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ICICI Securities Report
We believe the incumbents like Crompton Greaves Consumer Electricals Ltd., Bajaj Electricals Ltd. and Havells India Ltd. are key beneficiaries of steady growth in fans industry in India as:
The industry is growing in high single/low double digits.
Due to steady launches of premium products and distribution expansion by organised players, they are gaining share from smaller/unorganised players.
The premiumisation opportunity as well as reducing replacement cycle offers steady growth over next decade.
The distribution penetration (outlets/universe of outlets) is just 50% even for the market leader Crompton Greaves indicating strong opportunity to expand distribution.
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