Consumer durable maker Haier Appliances India is eyeing to be a $1-billion revenue company in CY24. The white goods maker has seen a demand uptick in premium products across categories. It is also targeting a ₹11,500-crore turnover by 2025-end.

“2024 has been a good year. We closed H1 at 35 per cent growth in terms of value business across categories including refrigerators, washing machines and air-conditioners. The growth in H1 is almost 3x of the market. This year, we will be a $1-billion company. We are continuing to see growth and are targeting a turnover of ₹11,500 crore in CY25,” NS Satish, President, Haier India, told businessline.

Haier is anticipating a 35 per cent growth in H2 with demand uptick in the festive season. The company has introduced an AI-enabled refrigerator and washing machines, mini LED televisions, inbuilt air fryer microwaves. For the mass market, the company has introduced 43- and 55-inch televisions and top-load washing machines between 6.5 and 8 kg.

“We will see a repeat of H1 in H2 as well. The start of the festive season with Onam has been good for us. The LED and washing machine business has done more than expected during Onam. The premium products are doing extremely well and this is an indicator that Diwali will be a good season. In North India, we are expecting the volumetric products to do well during Diwali. We have also seen that affordability is a big thing with consumers in urban and rural opting for consumer finances,” he said.

The company has also invested ₹1,500 crore in ramping up manufacturing capabilities for refrigerators, washing machines, air-conditioners and backward integration. Haier, which faced inventory issues during the Summer due to the demand uptick, has ramped up its production to meet the festival demand.

Rural demand

The company has witnessed an uptick in rural demand and is focused on increasing its weighted distribution in the rural market.

“We have seen rural demand pick up in the last three months. Refrigerators, semi-automatic washing machines and 32-inch televisions are doing very well. The reasons are good monsoons, the increase in awareness level among consumers due to the growth in Internet penetration and companies have increased their focus to reach out to the market. We are focused on improving our retail experience in the rural markets,” said Satish.

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