Home appliances maker Haier aims to be among the largest player in the next five years, with increased investments in manufacturing and product portfolio expansion. Haier Appliances India has committed to, and is investing around Rs 800 crore on capacity expansion this year, and has also lined up future expansion plans.

The company is focusing on indigenisation, which is a thrust area, where it expects local souring to contribute up to 80 percent across products in next two years. Besides expanding its retail business in the domestic markets, Haier India is also increasing exports from its Indian operations to other countries and is scouting for new markets in the Middle East and African countries. 

Haier India anticipates 35 percent growth in 2024, and expects demand for consumer durables, led by a young demography with new-age consumers to create a market for high-end, value-for-money products..The company operates in the country with two manufacturing units at Pune, Maharashtra and at Greater Noida in Uttar Pradesh. 

Haier is also expanding it product portfolio and now is present in 11 consumer segments which include the traditional areas such as TV, washing machine, refrigerators, LED panels and water heaters. The company has so far invested Rs 3,500 crore in the Indian market, which has created 35,000 jobs.