Revenue of Haier Smart Home 2013-2023

In 2023, Haier Smart Home generated a revenue of over 261 billion yuan. It was the world’s leading home appliance manufacturer based on revenue, ahead of LG Electronics, Whirlpool Corporation, and its closest domestic rival, Midea Group.

Following China’s route to prosperity

After centuries of political and economic instability, the country’s Opening Up policy brought increasing standards of living to a broader share of the population which meant that for the first time, average households were able to afford household appliances. When Haier was founded in 1984, it seemed the right time and place. With its iconic logo with two kids, Haier fridges and washing machines became a common sight in households across the country.

Becoming smart

In recent years the company underwent a restructuring process to adapt to the newest trend in the appliance industry. First, in 2019, Qingdao Haier became Haier Smart Home, then, in 2020, Haier Smart Home incorporated Haier Electronics Group. It illustrated a broader strategy shift among Chinese household manufacturers, which was to pivot away from cheap, basic appliances to smart products. Just like Haier, Xiaomi launched its Mi Home product range, and Midea implemented smart appliances across its brands.