Indian Market Expansion 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 expand its business to the Indian market. Asia Perspective was asked to evaluate the potential market for home lifts in this country to which the client could devise and align its market strategies under the current and future market dynamics.
Initially, in-depth research on the Indian home lift market was conducted, studying the market size and the future growth trend to form instructive insight. Secondly, the premium segment was analyzed since this is the target market for the client. Finally, a competitor analysis was conducted to illustrate an overview of the market and give the client clarity on how to align its market strategies if choosing to enter the market.
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.
The client already has established operations in China as well as in several countries in South East Asia and has been seeing great results from these countries. However, due to limited local know-how about the Indian market the client needed a third-party opinion, evaluating the potential in this market.
The project was initiated by a kick-off meeting between the Asia Perspective team and the client, which covered timeline, focus areas, and expected outcome.
Considering the growth in the High-Net-Worth Individual (HNWI) population, an aging population, the growing home lift market as well as the fragmented competition, Asia Perspective sees India as a promising market for the client.
Asia Perspective recommended the client to enter India as soon as possible, as competitors are emerging quickly and are expected to expand their business even further.
Based on the provided information in the market study report, the client decided to follow the outlined recommendations by Asia Perspective. The client has started looking at potential office locations in the region and has prepared a budget for entering, that will be reviewed by Asia Perspective as well.