Kyungdong Navien Launches Mexico Corporation to Target Latin American Market

Combining Experience as North America's No.1 Water Heater
Eco-Friendly Technology Leading Market Changes

Kyungdong Navien announced on the 3rd that it will begin full-scale entry into the Latin American market, starting with the opening ceremony of its Mexico corporation. Mexico's water heater market is showing continuous growth, with over 700,000 units of general water heaters sold annually.

Kyungdong Navien currently recognizes that this market is dominated by low-priced products, but customer demand for technology and quality is expected to increase gradually. Based on its successful experience in the North American market, Kyungdong Navien plans to lead a paradigm shift in the water heater market through products optimized for the Mexican market. Since entering the North American market in 2008, Kyungdong Navien has become the market leader with condensing water heaters boasting up to 98.8% efficiency.

Attendees are taking a commemorative photo at the opening ceremony of Kyungdong Navien's Mexico branch.

Kyungdong Navien aims to establish a market base in Mexico, which has growth potential, and use it as a stepping stone to expand its presence throughout Latin America. The company already holds the top position in the Chilean market, one of Latin America's other representative countries, with nearly twice the performance of the second-ranked company. Additional expansion into neighboring South American countries is also being actively considered.

With the Mexico corporation, Kyungdong Navien now has its eighth overseas subsidiary, following those in the United States, China, the United Kingdom, Uzbekistan, and others. Kyungdong Navien exports boilers and water heaters to 47 countries, accounting for 88% of Korea's total boiler exports. Approximately 67% of its total sales in 2022 were generated overseas, demonstrating its successful global expansion.

Lee Sang-kyu, head of the corporation responsible for the United States, Canada, and now Mexico, stated, "Kyungdong Navien has established itself as a leading company in North America by realizing customer needs through technology and quality," adding, "Building on our success in the U.S. and Canadian markets, we will strive to lead the premium trend in Mexico as well, earning customer trust and satisfaction."

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