Haier to Boost India's Home Appliances Market with ₹1,000 cr Investment

Haier Appliances India is aggressively expanding its footprint, aiming to become a $2 billion company within the next three to four years. The home appliances giant is leveraging high double-digit growth by expanding its product categories and distribution channels.

The company has earmarked an investment of over ₹1,000 crore between 2024-2028 to establish new AC production and injection molding units. This comes in addition to the ₹2,400 crore already invested in its manufacturing plants in Pune and Greater Noida.

"Currently, we have a capacity of 1.5 million. However, the way the AC market is growing here, by 2027 we will have a shortage in capacity. ... The new plant will be 2.5 million units," said Haier Appliances India President NS Satish. With this expansion, Haier's total capacity will surge to 4 million units annually.

Haier is also planning a new manufacturing plant in South India, with details to be announced soon. The organization predicted its revenue to reach ₹8,900 crore in 2024 while projecting that it will exceed ₹11,500 crore during the current fiscal year.

The increasing market demand for high-end appliances drives Haier to expand its presence in refrigerator and air conditioner production as well as washing machine and TV manufacturing. "India is a very important market. We see a huge opportunity with its demography and economic factors," Satish added.