Haier enjoying growth with finer things in life - ResearchInChina

Date:2008-04-14liaoyan  Text Size:

HAIER Group has switched its focus to the high-end refrigerator market and aims to be the world's biggest refrigerator maker in three years.

"The high-ended market in China is maturing and we expect that the efforts on high-ended products can help us widen the gap on rivals and secure our status in the domestic market," said Liang Haishan, vice president of the group.

Haier, China's top home appliance maker, recently released its Casarte-series refrigerator to domestic customers and the product has won about a 10 percent share in the high-ended market, the company said.

"Haier released its high-tech products to the domestic market even ahead of the overseas market as more clients are pursuing a high-quality life in China," Liang said.

Haier's sales of refrigerators has exceeded 10 million sets in the world, leading the market with Whirlpool and Electrolux.

The producer invested 6.7 billion yuan (US$957 million) in research and development last year, accounting for 6.2 percent of its global sales income, much higher than the average level in the sector.

In overseas countries and regions, it has nine R&D centers, 15 information centers and many production bases for refrigerators.

The group said it expects its overseas sales to grow as much as 50 percent annually in the next three to five years as the company explores new markets in Africa and Latin America.

Haier's overseas sales grew 25.8 percent last year to US$4.1 billion, accounting for one quarter of the group's total revenue of US$16.2 billion.

China's middle and high-ended refrigerator market has grown nearly 30 percent annually over the past few years, outpacing the global average, according to SINO Market Research Ltd figures.

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