Kyungdong Navien Selected as 'World-Class Product' for Wall-Mounted Gas Boilers for 3 Consecutive Times

88.2% of Industry Gas Boiler and Gas Water Heater Exports in 2020

Exterior view of Kyungdong Navien Seotan Factory.
[Photo by Kyungdong Navien]

[Asia Economy Reporter Kim Jong-hwa] Kyungdong Navien announced that it has been selected as the '2021 World-Class Product' in the wall-mounted boiler category, certified by the Ministry of Trade, Industry and Energy.

The World-Class Product certification is a system jointly certified by the Ministry of Trade, Industry and Energy and KOTRA every year, selecting products from Korea that possess global competitiveness. To be selected, companies must meet stringent criteria such as having a global market size of over 50 million USD annually and either a domestic market size twice as large or an export scale exceeding 5 million USD annually, with a global market share of 5% or more ranking within the top five. This serves as a benchmark recognizing global companies.

Kyungdong Navien has once again earned the honor after being the first in the industry to be selected as a World-Class Product in 2019. Overcoming various constraints in the boiler industry, traditionally considered a representative domestic industry due to differing heating cultures and facility infrastructures in each country, Kyungdong Navien has been recognized for showcasing the status of 'K-Boiler' in the global market through outstanding product technology and quality.

In fact, Kyungdong Navien holds a dominant share in the export of domestic boilers and water heaters. Last year, it accounted for 88.2% of the industry's total gas boiler and water heater exports and was the first in the industry to receive the $300 million export top award. Additionally, it exports boilers and water heaters to more than 30 countries worldwide, with over half of its total sales coming from overseas markets since 2017. Last year alone, it recorded sales of 503.2 billion KRW overseas.

Especially notable are the achievements in North America and Russia, considered key markets. In these two fiercely competitive arenas where companies from around the world gather, Kyungdong Navien has maintained the number one position and is even leading new market changes.

In North America, Kyungdong Navien introduced condensing water heaters, making eco-friendliness a new trend, and currently holds the top position in both the condensing boiler and water heater markets. Furthermore, due to the prolonged impact of COVID-19, customer preference for products with trusted quality and technology has increased, further enhancing Kyungdong Navien's market influence.

In Russia, Kyungdong Navien has established itself as a leading company and a trusted brand among customers. Through a localization strategy considering Russia's heating culture and infrastructure, it became the first company to reach cumulative sales of one million units within five years of establishing its corporation in Russia, firmly maintaining its market leadership.

Moreover, it has been honored as the 'Russia National Brand' chosen directly by consumers for three consecutive times since the category was established in 2016, and has also won the 'Company of the Year' award twice in a row, selected by local businesspeople and government officials, gaining recognition from both customers and experts.

Kim Taek-hyun, Head of Kyungdong Navien's Overseas Sales Division, said, "We are pleased that Kyungdong Navien's steadfast and consistent belief in providing customers with a more comfortable life has resulted in the achievement of being recognized as a World-Class Product." He added, "We will continue to do our best to offer perfect quality products to more global customers and provide innovations in living environments."

This content was produced with the assistance of AI translation services.