"Achieving 20% Global Market Share by 2025"
[Asia Economy Reporter Ki-min Lee] POSCO International is establishing new growth engines in the mobility business and accelerating its efforts to capture the global eco-friendly vehicle parts market.
On the 1st, POSCO International announced that it will designate this year as the inaugural year for becoming a "Global Top Drive Motor Parts Company" and aims to supply 4 million drive motor cores by 2025, achieving a global market share of over 20%.
The motor core is a key component that plays a heart-like role in motors used in automobiles and industrial equipment. With the development of the electric vehicle market, demand for motor cores is also expected to surge. According to industry sources, the eco-friendly vehicle market size is estimated to expand from 8 million units last year to 16.5 million units in 2025 and 38 million units by 2030. Generally, one drive motor core is applied per electric vehicle, but future adoption of dual and trial motors is expected to increase multiple demand.
POSCO International, having secured orders for 10 million drive motor cores worth approximately 2.5 trillion KRW in sales by 2025, plans to solidify its position by leveraging its domestic and overseas motor core production bases along with its global network of over 80 locations.
Accordingly, POSCO International plans to expand its domestic production lines to establish a 2 million unit production system by 2022 and actively pursue new orders not only domestically but also in overseas markets such as Asia and the Americas.
Additionally, the company is expanding production facilities and specialized personnel at its production bases in China and India, which are owned by the group, and is considering proactive investments such as establishing production corporations in Europe and the Americas to localize overseas operations.
Through this, POSCO International aims to build a supply system of 4 million units by 2025 based on production bases worldwide including Korea, China, India, and Europe, achieving annual sales of 750 billion KRW and nurturing this as a core business group focused on POSCO Group’s automotive parts business capabilities.
Furthermore, POSCO International plans to lead the motor core market technologically through its wholly owned subsidiary, POSCO SPS. POSCO SPS recently developed the innovative technology 'EMFree (Embossing Free)', which minimizes electrical loss and improves fuel efficiency. It is the only domestic motor core manufacturer to own a mold research institute, providing a customer-oriented system that services the entire process from mold design to core manufacturing.
Meanwhile, separate from electric vehicles, POSCO International has laid the groundwork for commercialization by applying the fuel cell separator material 'Poss470FC', which serves as the power source for hydrogen fuel cell vehicles, to Hyundai’s Nexo model. With the Green New Deal project underway, the hydrogen fuel cell vehicle market is also rapidly growing, raising expectations that the automotive parts business will become a new growth engine for POSCO International.
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