The growth of smart homes enables China-based Haier to expand its domestic market share across various appliance categories in 2019 to nearly a quarter from 4.4% to 23.4%.
In the Internet of Things (IoT) era, Haier will continue to explore and enlarge the possibilities of smart homes with 5G, the company said in a statement.
Last year, it launched an IoT ecosystem and smart home experiential cloud broadcast platform, paving the way for a new era of products and industry transformation.
One such example is Haier's Internet of Clothes (IoC) ecosystem, which engages 13 industries, including clothing, home textiles, laundry detergent, and leather. Haier has been able to expand its scope from washing machines to laundry services and an intelligent cleaning experience, attracting over 5,300 domestic and foreign players to help solve user needs together. As a result, Haier's ecosystem revenues grew by 68% to RMB 4.8 billion in 2019.
The COVID-19 outbreak has greatly affected the China market in Q1 2020. Nonetheless, Haier has maintained its leading position. As health becomes a bigger priority for consumers, healthy home appliances have experienced a surge in sales. With its focus on health, Haier has been able to resonate with consumers.
However, the company’s market continue to grow in the same quarter, thanks to its efforts in ecosystem-building, international expansion, and premium products. In 2019, Haier's overseas revenues grew by 22% to RMB 94.1 billion, while pre-tax profits grew by more than 30%. This substantial growth momentum is thanks to a focus on brand creation, high-end products, and upgraded e-commerce.
Currently, Haier boasts seven global brands in its portfolio, namely GE Appliances (US), Candy (Italy), AQUA (Japan), Fisher & Paykel (Australia/New Zealand), Haier, Casarte, and Leader. It has a total 122 factories, 54 of them located overseas.