1© This is a licensed product of Ken Research and should not be copied
TABLE OF CONTENTS1.          Europe Digital Camera Industry     1.1.    Europe Digital Camera Market Introduction     1.2....
3.4.3.   Smartphone Sales, 2006-20174.     France Digital Camera Market Introduction     4.1.   France Digital Camera Mark...
7.1. Cause and Effect Relationship between Dependent and Independent Factors Prevailing     in the Europe Digital Camera M...
LIST OF FIGURESFigure 1: Europe Digital Camera Market Size by Shipment in Million Units, 2006-2012Figure 2: Europe Digital...
Figure 19: The UK DSLR Camera Market Size by Sales in Thousand Units, 2013-2017Figure 20: The UK Digital Camera Market Siz...
Figure 42: France Compact Point & Shoot Camera Market Size by Sales in Million Units, 2013-2017Figure 43: France Bridges C...
Figure 64: Russia Digital Camera Market Segmentation by Cameras with Built-in Lens andCameras with Interchangeable Lens, 2...
LIST OF TABLESTable 1: Cause and Effect Relationship Analysis between Industry Factors and Expected DigitalCamera Market P...
EUROPE DIGITAL CAMERA MARKET SIZE BY SHIPMENTS, 2006-2012The digital camera market in Europe is estimated at ~ million uni...
Figure: Europe Interchangeable Lens Camera Market Size by Shipment in Million Units,2013-2017    18.0    16.0    14.0    1...
EUROPE INTERCHANGEABLE LENS FOR < 35 MM FORMAT CAMERASMARKET FUTURE OUTLOOK AND PROJECTIONS, 2013-2017The market for inter...
Figure: UK DSLR Camera Market Size by Sales in Thousand Units, 2013-2017    700.0    600.0    500.0    400.0    300.0    2...
Figure 1: Germany Digital Camera Market by Sales Revenue in USD Million, 2007-2011    2.9    2.8    2.7    2.6    2.5    2...
FRANCE MILC MARKET INTRODUCTION AND SIZE, 2006-2012The market for hybrid or mirrorless interchangeable lens cameras in Fra...
Figure: France Interchangeable Lens for DSLRs Market Size by Sales in Thousand Units,2013-2017    600.0    500.0    400.0 ...
Figure: Market Share of Major Players in France MILCs/Hybrid Cameras, 2012                                                ...
Figure: Russia Built-in Lens Camera Market Size by Shipments in Million Units, 2006-2012   6.0   5.0   4.0   3.0   2.0   1...
DISCLAIMERThe research reports provided by Ken Research are for the personal information of theauthorized recipient and is...
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Interchangeable Lens Cameras to Become Focal Point of European Digital Camera Market

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The significant demand for the interchangeable lens cameras especially mirrorless cameras would continue to propel the digital camera market in Europe region.

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Interchangeable Lens Cameras to Become Focal Point of European Digital Camera Market

  1. 1. 1© This is a licensed product of Ken Research and should not be copied
  2. 2. TABLE OF CONTENTS1. Europe Digital Camera Industry 1.1. Europe Digital Camera Market Introduction 1.2. Europe Digital Camera Market Size by Shipments, 2006-2012 1.3. Europe Digital Camera Market Segmentation, 2006-2012 1.3.1. Europe Built-in-Lens Camera Market 1.3.2. Europe Interchangeable Lens Camera Market2. The UK Digital Camera Market Introduction 2.1. The UK Digital Camera Market Size by Sales in Units, 2006-2012 2.2. The UK Digital Camera Market Segmentation, 2006-2012 2.2.1. The UK Built-in-Lens Camera Market 2.2.2. The UK Interchangeable Lens Camera Market 2.3. The UK Digital Camera Market Future Outlook and Projections, 2013-2017 2.4. The UK Digital Camera Market Macroeconomic Factors: Current and Projections 2.4.1. Population, 2006-2017 2.4.2. GDP- Current Prices, 2006-2017 2.4.3. Inbound Non-Resident Tourists, 2006-20173. Germany Digital Camera Market Introduction 3.1. Germany Digital Camera Market Size by Sales in Units, 2006-2012 3.2. Germany Digital Camera Market Segmentation, 2006-2012 3.2.1. Germany Built-in Lens Camera Market 3.2.2. Germany Interchangeable Lens Camera Market 3.3. Germany Digital Camera Market Future Outlook and Projections, 2013-2017 3.4. Germany Digital Camera market Macroeconomic Factors: Current and Projections 3.4.1. Population, 2006-2017 3.4.2. GDP at Current Prices, 2006-2017 2 © This is a licensed product of Ken Research and should not be copied
  3. 3. 3.4.3. Smartphone Sales, 2006-20174. France Digital Camera Market Introduction 4.1. France Digital Camera Market Size by Sales, 2006-2012 4.2. France Digital Camera Market Segmentation, 2006-2012 4.2.1. France Built-in Lens Camera Market 4.2.2. France Interchangeable Lens Camera Market 4.3. Market Share of Major Players in France Digital Camera Market, 2012 4.3.1. Market Share of Major Players in France DSLR Camera Market, 2012 4.3.2. Market Share of Major Players in France MILC/Hybrid Camera Market, 2012 4.4. France Digital Camera Market Future Outlook and Projections, 2013-2017 4.5. France Digital Camera Market Macroeconomic Factors: Current and Projections 4.5.1. Population, 2006-2017 4.5.2. GDP at Current Prices, 2006-2017 4.5.3. Smaretphone Sales, 2006-2017 4.5.4. Registered Photo Professionals, 2006-20175. Russia Digital Camera Market Introduction 5.1. Russia Digital Camera Market Size by Shipments, 2006-2012 5.2. Russia Digital Camera Market Segmentation, 2006-2012 5.2.1. Russia Built-in-Lens Camera Market 5.2.2. Russia Interchangeable Lens Camera Market 5.3. Russia Digital Camera Market Future Outlook and Projections, 2013-2017 5.4. Russia Digital Camera Market Macroeconomic Factors; Current and Projections 5.4.1. Population, 2006-2017 5.4.2. GDP at Current Prices, 2006-20176. Europe Digital Camera Market Trends and Developments7. Europe Digital Camera Market Future Outlook and Projections 3 © This is a licensed product of Ken Research and should not be copied
  4. 4. 7.1. Cause and Effect Relationship between Dependent and Independent Factors Prevailing in the Europe Digital Camera Market 7.2. Future Projections for the Digital Camera Market of Europe, 2013-20178. Appendix 8.1. Market Definition 8.2. Abbreviations 8.3. Research Methodology 8.4. Disclaimer 4 © This is a licensed product of Ken Research and should not be copied
  5. 5. LIST OF FIGURESFigure 1: Europe Digital Camera Market Size by Shipment in Million Units, 2006-2012Figure 2: Europe Digital Camera Market Segmentation by Cameras with Built-in Lens andCameras with Interchangeable Lens, 2006-2012Figure 3: Europe Built In Lens Camera Market Size by Shipments in Million Units, 2006-2012Figure 4: Europe Built In Lens Camera Market Size by Shipment in Million Units, 2013-2017Figure 5: Europe Interchangeable Lens Camera Market Size by Shipment in Million Units, 2006-2012Figure 6: Europe Interchangeable Lens Camera Market Size by Shipment in Million Units, 2013-2017Figure 7: Europe Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012Figure 8: Europe Interchangeable Lens Market Segmentation by Lens for 35 mm FormatCameras and Lens for < 35 mm Format Cameras, 2006-2012Figure 9: Europe Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments inMillion Units, 2006-2012Figure 10: Europe Interchangeable Lens for 35 mm Format Cameras Market Size by Shipmentsin Million Units, 2013-2017Figure 11: Europe Interchangeable Lens for < 35 mm Format Cameras Market Size byShipments in Million Units, 2006-2012Figure 12: Europe Interchangeable Lens for < 35 mm Format Cameras Market Size byShipments in Million Units, 2013-2017Figure 13: Europe Interchangeable Lens Market Size by Shipments in Million Units, 2013-2017Figure 14: The UK Digital Camera Market Size by Sales in Million Units, 2006-2012Figure 15: The UK Digital Camera Market Segmentation by Compact Point & Shoot Camerasand DSLR Cameras, 2006-2012Figure 16: The UK Compact Point & Shoot Camera Market Size by Sales in Units, 2006-2012Figure 17: The UK Compact Point & Shoot Camera Market Size by Sales in Million Units,2013-2017Figure 18: The UK DSLRs Camera Market Size by Sales in Thousand Units, 2006-2012 5 © This is a licensed product of Ken Research and should not be copied
  6. 6. Figure 19: The UK DSLR Camera Market Size by Sales in Thousand Units, 2013-2017Figure 20: The UK Digital Camera Market Size by Sales in Thousand Units, 2013-2017Figure 21: The UK Population in Million, 2006-2017Figure 22: The UK GDP in USD Million, 2006-2017Figure 23: Inbound Tourists in the UK in Million, 2006-2017Figure 24: Germany Digital Camera Market Size by Sales in Million Units, 2006-2012Figure 25: Germany Digital Camera Market by Sales Revenue in USD Million, 2007-2011Figure 26: Germany Digital Camera Market Segmentation, 2006-2012Figure 27: Germany Compact Point & Shoot Camera Market Size by Sales Million in Units,2006-2012Figure 28: Germany Compact Point & Shoot Camera Market Size by Sales in Million Units,2013-2017Figure 29: Germany DSLRs Camera Market Size by Sales in Thousand Units, 2006-2012Figure 30: Germany DSLRs Camera Market Size by Sales in Thousand Units, 2013-2017Figure 31: Germany Mirrorless Cameras Market Size by Sales in Thousand Units, 2006-2012Figure 32: Germany Mirrorless Cameras Market Size by Sales in Thousand Units, 2013-2017Figure 33: Germany Interchangeable Lens Market Size by Sales in Million Units, 2006-2012Figure 34: Germany Interchangeable Lens Market Size by Sales in Million Units, 2013-2017Figure 35: Germany Digital Camera Market Size by Sales in Million Units, 2013-2017Figure 36: Germany Population in Million, 2006-2017Figure 37: Germany GDP in USD Million, 2006-2017Figure 38: Germany Smartphones Sales in Million, 2006-2017Figure 39: France Digital Camera Market Size by Sales in Million Units, 2006-2012Figure 40: France Digital Camera Market Segmentation by Compacts, DSLRS, Bridges andMirrorless Cameras, 2006-2012Figure 41: France Compact Point & Shoot Camera Market Size by Sales in Million Units, 2006-2012 6 © This is a licensed product of Ken Research and should not be copied
  7. 7. Figure 42: France Compact Point & Shoot Camera Market Size by Sales in Million Units, 2013-2017Figure 43: France Bridges Camera Market Size by Sales in Thousand Units, 2006-2012Figure 44: France Bridges Camera Market Size by Sales in Thousand Units, 2013-2017Figure 45: France DSLRs Camera Market Size by Sales in Thousand Units, 2006-2012Figure 46: France DSLRs Camera Market Size by Sales in Thousand Units, 2013-2017Figure 47: France Mirrorless Camera Market Size by Sales in Thousand Units, 2009-2012Figure 48: France Mirrorless Camera Market Size by Sales in Thousand Units, 2013-2017Figure 49: France Interchangeable Lens Market Size by Sales in Thousands Units, 2006-2012Figure 50: France Interchangeable Lens Market Segmentation by Lens for DSLRs and Lens forHybrids/CILCs, 2006-2012Figure 51: France Interchangeable Lens for DSLRs Market Size by Sales in Thousand Units,2006-2012Figure 52: France Interchangeable Lens for DSLRs Market Size by Sales in Thousand Units,2013-2017Figure 53: France Interchangeable Lens for Hybrids/CILCs Market Size by Sales in ThousandUnits, 2009-2012Figure 54: France Interchangeable Lens for Hybrids/CILCs Market Size by Sales in ThousandUnits, 2013-2017Figure 55: France Interchangeable Lens Market Size by Sales in Thousand Units, 2013-2017Figure 56: Market Share of Major Players in France DSLR Camera Market in Percentage, 2012Figure 57: Market Share of Major Players in France MILCs/Hybrid Cameras, 2012Figure 58: France Digital Camera Market Size by Sales in Million Units, 2013-2017Figure 59: France Population in Million, 2006-2017Figure 60: France GDP in USD Million, 2006-2017Figure 61: France Smartphone Sales in Million, 2006-2017Figure 62: France Registered Photo Professionals in Million, 2006-2017Figure 63: Russia Digital Camera Market Size by Shipment in Million Units, 2006-2012 7 © This is a licensed product of Ken Research and should not be copied
  8. 8. Figure 64: Russia Digital Camera Market Segmentation by Cameras with Built-in Lens andCameras with Interchangeable Lens, 2006-2012Figure 65: Russia Built-in Lens Camera Market Size by Shipments in Million Units, 2006-2012Figure 66: Russia Built-in Lens Camera Market Size by Shipments in Million Units, 2013-2017Figure 67: Russia Interchangeable Lens Camera Market Size by Shipments in Million Units,2006-2012Figure 68: Russia Interchangeable Lens Camera Market Size by Shipments in Million Units,2013-2017Figure 69: Russia Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012Figure 70: Russia Interchangeable Lens Market Segmentation by Lens for 35 mm FormatCameras and Lens for < 35 mm Format Cameras, 2006-2012Figure 71: Russia Interchangeable Lens for 35 mm Format Cameras Market Size by Shipmentsin Thousand Units, 2006-2012Figure 72: Russia Interchangeable Lens for 35 mm Format Cameras Market Size by Shipmentsin Thousand Units, 2013-2017Figure 73: Russia Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipmentsin Thousand Units, 2006-2012Figure 74: Russia Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipmentsin Thousand Units, 2013-2017Figure 75: Russia Interchangeable Lens Market Size by Shipments in Million Units, 2013-2017Figure 76: Russia Digital Camera Market Size by Shipments in Million Units, 2013-2017Figure 77: Russia Population in Million, 2006-2017Figure 78: Russia GDP in USD Million, 2006-2017Figure 79: Europe Digital Camera Market Size by Shipment in Million Units, 2013-2017 8 © This is a licensed product of Ken Research and should not be copied
  9. 9. LIST OF TABLESTable 1: Cause and Effect Relationship Analysis between Industry Factors and Expected DigitalCamera Market Prospects in EuropeTable 2: Correlation Matrix for France Interchangeable Lens for DSLR Camera MarketTable 3: Regression Coefficients Output 9 © This is a licensed product of Ken Research and should not be copied
  10. 10. EUROPE DIGITAL CAMERA MARKET SIZE BY SHIPMENTS, 2006-2012The digital camera market in Europe is estimated at ~ million units in 2012 on the basis of theshipments which have grown from shipment of ~million units in 2006 at a CAGR of ~% during2006-2012. The region is the second largest market in the world after Asia and represents ~% ofthe total shipments of digital cameras made in the world in 2012. The shipments of the digitalcameras have grown consistently until 2008 but declined in ……………Figure: Europe Digital Camera Market Size by Shipment in Million Units, 2006-2012 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2006 2007 2008 2009 2010 2011 2012EUROPE INTERCHANGEABLE LENS CAMERA MARKET FUTURE OUTLOOKAND PROJECTIONS, 2013-2017The interchangeable lens camera market in Europe is expected to grow strongly through 2017because of the high consumer demand for the interchangeable lens cameras. The shipment of theinterchangeable lens cameras is projected to reach ~ million units in 2017 by growing at a CAGRof ~% during 2012-2017 from the shipment of ~ million units in 2012. The market is estimatedto continue to experience ………………. 10 © This is a licensed product of Ken Research and should not be copied
  11. 11. Figure: Europe Interchangeable Lens Camera Market Size by Shipment in Million Units,2013-2017 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2013 2014 2015 2016 2017EUROPE INTERCHANGEABLE LENS MARKET SEGMENTATION, 2006-2012……………by lenses for the < 35 mm format cameras which account for ~% of the totalshipments of the digital cameras in the region. The contribution of these lenses in the totalmarket has increased over the years. The contribution of these lenses in the total shipments of theinterchangeable lenses to the region in 2006 was ~%. The interchangeable lenses for 35 mmformat cameras represent ~% of the shipments…………….Figure: Europe Interchangeable Lens Market Segmentation by Lens for 35 mm FormatCameras and Lens for < 35 mm Format Cameras, 2006-2012 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 2006 2007 2008 2009 2010 2011 2012 For 35 mm Format Cameras For < 35 mm Format Cameras 11 © This is a licensed product of Ken Research and should not be copied
  12. 12. EUROPE INTERCHANGEABLE LENS FOR < 35 MM FORMAT CAMERASMARKET FUTURE OUTLOOK AND PROJECTIONS, 2013-2017The market for interchangeable lenses for < 35 mm format cameras is projected to grow at aCAGR of ~% during 2012-2017 where the shipments of these lenses are projected to reach ~million units in 2017 by growing from ~ million units in 2012. The high demand among theconsumers in the region for the smaller frame DSLR cameras as well as mirrorless cameraswould be the key drivers ……………..Figure: Europe Interchangeable Lens for < 35 mm Format Cameras Market Size byShipments in Million Units, 2013-2017 25.0 20.0 15.0 10.0 5.0 0.0 2013 2014 2015 2016 2017THE UK DSLR CAMERA MARKET FUTURE OUTLOOK AND PROJECTIONS,2013-2017The DSLR camera market of the UK is projected to continue to grow positively in next fiveyears where the market is estimated to reach ~ thousand units by sales in 2017 from sales of ~thousand units in 2012 registering a CAGR of ~% during 2012-2017. The high replacementdemand from the existing users of compact cameras and growing consumer interest in premiumcamera models with extended lens ranges ………. 12 © This is a licensed product of Ken Research and should not be copied
  13. 13. Figure: UK DSLR Camera Market Size by Sales in Thousand Units, 2013-2017 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 2013 2014 2015 2016 2017GERMANY DIGITAL CAMERA MARKET SIZE BY SALES IN UNITS,2006-2012The digital camera market of Germany is estimated of the size of ~ million units on the basis ofsales which has grown at a CAGR of ~% during 2006-2012 from the unit sales of ~ million in2006. The moderate growth of the market has largely been driven by the consumer demand forDSLR cameras and newly introduced mirrorless interchangeable lens cameras and maturingmarket for the compact point & shoot cameras. The compact point and shoot camera market inGermany is moving towards maturity owing to the ……………….Figure: Germany Digital Camera Market Size by Sales in Million Units, 2006-2012 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2006 2007 2008 2009 2010 2011P 2012P 13 © This is a licensed product of Ken Research and should not be copied
  14. 14. Figure 1: Germany Digital Camera Market by Sales Revenue in USD Million, 2007-2011 2.9 2.8 2.7 2.6 2.5 2.4 2.3 2.2 2.1 2007 2008 2009 2010 2011PGERMANY INTERCHANGEABLE LENS CAMERA MARKETGERMANY DSLR CAMERA MARKET INTRODUCTION AND SIZE, 2006-2012The DSLR camera market of Germany is estimated at ~ thousand units on the basis of sales in2012. The market has increased from the unit sales of ~ thousand units in 2006 registering aCAGR of ~% during 2006-2012. The demand for the high end DSLR cameras has experienced ahigh growth in recent years in the German digital camera market. The high level of saturation inthe compact camera segment together with the increased consumer ……….Figure 2: Germany DSLRs Camera Market Size by Sales in Thousand Units, 2006-2012 1,000.0 900.0 800.0 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 2006 2007 2008 2009 2010 2011P 2012P 14 © This is a licensed product of Ken Research and should not be copied
  15. 15. FRANCE MILC MARKET INTRODUCTION AND SIZE, 2006-2012The market for hybrid or mirrorless interchangeable lens cameras in France has experienced arobust growth consistently after their introduction in 2009. The market is estimated at ~ thousandunits in terms of sales which have grown at a strong CAGR of ~% during 2009-2012 from salesof just ~ thousand units in 2009. The mirrorless interchangeable lens cameras are the onlysegment that has grown at a …………….Figure: France Mirrorless Camera Market Size by Sales in Thousand Units, 2009-2012 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 2009 2010 2011 2012PFRANCE INTERCHANGEABLE LENS FOR DSLR CAMERA MARKET FUTUREOUTLOOK AND PROJECTIONS, 2013-2017……………..because of the reduced consumer spending resulting from the economic slowdownin the European region and higher demand for the hybrid cameras. The unit sales of these lensesis projected to grow at a CAGR of ~% during 2012-2017 where, the sales of these lenses isexpected to reach ~ thousand units in 2017 from the unit sales of ~ thousand units in 2012. 15 © This is a licensed product of Ken Research and should not be copied
  16. 16. Figure: France Interchangeable Lens for DSLRs Market Size by Sales in Thousand Units,2013-2017 600.0 500.0 400.0 300.0 200.0 100.0 0.0 2013 2014 2015 2016 2017MARKET SHARE OF MAJOR PLAYERS IN FRANCE DIGITALCAMERA MARKET, 2012MARKET SHARE OF MAJOR PLAYERS IN FRANCE MILC/HYBRIDCAMERA MARKET, 2012The mirrorless camera market of France is dominated by Sony which holds ~% share in themarket in terms of sales. Panasonic is the second largest player and accounts for ~% of the salesof the MILC cameras in the country. This is followed by Olympus which holds ~% share in theMILC market of the country. Fujifilm is the ……………. 16 © This is a licensed product of Ken Research and should not be copied
  17. 17. Figure: Market Share of Major Players in France MILCs/Hybrid Cameras, 2012 Sony Panasonic Olympus Fujifilm OthersRUSSIA BUILT-IN-LENS CAMERA MARKETRUSSIA BUILT-IN-LENS CAMERA MARKET INTRODUCTION AND SIZE, 2006-2012The built-in lens camera market of Russia is estimated at ~ million units on the basis ofshipments which have increased from the shipment of ~ million units by growing at a CAGR of~% during 2006-2012. The market grew positively during the last six years owing to thecontinued growth in the demand for the compact cameras among the consumers. However, theshipment of these cameras dropped in the ……………. 17 © This is a licensed product of Ken Research and should not be copied
  18. 18. Figure: Russia Built-in Lens Camera Market Size by Shipments in Million Units, 2006-2012 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2006 2007 2008 2009 2010 2011 2012PRUSSIA INTERCHANGEABLE LENS FOR 35 MM FORMAT CAMERAS MARKETINTRODUCTION AND SIZE, 2006-2012The market for interchangeable lenses for 35 mm format cameras has increased over the yearswhere the shipments of these lenses have grown at a CAGR of ~% during 2006-2012. Theshipment of the interchangeable lenses for 35 mm format cameras has increased to ~ thousandunits in 2012 from the shipment of ~ thousand units in 2006. The growth in the shipments ofthese lenses dropped in …………….Figure: Russia Interchangeable Lens for 35 mm Format Cameras Market Size byShipments in Thousand Units, 2006-2012 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 2006 2007 2008 2009 2010 2011 2012P 18 © This is a licensed product of Ken Research and should not be copied
  19. 19. DISCLAIMERThe research reports provided by Ken Research are for the personal information of theauthorized recipient and is not for public distribution and should not be reproduced orredistributed without prior permission. You are permitted to print or download extracts from thismaterial for your personal use only. None of this material may be used for any commercial orpublic use.The information provided in the research documents is from publicly available data and othersources, which are reliable. Efforts are made to try and ensure accuracy of data. With respect todocuments available, neither the company nor any of its employees makes any warranty, expressor implied, including the warranties of merchantability and fitness for a particular purpose, orassumes any legal liability or responsibility for the accuracy, completeness, or usefulness of anyinformation, apparatus, product, or process disclosed, or represents that its use will not infringeprivately owned rights.The report also includes analysis and views expressed by our research team. The research reportsare purely for information purposes. The opinions expressed are our current opinions as of thedate appearing in the material and may be subject to change from time to time without notice.Investors should not solely rely on the information contained in the research documents and mustmake investment decisions based on their own investment objectives, risk profile and financialposition. The recipients of this material should take their own professional advice before actingon this information.Ken Research will not accept returns of reports once dispatched due to the confidentiality ofinformation provided in our reports. In case, a report qualify for return, we will issue a credit,minus shipping charges, of equal value to the original purchase price, toward a future purchase—no refunds. The decision about whether the product return can be accepted or not is solely at ourdiscretion. Any dispute will be subject to laws of India and exclusive jurisdiction of IndianCourts.No part of this manual or any material appearing may be reproduced, stored in or transmittedon any other Web site without written permission of Ken Research and any payments of aspecified fee. Requests to republish any material may be sent to us. 19 © This is a licensed product of Ken Research and should not be copied

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