Nowadays companies are challenged with high competitiveness and saturation of markets leading to a permanent need of innovative products that ensure the leadership of these companies in existing markets and help them to reach new potential markets (i.e. emerging and mature market). Requirements of emerging markets are different in terms of geographic, economic, cultural, governance policies and standards. Thus, adopting existing European product to develop new products tailored to emerging markets is one possible strategy that can help companies to cope with such challenge. To do so, a large variety of products and options have to be created, managed and classified according to the requirements and constraints from a target regional market. This paper discusses the potential of PLM approach to implement the proposed modular product design approach for the adaptation of European product and production facilities to emerging markets. Using modular approach, the product design evolves iteratively coupling the configuration of various alternatives of product architectures and the connection of functional structures to their contexts of use. This enables the customization of adapted product to specific customer’s needs.