Stiebel Eltron Thailand, the country's leading manufacturer of water heaters, water filters, and hand dryers, expects full-year growth above 20% buoyed by robust first-half growth.
The firm placed Thailand as its regional hub for production and exports by 2020.
"Despite the static water heater market, we continue to see impressive growth this year, prompting our vision for Thailand to become Asia-Pacific's production and export hub by 2020," said Roland Hoehn, managing director at Stiebel Eltron Asia.
The company credited first-half growth on high-quality products, increased marketing activities and strengthening customer service with a new service centre in Phuket.
It also expanded its sales channels via e-commerce and offline sales in hardware stores that specialised in pump and water supply.
This upward trajectory is complemented by the launch of four innovative new products in the Thai market, said Mr Hoehn.
Stiebel Eltron, which was formed in 1924 in Germany, now operates two factories in Ayutthaya province that focus on the core Thai market and others in Southeast Asia. The second factory, bought in 2018, is key to Stiebel Eltron Thailand's goal to be the major hub for Asia-Pacific's production and export by 2020.
The company invested over 200 million baht to buy the second factory, expand its product line, boost its production capacity and further the company's commitment to sustainable production of heat pumps and storage water heaters in the near future.
"We are investing heavily in Thailand, with more product lines and production capacity as well as increased marketing activities and an e-commerce platform. As brand awareness grows, we're confident our sales will too," he said.
Stiebel Eltron offers solutions that can help drastically reduce energy consumption, which helps protect the environment, produces zero emissions and are future-proof, said Mr Hoehn.
