Haier Appliances India is aiming for $2 billion in sales within the next 3-4 years, supported by strong growth and expanded product offerings, according to a senior company official. The company plans to invest over Rs 1,000 crore between 2024 and 2028 to set up new air conditioner production and injection molding units. Haier has already invested Rs 2,400 crore in its existing plants in Pune and Greater Noida. With the addition of these new facilities, Haier India’s production capacity will increase from 1.5 million units annually to 4 million, strengthening its local manufacturing capabilities.
NS Satish, President of Haier Appliances India, explained, “Currently, we have the capacity for 1.5 million units. However, as the AC market grows rapidly, by 2027, we anticipate a capacity shortage. The new plant will help us increase production to 2.5 million units.”
Additionally, Haier is planning to open a new plant in South India, with an investment announcement expected soon. Satish mentioned that the new facility would be on a similar scale and capacity to the Noida plant. In 2024, Haier reported a 36% revenue growth, reaching approximately Rs 8,900 crore, surpassing the $1 billion sales mark. Satish expects the company’s revenue to exceed Rs 11,500 crore this year.
“We aim to achieve an annual growth of Rs 2,000 to 2,500 crore. India presents a huge opportunity, as the economy continues to grow and product penetration remains low compared to other countries,” Satish said.
Satish also noted that Haier plans to surpass the $2 billion sales target within the next few years. “In the next 3-4 years, we are confident we will cross the $2 billion mark. We are already at $1 billion, and expect to exceed that figure soon,” he added. Haier sees significant potential in product categories such as air conditioners, refrigerators, washing machines, TV panels, and commercial freezers, with India’s product penetration still relatively low compared to other markets.
India is Haier Group’s fourth-largest market, and Satish expects it to become one of the top three global markets within the next 4-5 years, achieving $2 billion in sales revenue. “India is a critical market for us, with strong demographic and economic factors that provide huge potential. If we hit the $2 billion target, India will rank among the top three global contributors,” he said.
Haier, headquartered in Shandong, China, competes with brands like LG Electronics, Samsung, and Panasonic in several product categories, including refrigerators, air conditioners, washing machines, LED TVs, deep freezers, and microwaves.
While the Indian market is seeing a shift toward premium consumer electronics, Satish emphasized that Haier will continue to focus on both premium and value-for-money products. The company has introduced a range of products, from affordable single-door refrigerators to high-end, four-door refrigerators.
“India has two distinct segments: one focused on premium products and another looking for value-for-money options. That’s why we offer products across both ends of the spectrum,” he said, noting the substantial growth in the premium market, supported by initiatives like easy EMI schemes.
Despite the growing demand for premium products, Satish stressed that Haier remains committed to strengthening its brand presence in India. “We still see significant potential in building Haier products in India and have no plans to introduce other global brands at this time,” he concluded.
Haier Group owns several international brands, including Haier, Casarte, Leader, GE Appliances, Fisher & Paykel, AQUA, and Candy. The company entered the Indian market in 2003 and operates manufacturing plants in Pune and Greater Noida.
