Coway has been committed to the Malaysian market for over 15 years. According to GfK 2020 brand health survey: Marketing Innovations Report, APU, Malaysia
|University||Asia Pacific University (APU)|
Coway has been committed to the Malaysian market for over 15 years. According to GfK 2020 brand health survey, Coway is the leading market in Korea and Malaysia and Coway owns the largest market share in air purifiers, up to 40%. In the year 2020, the annual revenue brought in by Coway Malaysia was RM2.61 billion which contributed to Southeast Asia subsidiaries. Across Southeast Asia, Coway brought in RM 2.73 billion which represented 22.9 % of the total annual revenue of Coway which amounted to RM 11.93 billion.
Coway positions its product in the mind of consumers as the leading air purifier brand in Malaysia and the United States because of several factors that make it the consumer’s choice. The first reason for consumer preference towards Coway air purifier is Quality, Coway products are considered the best among other brands as Coway has its own Research and development center in South Korea with more than 370 certified scientists who strive to make sure the quality of products is not compromised and over one million tests are done on each Coway product to ensure optimum quality.
Coway also received several awards and certificates that prove the quality of the delivery to the table such as from NEMKO (testing by Manufacturer) and RoHS compliance (Restriction of Hazardous Substances Directive). Another reason Coway air purifier is the choice of consumers in Malaysia is due to the services offered.
As filters in air purifiers need to be cleaned from time to time, Coway offers the most frequent free service, once every 2 months to ensure the optimum function of air purifiers and Coway is he only company that offers this service free of charge. Coway has also won the Platinum Award for the most trustworthy air purifier company in Malaysia, thus earning the trust of South Koreans and Malaysian citizens.
Being a Muslim-majority country, Malaysian are very concerned about Halal compliance. Coway covers this need by ensuring Coway has Halal Certificates from JAKIM for all parts of its machine and filters and ensuring the origins of the machine parts are not made from animal parts. Conway air purifiers have also received SIRIM certification to ensure safety from electrical parts and devices and all parts of products have been tested and verified for safety which makes Coway air purifiers the number one choice for consumers.
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The target market for Coway air purifier is companies/organizations and families. In other words, Coway’s target market covers business-to-business and business-to-customer. In terms of business to customers, Coway targets families, particularly families with individuals who suffer from allergies or asthma, people who live in large polluted cities, people with pets, smokers, and schools. Whilst in terms of business-to-business, Coway targets offices and factories.
People who suffer from allergies or asthma are a target market for Coway because this category of people is more sensitive to airborne particles such as dust and pollen and Coway air purifiers can remove the allergens from the air and improve their quality of life. People in large cities are a target because large cities usually have higher levels of air pollution from car exhaust, factories, and construction sites. People with pets also are a target market, as individuals who are allergic to pet dander need an air purifier to remove pet dander shed by pets from the air.
Smokers are another target market, as smokers may want to remove harmful secondhand smoke from the air of their homes so that they can provide a comfortable environment for nonsmokers who live with them. Schools also are a target as air purifiers improve the quality of air for students, especially for urban-located schools. In terms of business-to-business, the target market for Coway is offices and factories as most businesses will install an air purifier in their office, especially after the Covid-19 outbreak. Installing air purifiers can improve air quality for employees in offices and factories which may lead to an increase in productivity and fewer sick leave days.
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The Market for Malaysian air purifiers had a value of USD68.31 million in 2020 and was predicted to grow at a rate of 5.41 % between 2022 to 2026. This growth rate is influenced by the increasing prevalence of airborne and allergy-related diseases. Air pollution is also increasing rapidly in urban areas giving rise to airborne diseases.
There is a growth in awareness of the benefits of installing air purifiers in commercial and residential areas. There are also high-end investments by major market players in technological advancement for air purifiers in order to improve air purifiers’ efficiency and performance which ultimately led to the increase in demand for air purifiers in the market.
The growing disposable income of consumers and a preference to maintain higher living standards is causing the increase in growth of the air purifiers market in Malaysia. In addition, the sudden outbreak of the Covid-19 pandemic has increased awareness among consumers with regard to air quality to keep themselves safe and contain the spread of the virus. This factor alone is expected to boost the market growth for air purifiers in Malaysia.
The claims made by World Health Organization (WHO) on poor air quality and its effects on consumers’ health have also led to more consumers purchasing air purifiers. The Malaysian Air Purifiers market is segmented based on filter type, sales channel, region, and company. In terms of sales channels, the market is segmented into multi-brand stores, online and exclusive stores. Amongst all these, the online segment is anticipated to grow at the highest CAGR of 6.93%.
The growth of the online market segment is mainly due to the Covid-19 pandemic as people started shifting to shopping online due to fear of being in public places which exposes them to the virus. Besides that, the return policies and discounts offered by online retailers are more attractive than those offered by local stores which further boosted the growth of the online market for air purifiers in Malaysia.
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