PREMO Group Strengthens Global Collaboration and Strategy During Visit to Korea
Dongan-gu, Anyang-si, Gyeonggi-do – South Korea | November 15, 2024
PREMO Group’s Corporate Marketing Manager, Jonas Maier, made an impactful visit to the PREMO Korea Office, furthering the company’s commitment to innovation, market expansion, and team collaboration.
The week was packed with strategic planning, insightful discussions, and valuable cultural exchanges, solidifying PREMO’s position as a leader in the Korean market! Don’t miss it!
Industry Outlook: Magnetics for Vehicles in Korea
Korea is a global leader in automotive innovation, with the automotive industry contributing over 10% of the country’s GDP. The rise of electric vehicles (EVs) and hybrid technologies has fueled the demand for advanced magnetic components, a key focus area for PREMO. The market for magnetics in EVs, including inductors, transformers, and wireless charging coils, is expected to grow at a compound annual growth rate (CAGR) of 15% over the next five years, driven by Korea’s strong push for green mobility and its robust R&D ecosystem.
- Korea’s government has set ambitious targets to achieve 83 million EVs on the road by 2027, further bolstering the need for high-performance magnetic solutions.
- Major local automakers are pioneering innovations in electric mobility, creating opportunities for suppliers like PREMO to integrate cutting-edge magnetic technologies into next-generation vehicles.
Take a look at these data:
- In 2018, the EV market in South Korea was valued at approximately USD 6.5 billion. It grew to USD 11.64 billion by 2023, and it is projected to reach USD 30.6 billion by 2030, with a compound annual growth rate (CAGR) of 9.3% during the forecast period - Bluewave Consulting News.
- EV sales in South Korea increased significantly, reaching 734,000 units in 2023, up from an estimated 390,000 units in 2018. By 2030, the sales volume is expected to rise to 1.33 million units, reflecting a CAGR of 9% - Taiwan News.
Key Highlights of the Visit
2025 Korea Marketing Plan
The Korean Marketing team, presented the 2025 Marketing Plan, developed in collaboration with the local Sales Team, Corporate Marketing, and HQ. Discussions centered on these key strategies based on detailed market data:
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Inbound Marketing: Enhancing PREMO’s digital presence on different platforms.
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Outbound Marketing: Designing tailored strategies to reach new customers in the market.
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Public Relations: Building partnerships with organizations and institutions of reference in the industry in Korea.
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Productive meetings with distributors focused on tailoring solutions for local distribution channels.
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Introduction of the revamped PREMO Group website, highlighting features such as certification downloads, project customization requests, and more!
Market Exploration and Insights
A visit to the COEX Exhibition Center in Seoul provided valuable insights into how trade fairs are conducted in Korea, emphasizing the significance of conference participation alongside exhibitions—a practice less common in European markets. 
Team Training and Collaboration
Comprehensive training sessions by Jonas Maier for the local team, focusing on the automotive market, PREMO’s solutions, and effective sales strategies.
Face-to-face meetings with the Korean team, strengthening cross-border relationships.
Cultural Exploration
A leisure visit to the Bongeunsa Temple near COEX offered a moment of cultural enrichment and team bonding, with Julián Linares leading the tour.
A Step Towards a Stronger Future
The visit not only provided a platform for knowledge sharing but also gave Jonas a firsthand understanding of the Korean market’s unique needs. The insights gained will play a crucial role in shaping more effective marketing strategies and ensuring PREMO’s continued success in the region.
With Korea’s burgeoning EV market and its demand for innovative magnetic components, PREMO Group is well-positioned to play a vital role in advancing sustainable mobility.
PREMO Group extends heartfelt gratitude to the Korean team for their warm hospitality and dedication, making this visit a significant milestone in achieving our shared goals of growth and innovation. ✨