67% of Last Year's Total Sales Generated Overseas
Steadily Increasing Since Surpassing Domestic Sales in 2017
Kyungdong Navien is smoothly targeting the global heating, ventilation, and air conditioning (HVAC) market. Based on 'condensing' technology, it has introduced innovative technologies in North America, Central Asia, and Latin America, creating new growth engines. Based on this, it earned 814.5 billion KRW overseas last year, accounting for 67.6% of total sales. Since surpassing domestic sales in 2017, this proportion has steadily increased. In the first quarter of this year, 68.2% of sales were also generated overseas, raising expectations for performance in the second half of the year.
Kyungdong Navien announced on the 9th that in the first quarter of this year, it recorded sales of 323.2 billion KRW, of which 220.7 billion KRW came from overseas sales. The overseas ratio is 68.2%. One market where Kyungdong Navien’s presence stands out is North America, one of the world’s largest consumer markets. Sales in the first quarter also showed a North American share of 58.4%. Last year, Kyungdong Navien ranked first in the North American instantaneous water heater market and gas boiler market. Based on its achievements in leading the eco-friendly market trend with condensing water heaters, it has established a solid market influence, rising to the top of the entire instantaneous water heater market. Not stopping there, it is actively expanding its scope by launching the ‘Condensing Hydro Furnace.’ The main heating market in North America is centered around a heating device called a ‘furnace,’ which, as of 2022, amounts to approximately 4.7 million units (8 trillion KRW) in scale.
The ‘furnace’ differs from boilers that heat floors with hot water by combusting gas to directly heat air and supply it indoors. The air tends to be dry, and there is a risk of harmful gases entering the indoor space. Kyungdong Navien introduced the ‘Condensing Hydro Furnace’ to the market last year to solve this problem. This product supplies warm air heated by water indoors, so the air is not dry and remains comfortable, with no concerns about harmful gas infiltration. Additionally, its ‘Annual Fuel Utilization Efficiency (AFUE)’ reaches 97%, demonstrating the excellent energy-saving effect unique to condensing technology. It has also been recognized by the South Coast Air Quality Management District in the United States for its nitrogen oxide (NOx) reduction capability.
The local response to Kyungdong Navien’s ambitious product has been enthusiastic. At the largest HVAC exhibition in North America held earlier this year, the Condensing Hydro Furnace received great acclaim from local installers. Considering that installers in North America handle everything from distribution to installation of HVAC equipment, Kyungdong Navien explained that their response directly reflects the market’s reaction. In fact, sales of the Condensing Hydro Furnace in February this year grew by 245% compared to January, and sales up to mid-March were six times higher than those in January.
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