., Ltd. (100%) | Air-conditioning compressors |
| Valeo Pyeong Hwa (49%) | Clutches, friction materials | |
| Faurecia | Faurecia Shin Sung Co., Ltd (60%) | Dashboard modules |
| Faurecia Exhaust Systems Korea Co., Ltd (100%) | Exhaust systems |
4. Korea's Auto Parts Manufacturers
Five leading companies in the Korean auto parts industry recorded sales of over KRW 1 trillion in 2011: Hyundai Mobis (KRW 26.29 trillion), Hyundai WIA (KRW 6.39 trillion), Mando (KRW 4.56 trillion), Halla Climate Control (KRW 3.31 trillion), and Hyundai Powertech (KRW 2.8 trillion).
(KRW billion)
| No | Supplier | Amount to HD/Kia | Turnover | No of Employees | Products |
|---|---|---|---|---|---|
| 1 | HD Mobis | 7,001 | 13,695 | 6,244 | Module&System |
| 2 | HD WIA | 3,440 | 4,435 | 2,156 | T/M, Axle |
| 3 | HD Dymos | 1,030 | 1,164 | 1,071 | P/T, Seat |
| 4 | Mando | 984 | 2,110 | 3,958 | System Supplier for Steering, Brake, Suspension |
| 5 | HD Powertech | 973 | 1,980 | 1,351 | T/M |
| 6 | Halla Climate Control | 813 | 1,797 | 1,741 | Climate Control System |
| 7 | Korea Delphi | 794 | 992 | 1,940 | System Supplier for Steering, Brake, T/M |
| 8 | Deokyang | 559 | 582 | 721 | Crash Pad |
| 9 | Heesung Catalysts | 504 | 842 | 306 | Catalyst |
| 10 | Kyoungshin | 495 | 778 | 1,116 | W/H, Junction Box |
| 11 | Kefico | 452 | 940 | 1,052 | Engine Control Unit, Powertrain Control Unit |
| 12 | S&T Dawoo | 425 | 649 | 927 | Chassis, Airbag, Engine Parts |
| 13 | Sejong | 424 | 649 | 927 | Muffler, Catalytic Converter |
| 14 | Johnson Controls | 423 | 300 | 476 | Seat |
| 15 | Faurecial Exhaust | 352 | N.A | 353 | EX. Manifold, Catalytic Converter |
Note: Ranking is based on delivery.
Source: Korea Automobile Manufacturers Association
5. Promising Investment Destination in Auto Parts Industry
Gyeongsangbuk-do can nurture the auto parts manufacturing sector based on its advantage in the materials industry; Daegu is suitable for smart vehicles; Gyeongsangnam-do can focus on auto parts related to the machinery industry; Ulsan is appropriate for high-performing parts related to large-scale module production; and Busan can penetrate the niche market in the basic components sector. Daegu plans to construct a proving ground in the Technopolis to support auto parts companies to develop new parts.
Chungcheongnam-do is serving as a new hub of research and development along with the Seoul Metropolitan Area, and design and convenience parts sectors have bright perspectives in the region. High-performing light material parts and environmentally friendly parts are promising in Jeollabuk-do as they can tap into the advantages of a region that accommodates the largest scale of production facilities for commercial vehicles in Korea and has advanced infrastructure related to the materials industry. Molding is a promising sector in Gwangju, as it is closely related to the production and processing of auto parts.
6. Successful Foreign Investment Case
Bosch is the world's largest producer of auto parts and technologies, manufacturing powertrains, chassis, gasoline engines, diesel engine systems, and safety systems that are the core parts of automobiles. In Korea, Bosch is producing and selling auto parts, aftermarket products, industrial automation products, electric tools, car accessories, and security technologies.
Bosch companies in Korea include Robert Bosch Korea, Bosch Electrical Drives, ETAS Korea, and Bosch Rexroth Korea and such joint ventures as Doowon Precision Industry, KEFICO Corporation, and SB LiMotive. The total number of Bosch employees in Korea exceeds 3,600, including workers of the JVs. The company is playing an important role in R&D, with more than 300 researchers and research institutes equipped with cutting-edge facilities for testing and application. Bosch earned KRW 2.2 trillion in sales in 2010, making the country a strategically important nation in the Asia Pacific region.
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