Haier Appliances India, a prominent player in the consumer durables sector, is setting its sights on achieving a significant milestone of $1 billion in revenue by the calendar year 2024. The company has observed a noticeable surge in demand for premium products across various categories, indicating a robust market trend.
Additionally, Haier is aiming for an impressive turnover of ₹11,500 crore by the end of 2025. According to NS Satish, President of Haier India, the first half of 2024 has been particularly promising, with the company reporting a remarkable 35 percent growth in value across its product offerings, which include refrigerators, washing machines, and air conditioners. This growth rate is nearly three times that of the overall market performance.
Looking ahead, Haier is optimistic about sustaining this upward trajectory, projecting a further 35 percent growth in the second half of the year, driven largely by heightened consumer demand during the festive season. The company has recently launched a range of innovative products, including AI-enabled refrigerators and washing machines, mini LED televisions, and microwave ovens with inbuilt air fryers.
For the broader consumer market, Haier has introduced 43- and 55-inch televisions, as well as top-load washing machines with capacities ranging from 6.5 to 8 kg. Satish emphasized that the initial phase of the festive season, particularly during Onam, has yielded favorable results, with the LED and washing machine segments exceeding sales expectations.
The strong performance of premium products suggests that the upcoming Diwali season is likely to be equally successful. In northern India, Haier anticipates a significant demand for volumetric products during Diwali, reflecting a trend toward increased affordability among consumers in both urban and rural areas, facilitated by enhanced access to consumer financing options.
To support this growth, Haier has committed an investment of ₹1,500 crore to enhance its manufacturing capabilities for refrigerators, washing machines, and air conditioners, while also focusing on backward integration strategies. Following some inventory challenges faced during the summer months due to an unexpected surge in demand, the company has taken steps to boost production in anticipation of the festival season.
Moreover, Haier has noted a significant rise in demand from rural areas and is actively working to expand its distribution network in these markets. Over the past three months, the company has witnessed a marked increase in rural demand, particularly for refrigerators, semi-automatic washing machines, and 32-inch televisions.
Factors contributing to this growth include favorable monsoon conditions, increased consumer awareness resulting from the rise in internet access, and a concerted effort by companies to enhance their outreach efforts. Haier is particularly focused on improving the retail experience in rural regions to capture this emerging demand.
Haier India is a leading consumer durables manufacturer, specializing in innovative home appliances like refrigerators, washing machines, and air conditioners. Committed to quality and technology, the company focuses on premium products and has seen significant growth in both urban and rural markets. With a strong emphasis on customer experience and sustainability, Haier aims to achieve substantial revenue targets by 2025.
