The Indian appliances and consumer electronics (ACE) industry has been rising, with an increase in consumer base and the changing regulatory climate. The proliferation of technology in the form of connected devices, smart homes, and gadgets has resulted in a paradigm shift for the consumers to adopt smart appliances. From this perspective, the industry is booming with new opportunities and transitioning to become a dollar-positive in the coming future.
According to a NASSCOM report, Indian Internet of Things (IoT) market is expected to reach USD 15 billion by 2020 and constitute 5 percent of the global market. As the industry makes progress, the trend in consumer durables sector has shifted to smart convergence of data technologies and personalization, leading to smart appliances that have diverted the focus toward unique solutions.
We will soon witness an influx of smart home appliances that can work on the fingertips and can be operated through mobile apps or other related features. It has reached segments, such as refrigerators, washing machines, TVs, air conditioners, and air purifiers, among others. With the government’s flagship Smart Cities program, these tech-enabled products will soon become mainstream and reality in the households.
Being a global leader in home appliances and consumer electronics space, Haier India aims to touch the USD 1-billion mark in revenues and expects to be among the top three consumer appliances brands in the country by 2020. India is already the highest-contributing foreign market for Haier (after China) and it remains one of the most strategic markets for the firm globally. We are committed to strengthening our presence here and deliver the best innovative home appliances in the future.
Haier has always driven customer-inspired innovation and persistently identified the unaddressed requirements of its consumers by delivering products, which are relevant to their needs. The continuous focus on R&D is not only being aimed at improving the performance of
the products but also to improve the utility of the products.
Even though smart homes might be the trend in the industry but home appliances are moving beyond smart. Innovations in the market are not just about being connected, they are about digital intelligence that simplifies daily lives. By offering consumers relevant benefits, such as saving time, peace of mind, and security, innovative home appliances are poised for future growth.
As we move further, Haier will continue to help consumers understand the new generation of innovative home appliances and its role in transforming their daily lives. Connected consumers need to be convinced to adopt the bolder vision of a future, where appliances with digital intelligence eliminate boring, repetitive household tasks and allow them to enjoy their daily lives. Our aim is to achieve this for every corner of India and we are hopeful that we will be rewarded with sustainable long-term value growth.
In November 2018, we inaugurated our first smart home solutions store in New Delhi that gives a peek into the future of home appliances and connected living. With this initiative, we moved a step closer in making our consumers’ lifestyle future-ready. We plan to open smart homes in all leading metros by 2020. At Haier, we want to continue innovating locally to meet the changing demands and lifestyles of Indian consumers. To meet the growing demands and add value to the daily lives of our customers through an affordable premium experience, we announced our second industrial park in Greater Noida in September 2018.
With an investment of Rs 3069 crores, the new industrial park will serve as an opportunity for Haier to fulfil the increasing consumer demand in India and further propel our growth in the country by also creating around 4000 new direct-employment opportunities along with over 10,000 indirect jobs.