Hankook Tyres

Origin and Expansion

Hankook Tire & Technology company or most commonly known as Hankook is a Seoul, South Korea based multi-national tyre manufacturing company. Established in the year 1941, Hankook and Company group is presently the seventh-largest tyremaker in the world. The company was founded by Cho Hong-Jai as Chosun tyre company, and later in 1968, it was renamed Hankook Tyre Manufacturing. 

Hankook is a Korean word that means ‘Korea’, hence Korea Tyre Company. The company operates in several countries, including India, which is a booming market for two-wheelers, passengers cars, and commercial vehicle tyres. 

In the Indian market, the Korean tyre maker offers tyres for passenger cars and SUVs. Known for their long-lasting and affordable nature, the Hankook brand has a loyal fan-following, especially among the SUV owners. The company imports and sells tyres in the Indian market, and currently is in the process of expanding its reach in different parts of the country. 

The company has selected Kerala as the launchpad for its ultra-high performance tyre sales as the state has the highest number of premium cars, as compared to others, with the market size in this category ranging 6-8 lakh tyres annually. 

The total market size in the aftermarket and OEMs in India stands at over 23 million units annually, and Hankook is expected to reach 300,000 units sales within three years, mostly, within the premium tyre category.

Hankook has a strong presence in motorsports in Asia, Europe and North America. The tyremaker entered into a deal with FBR (Farnbarcher Racing) to employ Hankook tyres with the Ferrari F430 GT in the 2009 series of Le Mans. The company also supplied tyres for the Primetime Race Group of American Le Mans Series held in 2008. 

Hankook provided tyres for a support series for the American Le Mans Series from 2007-2009. The tyre giant also rendered the tyres for the Hankook KTR racing team that took part in Formula 3 Euroseries, Asian Le Mans Series and Super GT Series. 

Apart from this, the company has sponsored Scottish Rally Championship, and its tyres have been part of the European-based Intercontinental Rally Challenge. Deutsche Tourenwagen Masters, the world-famous German touring car series, officially partnered with Hankook in 2011. 

The Korean tyremaker will be supplying tyres to the third-generation Formula E series starting in 2022. The company is not behind sponsoring world events. It has sponsored Real Madrid, Melbourne Football Club, English Rugby Union, Gran Turismo Sport Simracing League, and official sponsor of UEFA Europa League in 2011.

Hankook has been constantly introducing leading technological and innovative solutions to meet the future demands for performance, quality, durability and safety. The company has introduced a movable modular platform known as HPS-cell (Hankook Platform System) based on Hankook Electric Mobility Technology which offers optimized services by combining with pods, providing efficiency and utmost safety in movement. 

The HPS-cell is an airless tyre that uses advanced sensor technology to check tyre tread and surface status in real-time. The variable wheel and optimized tyre structure automatically replace the tread patternto comply with the road surface, hence maximizing efficiency. 

The company in 2018 rolled out Hexonic and Aeroflex concept tyres which focus on self-driving cars. Hexonic tyre tread is split into a series of hexagonal modules consisting of no less than seven sensors that read, analyze and react to the road conditions in real-time, taking into account things like temperature, grip, and the surface.

R&D Facilities

The Korean tyremaker has technical centres in Daejon, Korea; Akron, Hannover, Germany; Ohio, USA; Osaka, Japan; and China. The R&D centre in Daejon, Korea, is also known as Hankook Technodome, a high-tech facility providing an optimized research environment created with an investment of KRW 266.4 billion (233.30 million USD).

Achievements

• It received of the Red Dot Design Award on multiple occasions
• Hexonic Smart Tyres and Futuristic Aeroflow racing tyres won the US-based International Design Excellence Awards (IDEA) in 2019
• Grabbed iF Product Design Award multiple times since 2009
• Hankook Hexonic, Hankook Kinergy 4S 2 and Hankook HLS-23 received Product and Concept award at iF Design Award 2019
• Mobility concepts, the Flexup and the Shiftrac awarded by the Industrial Design Society of America
• Won the Gold award at the 2020 Galaxy Awards organized by MerComm Inc for 2019-20 CSR report
• Hankook Tyre & Technology has been listed in the ‘2020 Dow Jones Sustainability Indices World' for five consecutive years
• Received ESG Report LACP Spotlight Awards
• First Korean company to be included in the 'CDP Supplier Engagement Leader Board'
• Awarded ESG Integrated Rating B+ by the Korea Corporate Governance Service in 2020 after ESG evaluation

Passenger Car Tyre

Hankook has a wide range of passenger car tyres for the Indian market, including segments such as compact hatchbacks, sedans, SUVs, luxury and sports cars. Each tyre has been crafted to suit the Indian road conditions and is superior in terms of safety and performance. Some of the popular series in the passenger tyre category include Dynapro, Kinergy, Optimo, Smart Plus and Ventus among others. 

Motorcycle and Scooter Tyre

The Korean tyre manufacturer has not yet forayed into the two-wheeler market. It is anticipated that the tyremaker could venture into the two-wheeler business, looking at its popularity at the world level.

Truck Tyre

Hankook has a significant presence in the commercial tyres sector for applications, including regional-haul, long-haul, on-off highway and winter. The company produces truck tyres that are manufactured using unique tread compounds, and excellent design for getting maximum durability, fine traction, longer treadwear, and high fuel efficiency. 

Some of the popular tyres in the truck segment include e-cube MAX, SmartFlex and SmartWork, AL10 and AH32 series, among others.

Manufacturing facilities in India and abroad

The company has multiple manufacturing facilities in South Korea, Hungary, and the United States. Production facilities are being set up in Chongqing, China and Bekasi Indonesia to expand its business in the Asian market. The manufacturer has branches in the Middle East in Kuwait and countries including Malaysia, Vietnam, Australia, Taiwan, Cairo and Thailand. 

In India, the tyremaker has its office in Gurugram, Haryana. Hankook is the highest brand sold in Europe and Gulf and overall produces 92 million tyres annually, which are made available in 180 plus countries. 

Hankook Sales Network

The current network of dealers in India is over 250 and is expected to increase in the coming years. The existing product portfolio will also be strengthened, looking at the growing popularity of SUVs in the Indian market.