Hyundai Motor Company today announced a bold roadmap to secure its position as a frontrunner in the future mobility industry.
Under the new roadmap, named Strategy 2025, the company will foster Smart Mobility Device and Smart Mobility Service as two core business pillars, and the synergy between the two pillars is expected to facilitate the company’s transition into a Smart Mobility Solution Provider.
The Smart Mobility Device business will supply products optimized for the services and lay the groundwork to help foster the service business. On the other hand, the Smart Mobility Service business will provide personalized contents and services on the devices to help secure a broader customer base.
Hyundai’s plans for Smart Mobility Device include a wide range of product groups beyond automobiles such as Personal Air Vehicle (PAV), robotics, and last-mile mobility. Hyundai will reinforce its manufacturing capabilities to build products that offer customers a seamless mobility experience.
*Hyundai Motor will develop Urban Air Mobility (UAM) platform business by combining Personal Air Vehicle (PAV) and mobility services.
Smart Mobility Service is a new area of business for Hyundai that will be fostered as a key strategic pillar for future businesses. Services and contents will be personalized and offered through an integrated platform to maximize value for customers.
The two pillars sit atop three key directions that the company has defined: enhancing profitability in internal combustion engine (ICE) vehicles, securing leadership in vehicle electrification, and laying the groundwork for platform-based businesses.
To materialize Strategy 2025 on the Device side, Hyundai will aim for growth that is balanced and steady, seeking balance between markets as well as models while prioritizing long-term sustainability over short-term targets. The company also plans to boost profitability by simultaneously pursuing enhanced value for customers and innovations in cost structures.
In particular, Hyundai aims to secure leadership in electrification by selling 670,000 electric vehicles annually and become one of the world’s top three manufacturers of battery and fuel cell EVs by 2025.
On the Smart Mobility Service side, the company will aim for a business model that combines product and service and launch an integrated mobility platform to offer customers personalized contents and services.
To this end, Hyundai will earmark KRW 61.1 trillion of investment until 2025 for research and development (R&D) and further exploration of future technologies. In the same timeframe, the company will target an operating margin of 8 percent in its automotive business and aim for a 5 percent share of the global vehicle market.
Separately, Hyundai announced plans to conduct a KRW 300 billion share buyback by February 2020 as part of its continuous efforts to boost shareholder and stakeholder value and enhance transparent communication with the market.
Hyundai’s comprehensive mid- to long-term strategic direction was presented by the company’s President and CEO Wonhee Lee during the “CEO Investor Day” forum held today in Seoul, which was attended by various stakeholders including shareholders and investors.
“The key to our future strategy is to focus on customers and to present the most desirable products and services. We want to offer smart mobility experiences that meet shifting needs of our customers by leveraging advanced technology,” said President Lee. “Transforming into a Smart Mobility Solution Provider with comprehensive mobility solutions that combine devices and services will be the centerpiece of Hyundai’s future strategy”
(1) Smart Mobility Device
In the Smart Mobility Device domain, Hyundai has set out strategies to maintain its competitiveness in the core manufacturing business by bolstering profitability in ICE vehicles and securing leadership in electrification.
The company plans to achieve balanced and steady growth with a portfolio that takes into account various regional and product needs.
In particular, Hyundai will address vehicle electrification by first targeting younger demographics and enterprise customers with affordable battery electric vehicles (BEVs) to achieve economies of scale. By 2025, the company aims to sell 670,000 electric vehicles annually, comprising 560,000 BEVs and 110,000 fuel-cell electric vehicles (FCEVs). The goal is to electrify most new models by 2030 in key markets such as Korea, US, China, and Europe, with emerging markets such as India and Brazil following suit by 2035.
The Genesis brand will launch its first fully-electric models in 2021, before expanding its electric lineup in 2024. The high-performance N brand also plans to launch SUVs and EVs, further boosting Hyundai’s competitiveness in electrification.
The company will also simultaneously implement quality and cost innovations to enhance customer value while innovating cost structures.
Quality innovations will maximize customer value based on three smart elements: innovative digital user experience (UX), artificial intelligence (AI) based connected services, and safety-first autonomous driving. With regards to autonomous driving technology, SAE Level 2 and 3, as well as Advanced Driver Assistance System (ADAS) for parking, will be available in all models by 2025, alongside the company’s aim to develop a full autonomous driving platform by 2022 and begin mass production by 2024. Hyundai’s plan to offer differentiated vehicle features to customers is expected to reduce incentive spending and improve customer perception of the brand.
For cost innovation, the company will adopt a new global modular EV architecture to enhance efficiency and scalability of product development, starting with vehicles being launched in 2024. The company also has plans to revamp its sales model through network optimization and new sales methods, to optimize production based on demand, and to expand partnerships with other OEMs.
(2) Smart Mobility Service
Smart Mobility Service will be a key future growth driver for Hyundai, bringing together device and service to offer customers a personalized mobility lifestyle.
The company plans to leverage its existing customer base to provide services linked to vehicles, including maintenance, repair, financing, insurance, and charging. It will also make efforts to reach a broader group of customers with a more comprehensive range of services. Hyundai will build an integrated mobility platform that analyzes data from in and around the vehicle through car connectivity. Through an enhanced understanding of customers, the company will offer services tailored to the needs of customers in every aspect of their lives, including shopping, delivery, streaming, and multi-modal mobility services.
Strategy 2025 also details regional optimization for Smart Mobility Service. In the US, car sharing and robotaxi service demonstrations will capitalize on the anticipated commercialization of autonomous vehicles of SAE Level 4 or higher. In Korea, Asia, and Australia, Hyundai plans to enter the mobility service market by partnering with leading local players. In Europe and Russia, where the service industry is mature, the company will first focus on businesses that combine products and services.
Organization and management reform plans are also in place for the successful implementation of Strategy 2025. The company will adopt new systems for data-based decision making, employee performance management, process innovation, and next-generation enterprise resource planning (ERP). It will also create a more flexible organizational structure and foster a harmonious corporate culture centered around communication and collaboration.
Hyundai also identified key financial targets required to achieve the goals outlined in Strategy 2025.
Over a six-year period from 2020 through 2025, the company will invest a total of KRW 61.1 trillion, or roughly KRW 10 trillion per year, in R&D and future core technologies to smooth its transition into a Smart Mobility Solution Provider. In particular, KRW 41.1 trillion will be allocated for product and capex to enhance competitiveness in existing businesses, while approximately KRW 20 trillion will be dedicated to future technologies including electrification, autonomous driving, AI, robotics, PAV, and new energy area.
The six-year investment plan has been refreshed and updated from the company’s existing plan – announced in February 2019 – under which the company disclosed a KRW 45.3 trillion spending plan in the 2019-2023 period.
Hyundai’s newly set target for operating profit margin in its automotive division stands at 8 percent by 2025, which rolls over from the previous target of 7 percent by 2022.
Supported by enhanced profitability and cost competitiveness, the company will increase the share of electrified vehicles in its product lineup and lay the groundwork for new mobility service businesses to reach this goal. The successful footprint of the Genesis brand in the global luxury vehicle market is also expected to further enhance the company’s profitability.
An array of cost innovation programs – such as platform integration, standardized vehicle architecture, and commonization of parts – will help boost efficiency in the company’s parts supply chain. Vehicle architecture processes will be optimized by region, and innovative manufacturing technologies will be implemented to further enhance efficiency and profitability.
An improved product mix, combined with competitive new models, will help reduce incentive spending, while pre-emptive quality control efforts will decrease quality-related costs. The company will also pursue increased investment efficiency for the Genesis brand.
Hyundai’s goal to achieve 5 percent market share in the global automotive industry by 2025 is a 1 percentage point increase from roughly 4 percent achieved in 2018. To meet this target, the company will address fluctuating demand in individual markets with regional flexibility and offer competitive mobility services.
Hyundai also announced plans to buy back KRW 300 billion worth of its own shares from the market by February next year as part of its continuous efforts to boost shareholder value and market-friendly policies.
Since first announcing plans to maximize shareholder return in 2014, the company’s dividend gradually increased to KRW 4,000 per share in 2015 compared to KRW 1,950 in 2013. In 2018, Hyundai executed a large-scale share buyback and cancel program, which applied to an equivalent of 3 percent of total outstanding shares.
“Hyundai will always prioritize its customers and strive to connect people’s lives with quality time,” said President Lee. “We will do our utmost to equip ourselves for the future, to lead the future mobility industry, and maximize shareholder value.”
Ex-Future Group Honcho Hemant Taware Joins Innoviti as Chief Business Officer
- Leading payment solutions provider, Innoviti Payment Solutions announced the induction of former Future Group and Croma senior executive, Mr. Hemant Taware to its senior management team.
- A retail industry veteran with over 25 years of diverse experience in Direct Sales, Marketing, and Operations across sectors like Food & Grocery, Apparel, CDIT & Telecom, Mr. Taware till recently was the Strategic Planning & Business Development Head at Future Group where he has been instrumental in orchestrating Change Management in their Design & Build function.
- Prior to that Mr. Taware handled leadership roles at some of India’s marquee retail organizations such as Chief Operating Officer at HyperCITY Retail, Chief of Operations at Croma, Chief Operating Officer at The Mobile Store and General Manager at ABRL.
- Mr. Taware’s appointment reaffirms Innoviti’s goal of building a world-class payments company by bringing senior talent from user industries to strengthen its expanding eco-system of payments linked value added services for retail merchants.
- Across India Innoviti processes over US$ 5Bn of payments annually from over 1,000+ cities, with a throughput per point of acceptance of US$7000, 2X of India’s average (as per RBI data). Innoviti’s payment solutions helps merchants, banks and brands influence commercial transactions happening in offline commerce more efficiently than possible otherwise, through an unconventional use of payment terminals.
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, FMO, Netherlands, SBI Venture Capital, Singapore and Catamaran, India.
Leading payment solutions provider, Innoviti Payment Solutions announced the induction of former Future Group and Croma senior executive, Mr. Hemant Taware to its senior management team. He is a retail industry veteran with over 25 years of diverse experience in Direct Sales, Marketing, and Operations across sectors like Food & Grocery, Apparel, CDIT & Telecom. Mr. Taware till recently was the Strategic Planning & Business Development Head at Future Group where he has been instrumental in orchestrating Change Management in their Design & Build function.
Prior to that, Mr. Taware handled leadership roles at some of India’s marquee retail organizations such as Chief Operating Officer at HyperCITY Retail, Chief of Operations at Croma, Chief Operating Officer at The Mobile Store and General Manager at ABRL. Mr. Taware’s appointment reaffirms Innoviti’s goal of building a world-class payments company by bringing senior talent from user industries to strengthen its expanding eco-system of payments linked value added services for retail merchants.
Mr. Hemant Taware, Chief Business Officer – Merchant Ecosystem, Innoviti said, “I’m very excited to be joining Innoviti’s team at a crucial time when the company is poised to aggressively grow its pioneering industry-leading software solutions in the digital payments space. Innoviti’s technologies have been at the forefront of setting new benchmarks for how retail businesses can extract more out of a payment transaction by adding intelligence to it. This is helping retail businesses transform their payment acceptance processing infrastructure into genuine drivers of business growth in today’s tough economic environment. I look forward to an exciting journey with Innoviti’s young and talented team.”
Across India, Innoviti processes over US$ 5Bn of payments annually from over 1000+ cities, with a throughput per point of acceptance of US$7000, 2X of India’s average (as per RBI data). Innoviti’s payment solutions helps merchants, banks and brands influence commercial transactions happening in offline commerce more efficiently than possible otherwise, through an unconventional use of payment terminals.
Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, FMO, Netherlands, SBI Venture Capital, Singapore and Catamaran, India.
SOURCE Innoviti Payment Solutions Pvt. Ltd.
Neurodiagnostics Market Worth $8.4 Billion by 2024 – Exclusive Report by MarketsandMarkets™
According to the new market research report “Neurodiagnostics Market by Product (Diagnostic & Imaging Systems (MRI, Ultrasound), Clinical Testing (PCR, NGS), Reagents & Consumables), Disease Pathology (Epilepsy, Stroke), End User, and Region – Global Forecast to 2024″, published by MarketsandMarkets™, the Neurodiagnostics Market is expected to reach USD 8.4 billion by 2024 from USD 5.9 billion in 2019, at a CAGR of 7.3%.
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The demand for neurodiagnostic products is expected to grow mainly due to factors such as the increasing prevalence of neurological disorders & diseases, technological advancements, growing patient emphasis on effective & early disease diagnosis, the growing number of diagnostic centers & hospitals, and the use of biomarker profiling for disease diagnostics. These factors have prompted market players to improve and strengthen their current manufacturing and distribution capabilities—especially in emerging markets, which are expected to witness the highest growth.
The diagnostic imaging systems segment accounted for the largest share of the Neurodiagnostics Market, by product, in 2018.
Based on the product, the market is segmented into diagnostic imaging systems, clinical diagnostic instruments, and reagents and consumables. The diagnostic imaging systems segment accounted for the largest share of the market in 2018. The increasing incidence and prevalence of neurological disorders and growing R&D in the field of cerebral and spinal disorders are the major factors driving the growth of this segment.
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The hospitals & surgical centers segment accounted for the largest share of the Neurodiagnostics Market, by end-user, in 2018
On the basis of end-user, the market is segmented into hospitals & surgical centers, diagnostic laboratories & imaging centers, neurology centers, ambulatory care centers (ACCs), and research laboratories & academic institutes.
In 2018, hospitals & surgical centers accounted for the largest share of the Neurodiagnostics Market, mainly due to the financial capabilities of hospitals to purchase expensive equipment, such as neurodiagnostic devices.
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North America accounted for the largest share of the Neurodiagnostics Market in 2018
North America accounted for the largest share of the market in 2018, followed by Europe. This can primarily be attributed to the presence of a highly developed healthcare system, high adoption of innovative neurodiagnostic devices among medical professionals, and the full availability of advanced neurodiagnostic devices.
Some of the prominent players in the Neurodiagnostics Market include GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Hitachi, Ltd. (Japan), Canon, Inc. (Japan), Lifelines Neuro Company, LLC (US), Natus Medical Incorporated (US), Hoffman-La Roche AG (Switzerland), FUJIFILM Holdings Corporation (Japan), Mitsar Co., Ltd. (Russia), Advanced Brain Monitoring (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories (US), QIAGEN N.V. (Netherlands), Nihon Kohden Corporation (Japan), ANT Neuro (Netherlands), Fonar Corporation (US), Fujirebio (Japan), DRG Instruments GmbH (Germany), Tecan Trading AG (Switzerland), Motion Lab Systems, Inc. (US), Rigaku Corporation (Japan), Neusoft Medical Systems Co., Ltd. (US), ELMIKO MEDICAL Sp. Z o.o. (Poland) and Ridge Diagnostics (US).
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Digital PCR (dPCR) and Real-time PCR (qPCR) Market by Product (Instruments, Reagents, Software, Services), Application (Clinical, Oncology, Forensics), End-user (Hospitals, Diagnostic Labs, Academia, Pharma-Biotech, CRO) – Global Forecast to 2024
Global Surgical Robots Market Size was Estimated at USD 1190 Million in 2018, and is Expected to Grow USD 4270 Million by the end of 2025 at a CAGR of 20% | Valuates Reports™
As technological advances is all set to revolutionize healthcare in the years to come, the demand for surgical robots is expected to capture a significant portion of the growing medical industry.
There are several advantages of robotic surgery, resulting in increased hospital and outpatient surgical center adoption. Robotic surgery gives the surgeon many benefits such as an improved field of vision, superior flexibility and accessing inaccessible or hard-to-reach areas during surgery.
Surgical Robots average price is in the declining trend, from USD / Unit 1280 K in 2012 to USD / Unit 1250 K in 2016. The classification of surgical robots includes laparoscopy, orthopedics, and others, and the percentage of laparoscopy in 2016 is about 70 percent, and the percentage of orthopedics is about 20 percent in trend increase. Surgical robots are commonly used in the Minimal Invasive field of Open Surgery. The majority of Surgical Robots are in Minimal Invasive and the proportion of sales in 2016 is around 72%.
Surgical robots have applications, among others, in general surgery, gynecological surgery, orthopedic surgery, cardiology, neurology. Of all the applications, the largest demand for surgical robotic systems, accessories and services was for general surgery followed by gynecological surgery. The gynecological surgical robots market is expected to experience the fastest growth during the forecast period as more and more surgeons are embracing surgical robots and gynecology services as robots have demonstrated their productivity and accuracy with less ill effects.
TRENDS INFLUENCING GLOBAL SURGICAL ROBOTS MARKET SHARE
- Growing neurological disorders
- Raising research and development activities
- Raising geriatric population
REGION WISE SURGICAL ROBOTS MARKET ANALYSIS
- North America is the largest place of consumption, with a market share of almost 56 percent in 2016.
- Europe is the second largest consumer place after North America, with a consumption market share of 20%. Competition in the market is intense
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The objectives of this study are to define, segment, and project the size of the Surgical Robots market based on company, product type, end user and key regions.
This report studies the global market size of Surgical Robots in key regions like North America, Europe, Asia Pacific, Central & South America and Middle East & Africa, focuses on the consumption of Surgical Robots in these regions.
This research report categorizes the global Surgical Robots market by top players/brands, region, type and end user. This report also studies the global Surgical Robots market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels and distributors.
Key Competitors: the following manufacturers are covered in this report, with sales, revenue, market share for each company:
- Intuitive Surgical
- Restoration Robotics
- Medtech S.A
- Mazor Robotics
- THINK Surgical
SURGICAL ROBOTS MARKET SIZE BY PRODUCTS
SURGICAL ROBOTS MARKET SIZE BY END USER
- Open Surgery
- Minimal Invasive
THE STUDY OBJECTIVES OF THIS REPORT ARE:
- To study and analyze the global Surgical Robots market size (value & volume) by company, key regions, products and end user, breakdown data from 2014 to 2018, and forecast to 2025.
- To understand the structure of Surgical Robots market by identifying its various subsegments.
- To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
- Focuses on the key global Surgical Robots companies, to define, describe and analyze the sales volume, value, market share, market competition landscape and recent development.
- To project the value and sales volume of Surgical Robots submarkets, with respect to key regions.
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
REPORTS COVERING SPECIFIC SUBSETS OF SURGICAL ROBOTS MARKET
1. GLOBAL ORTHOPEDIC SURGICAL ROBOTS MARKET
In the orthopedic surgical industry, orthopedic medical robots have created a revolution. These machines allow the surgeons to perform the most accurate and efficient procedures. They are superior to traditional orthopedic techniques and are highly reliable. The orthopedic medical robots were increasingly adopted throughout the world in 2019.
The global market for Orthopedic Surgical Robots is estimated at US$ 985 million in 2018, growing at a CAGR of 12.28% percent in 2019-2025.
Trends Influencing The Orthopedic Surgical Robots Market
- Consistent advancements in the technology for orthopedic surgical robots.
- Availability of orthopedic surgical robots across the globe.
- Increase in government funding.
- Raising investments by manufacturers for the development of orthopedic surgical robots
Region Wise Orthopedic Surgical Robots Market Analysis
- North America holds the largest market share due to enhanced health care infrastructure, educated population and improved affordability, as well as increased acceptance of knee, hip and spine-related surgery robotic systems in the region.
- Europe follows closely as there is a high percentage of the elderly population needing bone-related procedures.
- Due to the growing population and a steep increase in injuries and drops in the area, Asia-Pacific is also seen as a good market for the orthopedic medical robots industry.
2. GLOBAL LAPAROSCOPY SURGICAL ROBOTS MARKET
Among all types of surgical robots, laparoscopy surgical robots generate significant revenue.
The global market for Laparoscopy Surgical Robots is estimated at xx million dollars in 2017, reaching xx million dollars by the end of 2025, rising at a CAGR of xx percent in 2018-2025.
The global market is expected to expand steadily, primarily due to increasing applications of gynecological, cardiovascular, gastrointestinal, urological and ear / nose / throat (ENT) robotic solutions worldwide.
Trends Influencing The Laparoscopy Surgical Robots Market Share
- Increasing investment in research and development activities
- Raise in geriatric population
3. GLOBAL AI-BASED SURGICAL ROBOT MARKET
Today, surgeons around the world are using technological advances in artificial intelligence-enhanced surgical robotics devices to reduce the mortality rate associated with chronic disease. Rising awareness of public health and improved patient safety and regulation fuels market growth of the industry for AI-based surgical robots.
The global market for AI-based Surgical Robots is expected to reach xx million US$ in 2018 by the end of 2025, growing at a CAGR of xx% in 2019-2025.
Services have the largest share of the AI-based surgical robot market in the consumer segment. High maintenance costs associated with robotic surgical system algorithms and updating routine equipment increase demand for service items.
Region Wise AI Based Surgical Robot Market Analysis
- North America has a market share of 45 percent and is leading the market for AI-based surgical robots. Strong cooperation between healthcare organizations and robotic software companies are the major contributing factors related to their market dominance.
- Europe is the second largest regional market with a 30 percent share as a result of strategic collaboration between academic research institutes and government-funded hospitals to develop machine learning programs for AI-based surgical robots.
- Asia Pacific holds a market share of 15 percent due to the enormous patient base suffering from critical disease that needs surgical intervention and aggressive government policies to build well-equipped healthcare institutions with surgical robots.
4. GLOBAL SPINAL SURGICAL ROBOTS MARKET
With the application of robotic technology to the second most commonly performed surgical procedure, spinal surgery, the global spinal surgical robot markets are poised to achieve significant growth. Spinal surgical robots improve the repeatability and accuracy of spinal surgery.
The global market for Spinal Surgical Robots is estimated at US$ 67 million in 2018, reaching US$ 470 million by the end of 2025, growing at a CAGR of 27.6% in 2019-2025.
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Over the years, spinal surgery has evolved dramatically as advances in technology have enabled improvements in surgical techniques. Spinal surgery involves modifying the affected area of the back bones and nerves. It is a very delicate surgery to implant one or more screws or components. The robot can achieve better precision than can a skilled surgeon.
Trends Influencing The Global Spinal Surgical Robots Market Share
- Aging population
- Reductions in hospital costs due to decreased length of stay
SOURCE Valuates Reports
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