Coway Co., South Korea’s leading water and air purifier maker, has further cemented its leadership in Malaysia with its number of water purifier rental service accounts in the region likely recording a near 50 percent growth this year.
According to Coway on Sunday, the number of its water purifier rental service accounts in Malaysia is expected to reach 670,000, jumping nearly 50 percent on year, and sales record 200 billion won ($176.8 million) this year.
Coway, which began operations in Malaysia in 2006, has been No. 1 in the local water purifier market since 2015 by commanding nearly 40 percent share. Its sales have recorded a sharp growth over the past years, registering 54.4 billion won in 2012, 97.8 billion won in 2015, and 92.7 billion won in the first half of this year.
The number of water purifier rental service accounts, a key performance indicator for a rental service firm, in Malaysia more than doubled to 270,000 accounts in 2015 from 107,000 in 2012. The number topped 540,000 in the first six months this year and it is expected to hit 1 million next year.
Coway’s huge success in the Malaysian water purifier market largely comes from its home care service, which provides regular check-up services for its rental appliances, and a monthly rental service program easing the burden of large one-time payment.
Also, it received halal certification for the first time among foreign home appliance companies in Malaysia with 70 percent of its population being Muslim.
The company plans to nurture its Malaysia office as the center of its business in Southeast Asia and expand out to other neighboring markets such as Vietnam, Thailand, and Indonesia, said Choi Ki-ryong, head of Coway’s Malaysia subsidiary.