HAIER MALAYSIA TARGETS 30 PCT REVENUE GROWTH, 17.4 PCT MARKET SHARE BY 2027

SUBANG JAYA, Dec 3 (Bernama) -- Haier Malaysia aims for 30 per cent revenue growth over the next five years.

Managing Director Fan Jing said the company also targets a 17.4 per cent market share by 2027, reinforcing its position as an industry leader in the country.

"We also aim to achieve an absolute market leader position in Malaysia with a market share exceeding 30 per cent by 2029," he said in a speech at the Haier 2024 Southeast Asia Media Conference, here today.

Looking ahead to 2025, Fan said the company anticipates a 33 per cent revenue increase, with its middle and high-end products accounting for 50 per cent of sales and its price index exceeding 100.

"Next year, we will focus on three core strategies: strengthening our high-end product offering, innovating marketing channels, and deepening our utilisation of digital platforms."

He added, "We will continue investing heavily in our high-end product line, driving innovation in both functionality and technology for the refrigerator segment."

Fan also revealed Haier Malaysia will boost its brand awareness by increasing marketing investment by 30 per cent in 2025 compared to this year.

The company will also extend its partnership with the Badminton World Federation (BWF) in Southeast Asia, sponsoring major tournaments including the 2025 Malaysia Open and Malaysia Masters.

"Looking ahead, we will continue to expand our brand shop network, aiming to add another 20 new shops, bringing the total to 75 shops in 2025," he added.

Building on momentum, Haier has several new models lined up for 2025, including room air conditioners, and aims to strengthen its market position across multiple categories.

Reviewing performance, Fan noted that Haier Malaysia had achieved its 40 per cent growth target for 2024 ahead of the holiday season.

"Haier's product categories experienced robust growth, with air conditioner sales rising a spectacular 47 per cent year-on-year, followed by televisions (38 per cent), washing machines (37 per cent), and refrigerators (35 per cent)," he said.

-- BERNAMA