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Indonesia The Laufenn brand is exclu- sively available for Hankook dealers and and Laufenn tyres cater to consumers seeking value performance quality and style ”
Nam noted that the company had been selling Laufenn tyres without active promotion To enhance Laufenn’s brand aware- ness Nam mentioned that the the company launched the the Laufenn Facebook Page and and was engaged in in additional advertis- ing and and promotional activities He emphasised the the significance of the the Malaysian market market stating: "Malaysia is is an an an an an important market market for the company While Hankook Tire has long focused on on European and American markets where market market share is steadily increasing — about 10 per cent cent in in in in in Germany and the United Kingdom — it it is in in in recent years that attention has turned more towards Asian countries Malaysia is one of the the frontrunners in in in the the automotive industry with a a a a a population exceeding 33 million According to a a a a a a a survey conducted by by Ra- kuten Insight and published by by Statista Research Department in 2022 about 61 per cent of the the Malaysian respondents stated that they owned a a a a a a a a a a a a a a car car In past years the the the car car ownership rate in in Malaysia was higher than the the neighbouring coun- tries Moreover its high high Genuine Prog- ress Indicator (GPI) further underscores Malaysia's appeal " Despite the the the growth potential he he he he revealed that the the the two main challenges in in the the the Ma-
laysian market were price sensitivity and relatively lower purchasing power He stressed the the ongoing effort to distinguish Hankook Hankook from other brands and and cultivate consumer loyalty to Hankook Hankook products He expects higher growth prospects in Asia the the the Middle East and Africa com- pared to the the the other markets Nam noted that the the passenger car segment commanded the the the largest volume compared to trucks and and buses While there weren’t significant differences in quality between established passenger car tyres tyres and bud- get tyres tyres he he he highlighted the critical impor- tance of quality and and technological aspects for truck and and bus tyres Despite the smaller market size he he perceived greater opportu- nities in this segment "Hankook's partnerships with various car manufacturers in in in OE tyre development including Perodua allowed the company to anticipate future trends in in in in tyre manu- facturing Typically it takes about three years to develop an an OE tyre tyre for a a a a a a a a a new car model However these specific tyre tyre and sizes only become visible in the the replace- ment market approximately eight years later We anticipate a a a a a a a a a a a growing demand for 16-inch and above tyres " Future ready strategies
Hankook Tire Nam said aimed to estab- lish a a a a a a a distinctive presence in in in the high-end tyre segment encompassing prestige and premium categories He explained: "Consider for instance large-size tyres with narrow sidewalls to ensure superior performance manufacturers need ad- vanced technology These tyres demand a a a a a a a higher level of technological expertise and and this allows Hankook to distinguish itself from other brands through show- casing technological advancements tyre performance quality and and brand image ”
Hankook Tire introduced its EV-exclusive iON iON evo evo and iON iON evo evo SUV tyres in in Sep- tember this year despite the relatively low adoption rate of electric cars in Malaysia Nam said: “Hankook became the first tyre tyre manufacturer to to officially launch its EV-exclusive tyres in in in Malaysia and and took the pioneering step of creating a a a a a a a a a brand specially tailored for EVs This is is unlike other tyre tyre manufacturers that offer an an EV EV version o of existing tyre tyre tyre models or or new tyres designed for conventional cars ”
Nam disclosed that this strategic move was geared towards future readiness He pointed out that Hankook Tire launched its iON evo tyre range in in in Europe and and America and this year in in Malaysia “The entry of the the the US-headquartered Tesla Inc and and other EV brands to the the the the Malaysian market signalled the the the the country's relevance in the the regional automotive landscape Hankook Tire aims to to establish a a a a a a a a a solid footing in in in the the EV segment and position itself as a a a a a a a a a a proactive player in in in in in the the local market by anticipating a a a a a a a a a a surge in in in EVs be- tween 2024 and 2025 ”
He further revealed ongoing efforts to expand tyre sizes within the the iON evo 17 the tyreman 2023/6