Kolkata, Aug 22 : The Orient Electric Ltd., part of the diversified CK Birla Group, is planning to clock over 50 per cent market share of the premium fans segment in the next one year, an official said on Wednesday.
"The company plans to take its share in the segment to over 50 per cent in the next one year..we are moving forward in line with the recent buying trends in the category that shows a clear shift in focus towards premium fans," its Senior Vice President and Business Head Atul Jain said.
Currently, the fan manufacturer has 40 per cent market share in the segment, he said.
Explaining further on the trend of buyers' preferences, Jain said the new age customers are experimenting more, however, they are equally "price sensitive like the last generation and are looking for products which are aspirational yet affordable".
The fan maker also plans to increase its market penetration in eastern and northeastern India.
"Markets in the east and northeast Indian states are expanding rapidly, owing to increased electricity connection, rising incomes in the rural markets and longer stretches of hot and humid climate.
We feel that there is ample opportunity to increase our market penetration," he said.
The company exports fans to 35 countries, including the Middle East, Nigeria, South Africa and also to the neighbouring countries of Bangladesh, Nepal and Sri Lanka.
Exports' contribution to its turnover is about 18-20 per cent and it is expected to increase to 25 per cent in the next two-to-three years, he said.