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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.
ARC Consulting 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.
Opportunity
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.
Approach
Risks and opportunities on the ASEAN markets were identified.
As the client is perceived as a high-end brand, ARC Consulting 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, ARC Consulting 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.
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