Haier To Cross $1-Bn Revenue Mark In 2024

New Delhi: Haier Appliances India is set to cross the milestone of having a billion dollar revenue in 2024, helped by strong summers, festive season and ongoing trend of premiumisation, and expects Rs11,500 crore revenue in 2025, its President NS Satish said on Thursday.

Besides, the appliances and consumer electronics maker company, which has so far invested Rs2,500 crore in India, has plans to set up a third manufacturing facility in the Southern part of the country and is in the process of finalising a location for that, he said.

“2024 has been one of the best years we ever had, with a growth of 35 per cent. We will be a one billion company this year. Next year our target is Rs11,500 crore,” Satish told media. Satish is confident of closing 2024 with a revenue of Rs8,900 crore. Haier Appliances India follows the January-December cycle as its financial year.

“This year all the categories have done extremely well. With the focus on LED and washing machine, those two categories have done very well, and they pulled up,” he said, adding that with the trend of premiumisation, the ASP (average selling price) has also gone up.

Additionally, he said this is the fastest growth of any company in the appliances segment. Regarding the Indian market, Satish said the penetration level here is still low in comparison to other markets and it offers a “huge opportunity” and Haier addressed it by aligning its product accordingly. The company has a strong roadmap for 2025, where it is focusing on India-specific innovations, bringing out “differentiated products” from its competitors in segments such as refrigerators, washing machines, air-conditioners LED TVs and other products, in which it operates.

“We try to bring out some innovations in the products which are usable by the customers” and a special focus on the infrastructure for the after-sale service. Besides, Haier is diversifying its business and entering into commercial air conditioning and kitchen appliances, a segment which has witnessed fast growth in recent years.