Thai brake maker Asia Compact is eyeing new markets in Australia and Europe for which it soon expects international product quality certifications, The Nation reported.
The company plans to qualify for ISO/TS 16949 certification and the e-mark needed to sell in Europe. It already ships Compact-brand brake products to southeast Asia, the Middle East and Africa and sends OEM parts to Japan.
An Australian foray will start with a trade show in Sydney next month and it will start sales under its own brand in Japan in the third quarter of next year.
The company is currently focused on the domestic market because the Thai economy compares well with other countries in the region but expects the domestic brake market to be be hit by the auto slowdown in the next quarter, which may affect sales, but remains optimistic of a pickup in the third quarter.
Brake sales to foreign automakers in Thailand were expected to drop nearly 40% in the first quarter while retail sales were seen growing in the first quarter but declining in the second in line with falling confidence in the economy.
It expects 23% sales growth this year, down from 30% in 2008. It is market leader in Thailand.