Haier Aims for $2 Billion Sales in India by 2028 with Rs 1,000 Crore Investment

Key Facts:

Haier Group Corporation is a Chinese multinational home appliances and consumer electronics company headquartered in Qingdao, Shandong.

The company entered India in 2003 by establishing Haier Appliances India.

Prime Highlights:

Haier Appliances India aims to achieve $2 billion in sales within the next 3-4 years, driven by expansion in product categories and distribution channels.

Haier’s manufacturing capacity will increase from 1.5 million to 4 million units annually, with a new AC plant addressing expected demand shortages by 2027.

Key Background:

Haier Appliances India is targeting $2 billion in sales over the next 3-4 years, driven by robust growth and a planned expansion in product categories and distribution channels. The company has committed an investment of over Rs 1,000 crore from 2024 to 2028 to establish new air conditioner (AC) production and injection molding units. This follows a previous Rs 2,400 crore investment in its manufacturing plants located in Pune and Greater Noida.

The new plant will significantly increase Haier’s production capacity, expanding from 1.5 million units annually to 4 million units. This expansion is particularly crucial as the air conditioner market in India is rapidly growing, with Haier projecting a potential capacity shortfall by 2027. Additionally, the company plans to open a new plant in South India, with details to be announced soon.

In 2024, Haier reported a 36% revenue growth, reaching approximately Rs 8,900 crore. The company anticipates surpassing Rs 11,500 crore in revenue this year, with expectations of further annual increases of Rs 2,000 to 2,500 crore. Haier sees significant potential in segments like air conditioners, refrigerators, washing machines, and commercial freezers, where product penetration in India remains low compared to global counterparts.

As India becomes a key market for the Shandong-based Haier Group, Satish expects the country to rise to the top three markets globally within the next 4-5 years. While premium products are a key focus, Haier is also catering to value-conscious consumers with both mass-market and premium offerings. Despite growing demand for premium goods, Haier remains committed to enhancing its brand and product portfolio within India.