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Rinnai Corporation SWOT & PESTLE Analysis

ID : 521252753| Jun 2022| 21 pages

COMPANY PROFILE -Rinnai Corporation

Business Sector :Consumer Electronics, Appliances

Operating Geography :Japan, Asia, Global

About Rinnai Corporation :

Rinnai Corporation is a manufacturer and distributor of heating equipment and components headquartered in Nagoya, Japan. Hidejiro Naito and Kanekichi Hayashi established Rinnai & Co. in 1920. The company's product line includes conventional thermal energy appliances such as cooking stoves and rice cookers, as well as hot-water units such as bath boilers and air conditioning. It sells conventional heating devices like gas fan heaters and infrared heaters, as well as semi-items like dishwashers and washing dryers. The kitchen, bathroom, hot-water units, heater, dressing room, and commercial use are all applications for the company's products. The business sells directly to city gas providers, propane fuel sales companies, housing equipment makers, home manufacturers, and pipe construction material sales firms in the domestic market. The company manufactures and sells heating appliances in the Americas, Europe, the Middle East, Africa, Asia, and Oceania via its subsidiaries. In September 2021, Rinnai America Corporation, a subsidiary of Rinnai Corporation, acquired all of the shares of Industrias Mass, S.A. de C.V., Mexico's leading manufacturer of commercial-use water heating systems. Rinnai has over 10,300 employees as of early 2022.

Rinnai Corporation's Unique Selling Point lies in its being Japan’s largest manufacturer of gas kitchen appliances. The mission statement of the company reads, "We shall maintain a completely customer-focused approach based on the tenet that "our livelihood depends on the quality of our products." We shall provide products that offer "safety", "comfort" and "convenience" and we are friendly to the environment".

Rinnai Corporation Revenue :


¥366.2 billion - FY ending 31 March 2022
¥344.4 billion - FY ending 31 March 2021

Competitive Analysis of Rinnai Corporation

SWOT
PESTLE
The SWOT analysis for Rinnai Corporation is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. 100-year-old Japanese company with diverse product mix and firmly established brand image for high-quality products
2. In-house production, development and automation equipment of key units
3. Number one seller of tankless water heaters in the US
4. Significant presence in six key markets
1. Rinnai Corporation faced lawsuits for product defect and usage risk
2. Sale and revenue of Commercial-Use equipment has declined
OpportunitiesThreats
1. Expansion of business domain to health and lifestyle products
2. Increase tankless water heaters sales in growing American market
3. Expand geographical footprint and business domains
4. Become a more customer-oriented company
1. Increased fixed costs in Japan
2. Threat from competitors in international locations
3. Weak performance due to industry shrinkage and price competition
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Rinnai Corporation

Strength

This section is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

1. Expansion of business domain to health and lifestyle products: Currently, Rinnai provides products in the “Heat and Lifestyle” segment, such as Heating tanks, home appliances such as washing machines, stove tops, cooking ware and other products. Rinnai aims to expand the scale of its operations—both geographically and business-wise— during the period of its new medium-term business plan. The Rinnai Group operates in 18 countries and regions, including Japan, and provides products that meet the energy needs and growth stages of more than 80 countries around the world (as of March 31, 2021). The appliance company is working to increase sales in growth markets, such as the United States and China, which are strategic markets for the Group. At the same time, Rinnai has started investigating emerging markets in Latin America and Africa, as well as India, with a view to entering those markets. In terms of business scale, Rinnai will expand its focus from the current “heat and lifestyles” field to also including the “health and lifestyles” segment products. Moreover, Rinnai will develop and offer products and services that help improve quality of life and resolve global environmental problems by broadening its conceptual approach from technology-oriented to user-oriented, and by expanding capabilities to include a hybrid of wide-ranging energy sources, such as electricity, natural energy, and hydrogen, in addition to Rinnai’s traditional gas-oriented focus. The health and lifestyle is an attractive segment for Rinnai to enter, especially in emerging markets such as India and Latin America.

2. Increase tankless water heaters sales in growing American market: The water heater market in North America is dominated by storage tank-type units which are aren’t as energy efficient. Rinnai has been promoting conversion from tank water heaters to highly energy-efficient tankless water heaters in the North America market by pushing awareness through aggressive product PR using mass media. These efforts on boosting awareness over many years has resulted in rising sales volumes of Rinnai’s tankless water heaters. Rinnai is now focusing on productive PR and expanding sales and installation networks in North America to encourage widespread use of tankless heaters. Rinnai utilizes outfitted vans as mini mobile showrooms, allowing the company the opportunity to install and outfit its heaters in 700 locations, across US and Canada. Rinnai’s tankless water heaters were well-received by North American consumers (where storage tank style heaters are mainstream) after firsthand experiencing the high performance and convenience of tankless water heaters. With increased awareness and the low market penetration, Rinnai can further expand its operations across the US and Canada and increase sales with the rising demand. With growing environmental awareness and well-off economies, consumers in the US and Canada are switching to energy-efficient products as well. Therefore, there is high scope of expansion and sales increment for Rinnai’s tankless water heaters in the Americas.

The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Rheem Manufacturing Company
  • Bradford White
  • Baxi Heating UK
  • Vaillant
  • State Water Heaters
  • Airxcel
  • A. O. Smith
  • Goodman Manufacturing

Major Brands :

  • Yanagisawa Manufacturing Co. Ltd.
  • Rinnai Technica Co. Ltd.
  • Gastar Co. Ltd.
  • RB Controls Co. Ltd.
  • Rinnai Precision Co. Ltd.
  • RT Engineering Co. Ltd.
  • Noto Tech Co. Ltd.
  • Techno Parts Co. Ltd.
  • Rinnai Net Co. Ltd.
  • Rinnai Enterprises
  • Central Heating New Zealand Ltd.
  • Hainan Rinnai Minsheng Kitchen Appliances Sales Co., Ltd.
  • RB Korea Ltd.
  • Mikuni RK Corporation
  • Gas Appliance Services Corporation
SWOT & PESTLE (combined)
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References used in Rinnai Corporation SWOT & PESTLE Analysis Report

1. Annual Report - https://www.rinnai.co.jp/en/corp/csr/pdf/report2020_all.pdf https://www.rinnai.co.jp/en/ir/document/pdf/202003outlook.pdf
2. About Us - https://www.rinnai.us/
3. Analysis: Japan Inc squeezed by surging costs and frugal consumer fears - https://www.reuters.com/world/asia-pacific/japan-inc-squeezed-by-surging-costs-frugal-consumer-fears-2021-05-13/
4. Rinnai Group Medium-Term Business Plan 2021-2025 - https://www.rinnai.co.jp/en/ir/document/pdf/202103outlook.pdf
5. CONSUMER AWARENESS INCREASES DEMAND FOR ENERGY EFFICIENT PRODUCTS - https://www.electricaltimes.co.uk/consumer-awareness-increases-demand-for-energy-efficient-products/
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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