Coway hits 10mn rental accounts worldwide

Courtesy of Coway Co.

Coway Co., a South Korean manufacturer of household appliances, announced on Tuesday that it has surpassed 10 million rental accounts worldwide, cementing its position as a global leader in rental services.

The company now boasts 6.55 million accounts in Korea and 3.45 million internationally.

According to Coway, this achievement reflects the company’s steady growth since launching its home appliance rental services in Korea in 1998.

The company quickly hit 500,000 accounts in 2000 and grew to 5 million in 2011. Its expansion accelerated even more in recent years, reaching 7.07 million accounts in 2019 and 9.10 million in 2022, before topping 10 million this month.

Coway manages a total of 10.6 million accounts worldwide, including customers who continue to receive care services after their rental contracts end.

The company‘s international business has been particularly strong.

In 2018, Coway had 1.01 million overseas accounts, making up 16 percent of its total. Over the past five years, with a compound annual growth rate (CAGR) of 27 percent, Coway’s overseas accounts have more than tripled to 3.27 million, now accounting for 34 percent of its entire accounts.

Coway credits its success to continuous innovation in both products and services, as well as its growing global competitiveness.

Since 1998, Coway has significantly influenced consumer preferences and lifestyle habits.

After becoming a subsidiary of Netmarble in late 2019, Coway has ramped up its growth by introducing innovative products such as the Icon Water Purifier series, Berex Massage Bed, and Berex Pebble Chair.