ASEAN Market Study for World Leading High-end Home Lift Manufacturer
One of the world’s largest manufacturers of low-speed lifts for both commercial and residential use were looking to get a more comprehensive understanding of the opportunities and challenges on the markets in some selected countries in Asia where they are present.
Asia Perspective was asked to evaluate the potential market for home lifts in these markets to which the client could devise and align its market strategies under the current and future market dynamics.
The project included a validation study of the selected markets, including market size, market growth, growth drivers, regulations, as well as a comprehensive benchmarking analysis of industry peers.
In addition, this study provides the client with recommendations about what they should focus on and what actions are needed in order to remain competitive and to improve further in the selected markets.
The home lift market has been a lucrative and booming business in Asia over the last years, with a growing wealthy population seeking products offering both luxury and comfort for their homes, driving the demand for luxury products such as home lifts.
However, a large proportion of the home lift market potential in the selected SEA markets are still not dug out, and the markets has a long way to go before it matures. Currently, the client is highly active on the market, being one of the leading companies in most of the Asian countries, and has built brand awareness among a large group of customers for being the high-end quality products that they are selling. But seeing the large market potential ahead, the first priority of the client is to comprehend the dynamic market and optimize sales models to maximize the growth both within the high-end as well as local low-end section.
Asia Perspective conducted a combination of top-down and bottom-up analysis to estimate the market size, meanwhile macro and micro research were conducted to illustrate the growth drivers and future market trends, including high level assessment and mapping of the home elevator consumer market, laws and regulations in market segment worth considering, local trends, and new territories for key market players.
Meanwhile, Asia Perspective interviewed plenty of experts and customers, to understand users’ expectations and the purchasing criteria, as well as the feedback on major products and providers in the market.
Due to the complexity of the project, a comprehensive market study of the industry, trend identifications analysis and in-depth competitor analysis was provided to the client with the aim to give an accurate picture of the ASEAN markets.
Risks and opportunities on the ASEAN markets were identified.
As the client is perceived as a high-end brand, Asia Perspective recommendation was that they should not lower its price to compete with the local competitors. Instead, the recommendation was to introduce a new product segment with a more competitive price offering that is designed for the local low-price segment.
Therefore, the recommendation is that the client should improve the product portfolio, not lowering the prices to gain market shares of the low-end segment.
Based on market knowledge and customer voices, Asia Perspective developed a business strategy, including market positioning, target customers and sales strategy.
The final report gave the client a comprehensive market overview and recommendations with doable implementations, aiming to grasp a larger market share of the ASEAN markets.
Based on the provided information in the market study report, the client decided to follow the outlined recommendations by Asia Perspective. The client was very pleased with the finding and recommendation and decided to expand the scope of the project to include the Middle East/North Africa (MENA) markets as well, as an extension of the project.
The extended project was carried out successfully as well and was included in the client’s global expansion strategy.