PRESS RELEASE
Coway Celebrates Global Success with 10 Million Rental Accounts
2024.08.26
SEOUL, South Korea, August 28th, 2024 -- Coway Co., Ltd., the “Best Life Solution Company,” has officially surpassed 10 million rental accounts worldwide. With 6.55 million accounts in South Korea and 3.45 million internationally, the milestone solidifies the company’s position as a global leader in the home wellness rental market.
Founded in 1989, Coway has experienced steady growth in rental accounts, both domestically and internationally. Starting with just 500,000 accounts in 2000, the company’s expansion has been nothing short of remarkable. By this August, accounts had surged to 10 million, following key milestones like hitting 3,000,000 accounts in 2004, 5,000,000 in 2011, and 9,100,000 in 2022. As it stands today, the total number of managed accounts around the world is 10.6 million, including membership customers continuing to receive care services after their rental agreements have expired.
A highlight of Coway’s latest milestone is the exceptional growth in Coway's international rental accounts. In 2018, overseas accounts made up just 16% of the total, standing at 1.01 million. Driven by an impressive annual growth rate of approximately 27%, international accounts have tripled over the past five years, reaching 3.27 million in 2023 to make up 34% of the total.
The key drivers behind Coway's record performance in the global rental market are its continuous product and service innovation and commitment to having a competitive edge in the global market. Coway transformed the industry in 1998 by launching South Korea’s first environmental appliance rental service, reshaping consumer habits and lifestyle trends. Since Netmarble’s acquisition of Coway in late 2019, Coway has launched innovative new products, such as the "Icon Water Purifier Series," "BEREX Massage Bed," and "BEREX Pebble Chair," while also expanding its presence in the overseas market.
By leveraging Netmarble's innovative DNA, Coway has consistently delivered record-breaking performances year after year. In 2019, the company surpassed 3 trillion KRW in annual revenue for the first time, reaching 3.96 trillion KRW in 2022. This year, Coway is projected to reach over 4 trillion KRW in revenue, following a successful first half with revenue of 2.0841 trillion KRW, up 6.6% year on year.
Coway aims to strengthen its position as a global leader in the home wellness market by focusing on the Icon Ice Water Purifier and BEREX products to capitalize on both domestic and international growth. Currently, international accounts make up approximately 36% of total revenue, and this figure is expected to rise steadily.
Jangwon Seo, the CEO of Coway, stated, "Thanks to the trust our customers have placed in us over the past 35 years, the Coway brand has become synonymous with domestic rental products and has evolved into a leading life solutions company dedicated to promoting healthy living. We will continue to challenge ourselves to provide innovative customer experiences and be a global brand that leads the way to the future."
About Coway Co., Ltd.
Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. The company's most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.
Founded in 1989, Coway has experienced steady growth in rental accounts, both domestically and internationally. Starting with just 500,000 accounts in 2000, the company’s expansion has been nothing short of remarkable. By this August, accounts had surged to 10 million, following key milestones like hitting 3,000,000 accounts in 2004, 5,000,000 in 2011, and 9,100,000 in 2022. As it stands today, the total number of managed accounts around the world is 10.6 million, including membership customers continuing to receive care services after their rental agreements have expired.
A highlight of Coway’s latest milestone is the exceptional growth in Coway's international rental accounts. In 2018, overseas accounts made up just 16% of the total, standing at 1.01 million. Driven by an impressive annual growth rate of approximately 27%, international accounts have tripled over the past five years, reaching 3.27 million in 2023 to make up 34% of the total.
The key drivers behind Coway's record performance in the global rental market are its continuous product and service innovation and commitment to having a competitive edge in the global market. Coway transformed the industry in 1998 by launching South Korea’s first environmental appliance rental service, reshaping consumer habits and lifestyle trends. Since Netmarble’s acquisition of Coway in late 2019, Coway has launched innovative new products, such as the "Icon Water Purifier Series," "BEREX Massage Bed," and "BEREX Pebble Chair," while also expanding its presence in the overseas market.
By leveraging Netmarble's innovative DNA, Coway has consistently delivered record-breaking performances year after year. In 2019, the company surpassed 3 trillion KRW in annual revenue for the first time, reaching 3.96 trillion KRW in 2022. This year, Coway is projected to reach over 4 trillion KRW in revenue, following a successful first half with revenue of 2.0841 trillion KRW, up 6.6% year on year.
Coway aims to strengthen its position as a global leader in the home wellness market by focusing on the Icon Ice Water Purifier and BEREX products to capitalize on both domestic and international growth. Currently, international accounts make up approximately 36% of total revenue, and this figure is expected to rise steadily.
Jangwon Seo, the CEO of Coway, stated, "Thanks to the trust our customers have placed in us over the past 35 years, the Coway brand has become synonymous with domestic rental products and has evolved into a leading life solutions company dedicated to promoting healthy living. We will continue to challenge ourselves to provide innovative customer experiences and be a global brand that leads the way to the future."
About Coway Co., Ltd.
Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. The company's most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.
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