Haier Appliances India is targeting $2 billion in sales over the next 3-4 years, driven by strong double-digit growth through expansion in product categories and distribution channels, according to a senior company official. The company plans to invest over Rs 1,000 crore from 2024 to 2028 in new air conditioner production and injection molding units. Haier has already invested Rs 2,400 crore in its plants in Pune and Greater Noida. With the addition of this new facility, Haier India’s production capacity will increase to 4 million units annually, up from the current 1.5 million units, enhancing its domestic value addition.
“Currently, we have a capacity of 1.5 million units. However, the AC market is growing rapidly, and by 2027, we will face a capacity shortage. The new plant will have a capacity of 2.5 million units,” said NS Satish, President of Haier Appliances India.
Haier is also planning to establish a plant in South India, with an investment announcement expected soon. Satish added that the new plant’s investment would be similar in scale and capacity to its current Noida facility. In 2024, Haier achieved 36% revenue growth, reaching around Rs 8,900 crore and surpassing the $1 billion sales mark. Satish anticipates revenue will exceed Rs 11,500 crore this year.
“Looking ahead, we aim for annual growth of Rs 2,000 to 2,500 crore. We see a significant opportunity in India. The economy is growing, and product penetration is still low compared to other countries,” Satish explained.
Regarding when Haier India would cross the $2 billion threshold, Satish said, “In the next 3-4 years, we’ll definitely reach more than $2 billion. We’re already at $1 billion and expect to exceed that target soon.” Haier sees considerable potential in air conditioners, refrigerators, washing machines, TV panels, and commercial freezers, noting that product penetration in India remains low compared to other markets.
India is currently Haier Group’s fourth-largest market, and Satish expects it to rise to among the top three global markets in the next 4-5 years, reaching $2 billion in sales revenue. “India is a critical market for us, with its demographic and economic factors providing immense opportunity. If we hit the $2 billion mark, we will rank among the top three contributors globally,” Satish added.
Haier, based in Shandong, China, competes with brands like LG Electronics, Samsung, and Panasonic across multiple product segments such as refrigerators, air conditioners, washing machines, LED TVs, deep freezers, and microwaves.
While the Indian market is experiencing a trend toward premiumization in consumer electronics, Satish emphasized that Haier will continue to focus on both premium and value-for-money products. The company has introduced a variety of products, including affordable single-door refrigerators and high-end, four-door refrigerators.
“India has two segments: one is focused on premium products, and the other is looking for value-for-money options. That’s why we offer both ends of the spectrum,” he said, noting that the premium market has seen substantial growth, aided by initiatives like easy EMI schemes.
Despite Haier’s focus on premium products, Satish made it clear that the company is committed to developing and strengthening the Haier brand in India. “We still see great potential in building Haier products in India and have not yet considered bringing in any of our other global brands,” he concluded.
Haier Group owns several global brands, including Haier, Casarte, Leader, GE Appliances, Fisher & Paykel, AQUA, and Candy. Haier entered India in 2003 and currently operates manufacturing plants in Pune and Greater Noida.
