Hyundai Glovis secures contracts for smart logistics solutions

[Courtesy of Hyundai Glovis Co.]

Hyundai Glovis Co., a logistics unit under South Korea’s Hyundai Motor Group, has secured contracts worth 40 billion won ($28.9 millino) for smart logistics solutions, marking a step forward in what the company sees as a future growth engine.

The company said Wednesday that it signed contracts for smart logistics solutions with Korea Superfreeze Inc. and EcoPro CnG Co.

Smart logistics solutions refer to systems that automate supply chain management (SCM) by leveraging technologies such as artificial intelligence (AI), big data and robotics across all logistics facets, from storage to transportation.

Hyundai Glovis‘ partnership with cold storage logistics specialist Korea Superfreeze includes participation in the cold storage logistics center in Incheon, which is expected to be the largest in the country.

Korea Superfreeze’s Incheon project aims to automate cold storage in an 8,000-square-meter facility to be completed by 2026.

The plan includes the installation of stacker cranes, sorters, and logistics automation software such as warehouse control systems (WCS).

Hyundai Glovis also plans to implement logistics automation solutions at the Blue Valley Industrial Complex in Pohang, North Gyeongsang Province, in collaboration with EcoPro CnG, a subsidiary of the EcoPro Group specializing in battery recycling.

The company will focus on the establishment of a 1,022-square-meter automated logistics center that includes automation equipment consulting, warehouse management, control systems, and streamlined maintenance and management processes.

Market projections suggest substantial growth in the global logistics automation sector, with estimates foreseeing a leap from $43 billion in 2022 to $106.4 billion by 2030.

In Korea, the market is poised to surpass 1 trillion won in 2025.

Hyundai Glovis aims to capture a 20 percent share of the domestic logistics automation market by 2025. It plans to concentrate efforts on pivotal industries such as distribution, consumer goods, secondary batteries, automobiles, bio, and petrochemicals.