Chinese consumer durable maker Haier aims to increase its revenue over six times by 2017 on the back of promising growth prospects from its product expansion strategy.
“By the end of next five years, our target is to touch the turnover of Rs. 7500 crore, against the current Rs. 1200 crore turnover,” said Eric Braganza, president, Haier Appliances India. “The growth will be driven by our recent launch of almost 80 new products across air-conditioners, water-heaters, refrigerators, consumer electronics and commercial freezers.”
The company is also eyeing one of the top three positions in the Indian white goods market, which is currently dominated by players such as Samsung Electronics, Sony India and Panasonic India.
“Our plan is to grow our overall market share to 10% from the current 4% in India and be among the top three brands in the next five years,” he said.
To support the aggressive growth plans, the company is also looking at expanding production capacity and distribution network.