s optimistic about the rapidly growing Indian market.
The company aims to become the second-largest player within the next five years, with plans to achieve this goal through increased investments in manufacturing capabilities and an expanded product portfolio, according to N. Satish, the president of Haier Appliances India, a subsidiary of the Group.
The India subsidiary is investing about $80 million in capacity expansion this year. The company has also lined up future expansion plans to support its ambitious growth targets.
A key focus area for Haier India is achieving local sourcing to contribute up to 80% across its product range within the next two years. This move aligns with the company’s efforts to increase exports from its Indian operations to other countries, while simultaneously exploring new markets in the Middle East and African regions.
Haier India, which has been growing at a Compound Annual Growth Rate of 25% for the last six years, expects to close the current fiscal year with a top line of $900 million.
India represents the third-largest market for the Haier Group globally, after China and the United States. The company operates two manufacturing units in the country, one in Pune, Maharashtra, and another in Greater Noida, Uttar Pradesh.
N. Satish expressed confidence in the Indian market, citing positive economic indicators and the industry’s growth potential. He highlighted the low penetration of consumer durables in India compared to other countries as a “trigger” for demand growth. Additionally, the country’s young demographic and new-age consumers, who are willing to pay for convenience and comfort, are expected to create a market for high-end, value-for-money products.
Haier, which has completed 20 years in India, is expanding its product portfolio and is now present in 11 consumer segments, including traditional areas such as TVs, washing machines, refrigerators, LED panels, and water heaters. The company aims to leverage its strong growth momentum, with a CAGR of 25% over the last seven years, which Satish described as “unprecedented in this industry.”
To support its growth plans, Haier has so far invested $350 million in the Indian market, creating 35,000 jobs. It has also lined up further substantial investments for the future.
