The Air Purifier Market size was valued at USD 15.28 Billion in 2024 and the total Air Purifier revenue is expected to grow at a CAGR of 8.45% from 2025 to 2032, reaching nearly USD 29.09 Billion. World air purifier market has been growing very fast attributable to the awareness regarding the indoor air quality, pollution level beside the people health. With an approximate value of the market of USD 15.28 billion in 2024, the CAGR is expected to continue to grow at 8.45% by 2033. Asia—Pacific represents the largest global market for both production and consumption of polysilicon, with China as the biggest manufacturing hub due to its extensive supply chain capacity, low production costs, and large domestic demand. Regarding consumption one of the largest central countries India, China, Japan, South Korea, and South-East Asia have a high penetration rate because of urbanization, industrialization, and also the province regime to lessen atmospheric pollutants. On the other end of the spectrum, North America and Europe are indicative of a saturated market with high per capita expenditure while emerging economies signified by Latin America and Africa are an untapped resource in high demand. The formation is highly competitive and includes established multinational corporations and emerging regional players. Major players include Dyson, Honeywell, Daikin Industries, Panasonic Corporation, Philips, Sharp Corporation, Xiaomi, Coway and Blueair (Unilever Group). These companies are competing for filtration efficiency, smart connectivity, design, pricing, and distribution networks. Technology innovation is a key differentiator between players, investments in HEPA, activated carbon, UV-C, ionization technologies and AI powered air quality monitoring are integrated by the players. Topband, Foross and T.Has all merged to extend leverages of their market portfolios, while strategic mergers has also been a norm to explore industry facets provided by other players and to penetrate into more areas than the owned markets. Market is still abuzz with future launches such as Mencom and cinamon (for coffee as well), and lotsa more. Looking at this from a classical supply and demand perspective, considerably concentrated supply chains across East Asia, specifically China and South Korea, juxtaposed with global demand driven by rising respiratory diseases, post-COVID health awareness, and regulatory tailwinds. The increase of consumer unity within the United States, Germany, the UK, and UAE has been constant, the correct usage of countries has been extreme, occurring in both the residential and industrial sectors. As such, the consumer behaviour is now turning consistently towards the energy-efficient, portable and smart-enabled purifiers that are compatible with total home automation systems. Sustainability claims, noise levels and integration with a mobile app resonate most with Millennials and Gen Z consumers. The commercial segment is continuously gaining momentum due to institutional demand from hospitals, schools, offices, and public transportations as well. With pollution being a major headache in many cities, governments and organizations are also channeling their funds into air purification infrastructure. Rising cognizance of PM2. In urban areas, the simple solution of removing toxic gases like NOx, CO, SO2, PM2.Industry investors and stakeholders can leverage our detailed market research report for granular insights into regional and country-level data, competitive benchmarking, supply-demand dynamics, and future growth projections. With qualitative and quantitative analysis, the report offers strategic recommendations tailored for manufacturers, distributors, investors, and policymakers, making it an indispensable tool for navigating the fast-evolving air purifier ecosystem. Partner with us to gain a data-backed advantage in this high-growth, innovation-driven market.
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Air Purifier Market Dynamics
Rising Health Awareness Among the Consumer to Drive Market Growth As individuals become increasingly conscious of the impact of air quality on health, the demand for air purifiers has surged. The growing awareness of airborne pollutants, allergens, and respiratory diseases has prompted consumers to invest in air purification solutions for their homes and offices. With a focus on preventive healthcare and overall well-being, consumers are actively seeking advanced air purifiers equipped with HEPA filters and smart technologies. This health-conscious trend is propelling the market forward, creating a robust demand for efficient air purification solutions. such factors boost the Air Purifier Market growth. The heightened awareness of health and well-being, accentuated by recent global events, has sparked a surge in demand for air purifiers. Consumers are seeking solutions that go beyond mere comfort to actively safeguard their health. Air purifiers, equipped with advanced filtration technologies, have gained prominence as effective tools in removing airborne pollutants, allergens, and pathogens. The ongoing COVID-19 pandemic has accentuated the importance of clean indoor air, driving a significant uptick in air purifier adoption. Manufacturers can capitalize on this trend by developing and marketing products specifically designed for virus and bacteria removal, positioning air purifiers as essential components of a health-conscious lifestyle. Increased airborne infections and pollution in urban areas should drive demand for air purifiers. In addition, increased disposable income heightened health awareness, and improved living standards are expected to boost Air Purifier Market Growth. To successfully launch a model in the air purification industry, start-ups are looking to crowdfunding technology. Air quality sensors that work with air purifiers to calculate the risk of viral infections and microbial growth benefit device manufacturers. Market participants are primarily interested in expanding their global reach and presence. To maintain their competitive advantage in the global market, they employ merger and acquisition, alliance, and cooperation tactics. Also, the most important factor driving the progress of air purification technology is the improvement and production of new products.Urbanization and Industrialization Development to Boost the Market Growth The rapid pace of urbanization and industrial expansion has led to heightened levels of pollution in many regions. As urban populations grow, so does the need for cleaner air in indoor spaces. Urban dwellers are increasingly turning to air purifiers as a proactive measure to combat the adverse effects of pollution. Moreover, industries are adopting air purifiers to comply with stringent environmental regulations and ensure a healthy working environment. This dual surge in demand from both residential and commercial sectors, driven by urbanization and industrialization, is a key driver pushing the air purifier market to new heights. The empirical analysis of Western China's inter-provincial data reveals intricate, lagged causal relationships. While industrial ecology promotes urbanization, the inverse relationship sees industrialization and urbanization adversely affecting ecological balance. Smart Technology Integration in New Air Purifiers to Key Opportunity for Market Growth The integration of smart technology into air purifiers represents a game-changing growth avenue. With the advent of IoT (Internet of Things), air purifiers can now be equipped with sensors and connectivity features, allowing users to monitor and control air quality remotely through smartphones or other devices. This not only enhances user convenience but also enables real-time data analysis. Manufacturers can leverage this opportunity to develop advanced, intelligent air purifiers that automatically adjust settings based on pollution levels, ensuring optimal performance and energy efficiency. As consumers increasingly prioritize smart home solutions, the integration of cutting-edge technology is a key driver for Air Purifier Market growth. The integration of new technologies such as the Internet of Things (IoT) and artificial intelligence (AI) is essential to product transformation. To change customer preferences for intelligent and practical products, industry participants need to regularly develop innovations in air purification technology. Daikin Industries, Ltd. Invests in Locix Inc, a US start-up company. Invest $ 2 million to expand the AC solutions market with spatial intelligence solutions. High-Cost Implications Required for Air Purifiers among each Consumer Adoption to Pose Challenge for Market Growth One significant impediment to the widespread adoption of air purifiers is the associated cost. While the demand for clean and purified air is escalating, a substantial portion of the market remains price-sensitive. High manufacturing costs, coupled with advanced filtration technologies, contribute to elevated retail prices, deterring budget-conscious consumers. As a result, the affordability gap hinders the mass integration of air purifiers into households and commercial spaces, limiting market expansion. An emerging restraint in the air purifier industry revolves around environmental consciousness and sustainability. Many traditional air purifiers generate electronic waste and consume significant energy, contributing to their carbon footprint. Consumers increasingly prioritize eco-friendly solutions, raising concerns about the environmental impact of air purifiers. The industry must pivot towards sustainable practices, emphasizing recyclability, energy efficiency, and responsible disposal methods. Addressing these environmental concerns will not only align the market with global sustainability goals but also appeal to an environmentally conscious consumer base, fostering long-term Air Purifier Market growth.
Air Purifier Market Segment Analysis:
Based on Application, the commercial segment held the largest Air Purifier Market share in 2024. commanding a substantial 57% share of the global revenue. Air purifiers found extensive applications in diverse commercial settings, including schools, malls, conference centers, workplaces, hospitals, hotels, theaters, recreation centers, and amusement areas. Restaurants and hotels, in particular, adopted air purifiers equipped with activated carbon and HEPA filters to effectively eliminate airborne particles, odors, and smoke, thereby enhancing the overall air quality within these spaces. Various healthcare facilities, such as dental and medical offices, veterinary clinics, hospitals, and boarding kennels, utilize air purifiers to ensure indoor air quality by removing odors, airborne pathogens, and allergens. Also, the demand for air purifiers witnessed a significant upswing in healthcare settings worldwide during the COVID-19 pandemic, owing to their efficacy in reducing the spread of infectious diseases.Based on Technology, the HEPA segment took the lead in the air purifier industry, in 2024. The factors for segment growth are contributing a substantial xx% to the global revenue. Renowned for their efficacy in capturing airborne particles such as smoke, dust, bio-contaminants, and pollen, HEPA filters played a pivotal role in driving increased product penetration within the global market. The high caliber and reliability of HEPA filters in removing airborne particles positioned them as a preferred technology in the industry. Additionally, filters incorporating activated carbon or charcoal, treated to open pores and increase surface area, demonstrated enhanced capacity to capture airborne particles, further contributing to the widespread adoption of air purifiers worldwide. This trend is expected to continue, solidifying HEPA technology's dominance in the air purifier market.
Air Purifier Market Regional Insight:
Asia Pacific accounted for the largest Air Purifier Market share in 2024. The regional growth is driven by various factors, including a burgeoning population with increased disposable income and the rapid pace of urbanization and industrialization. For instance, the Clean Air Coalition highlighted that more than 35% of global premature deaths due to air pollution occurred in East Asia, followed by South Asia. The prevalence of airborne particulates is often linked to the lack of stringent regulations for industrial emissions, domestic heating, and oil-based road transportation in the region. Countries such as China and India, grappling with escalating smog and air pollution levels, are expected to witness a surge in the adoption of air purifiers, thereby fostering the regional market growth. In South Korea, factors such as political decisions and rapid urbanization have adversely impacted the ecological balance and diminished air quality. However, the market in the country is poised to benefit from a heightened public awareness regarding health issues associated with exposure to harmful particles in both occupational and residential settings. In North America, the Air Purifier Market growth is expected to grow at a significant (CAGR) over the forecast period. Stringent air quality regulations, exemplified by the United States Environmental Protection Agency's (U.S. EPA’s) establishment of national ambient air quality standards and the U.S. Clean Air Act, along with comprehensive emission reduction programs in Canada, are expected to open new avenues for air purifier manufacturers. The implementation of regulatory measures, the organization of air quality management programs to enhance public awareness, and the increasing installation of extensive ambient air quality monitoring systems in Mexico are anticipated to drive the demand for air purifiers in the region in the years to come.Key developments
Global air purifier market is competitive with number of domestic and multinational players. These firms have a wide range of air purifiers available through multiple distribution channels including e-commerce sites, firm owned sites, retailers and their sites, and dealers. As an example, in December 2021, Secure Connection a manufacturer of electronic products in Hong Kong launched a range of Honeywell Branded Air Purifiers. The new air purifier range consists of three sub-categories, Value Series, Platinum Series and Ultimate Series, and come with features like U.V LED, Ioniser and Humidifier. They will be sold in major stores and online e-commerce platforms in a number of South Asian and Middle Eastern countries. High market competition exists in terms of product performance, quality, technical competence, price, and corporate reputation. Companies have undertaken the key strategy of product launches, partnerships, investments in distribution network expansion, technology, and mergers & acquisitions to bolster their market role and attain a greater market share. For example, The company launched new technology carbon air purifier in Feb 2023 using the UV technology for encouraging healthy indoor air. The system aids in the removal of unwanted odors, gases as well as volatile organic compounds from the air within the home. The technology also inhibits the proliferation of microbes like viruses and bacteria on the evaporator coil.• COWAY CO., LTD. released Airmega 100 in January of 2024. With a 360° air intake and 3-stage HEPA filtration, it removes harmful pollutants through the day at a rate of 2x every hour (810 sq. Some of the us-centric features with the new air purifier are real time air quality indicator, auto mode, energy saving technology and a precise particle s ensor. • The firm launched its new carbon air cleaner utilizing UV technology for healthy, indoor air quality in February 2023. It uses this system that cleans the house from bad odors, gases, as well as volatile organic compounds in the air. The technology also minimizes the growth of hygiene microorganisms including viruses and bacteria on the evaporator coil. • IQAir has debuted the Atem X bionic air purifier for slim, powerful air purification in August 2022 (currently available for preorder), designed to combine four seemingly contradictory qualities of powerful air purification, minimal noise, low energy consumption, and a slim design.
Air Purifier Market Scope: Inquire before buying
Global Air Purifier Market Report Coverage Details Base Year: 2024 Forecast Period: 2025-2032 Historical Data: 2019 to 2024 Market Size in 2024: US $ 15.28 Bn. Forecast Period 2025 to 2032 CAGR: 8.45% Market Size in 2032: US $ 29.09 Bn. Segments Covered: by Technology High-Efficiency Particulate Air (HEPA) Activated Carbon Ionic Filters Other by Mounting Type Fixed Portable by Application Residential Industrial Commercial by Distribution Channel Online Retails Offline Retails Air Purifier Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) South America (Brazil, Argentina Rest of South America) Middle East & Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)Air Purifier Key players
1. Honeywell International Inc. - USA. 2. Whirlpool Corporation - USA 3. Alen Corporation - Texas, USA 4. AllerAir Industries Inc. - Canada 5. Koninklijke Philips N.V. - Netherlands 6. Dyson Limited - United Kingdom 7. Unilever plc - Netherlands 8. The Camfil Group - Sweden 9. IQAir - Switzerland 10. WINIX Co. Ltd. - South Korea 11. Sharp Corporation - Japan 12. Daikin Industries Ltd. - Japan 13. Samsung Electronics Co. Ltd. - South Korea 14. LG Electronics Inc. - South Korea 15. Xiaomi Corporation - China 16. HSIL Limited - India 17. Panasonic Corporation - Japan 18. Kent RO Systems - India 19. Coway 20. Standard Air Filter Pvt Ltd 21. Cuckoo Appliances Pvt Ltd. 22. Eureka Forbes LtdFrequently Asked Questions:
1] What is the growth rate of the Global Air Purifier Market? Ans. The Global Air Purifier Market is growing at a significant rate of 8.45% during the forecast period. 2] Which region is expected to dominate the Global Air Purifier Market? Ans. APAC is expected to dominate the Air Purifier Market during the forecast period. 3] What is the expected Global Air Purifier Market size by 2032? Ans. The Air Purifier Market size is expected to reach USD 29.09 Bn by 2032. 4] Which are the top players in the Global Air Purifier Market? Ans. The major top players in the Global Air Purifier Market are Honeywell International Inc. , Whirlpool Corporation and others. 5] What are the factors driving the Global Air Purifier Market growth? Ans. Increasing awareness among consumers about the detrimental effects of indoor air pollution on health is a significant driver for the market growth. 6] Which country held the largest Global Air Purifier Market share in 2024? Ans. China and India held the largest Air Purifier Market share in 2024.
1. Air Purifier Market: Research Methodology 2. Air Purifier Market Introduction 2.1. Study Assumption and Market Definition 2.2. Scope of the Study 2.3. Executive Summary 3. Market Ecosystem & Value Chain Analysis 3.1. Industry Structure: From Raw Material Supplier to End User 3.2. Stakeholder Mapping: OEMs, ODMs, Channel Partners, Distributors 3.3. Component & Material Overview (HEPA Filters, Activated Carbon, UV Lights, Ionizers, etc.) 3.4. Environmental Regulations and Government Policies Impacting the Industry 4. Consumption & Production Analysis 4.1. Global Production Footprint and Top Manufacturing Hubs 4.2. Country-Wise Consumption Patterns and Volume Forecast 4.3. Seasonal Demand Variations and Urban vs Rural Usage Trends 4.4. Digital Marketing & E-commerce Trends 4.5. Health Impact & Scientific Evidence Analysis 5. Raw Material & Component Analysis 5.1. Filter Media (Fiberglass, Polypropylene, Activated Carbon) 5.2. Sensors, Motors, Plastics, Electronics Components 5.3. Major Suppliers & Manufacturing Locations 5.4. Supply Chain Vulnerabilities and Price Fluctuation Risks 6. Pricing Analysis 6.1. Price Benchmarking by Product Type and Region 6.2. Cost Breakdown: Filter Replacement, Energy Consumption, Installation 6.3. Competitive Pricing Strategies of Key Brands 6.4. Impact of Import Tariffs, Taxes, and Logistics Costs 7. Air Purifier Market: Global Market Size and Forecast by Segmentation (by Value in USD Million and Volume in Units) (2024-2032) 7.1. Air Purifier Market Size and Forecast, by Type (2024-2032) 7.1.1. Natural Materials 7.1.2. Synthetic Materials 7.1.3. Blended Materials 7.1.4. Others 7.2. Air Purifier Market Size and Forecast, by Material (2024-2032) 7.2.1. Bedding 7.2.2. Bath linen 7.2.3. Kitchen linen 7.2.4. Curtains and blinds 7.2.5. Rugs and carpets 7.2.6. Upholstery fabrics 7.2.7. Others 7.3. Air Purifier Market Size and Forecast, by Module (2024-2032) 7.3.1. Buckram fabric 7.3.2. Georgette fabric 7.3.3. Sheeting fabric 7.3.4. Other fabric 7.4. Air Purifier Market Size and Forecast, by End-User (2024-2032) 7.4.1. Residential customers 7.4.2. Commercial establishments 7.5. Air Purifier Market Size and Forecast, by region (2024-2032) 7.5.1. North America 7.5.2. Europe 7.5.3. Asia Pacific 7.5.4. Middle East and Africa 7.5.5. South America 8. North America Air Purifier Market Size and Forecast by Segmentation (by Value in USD Million) (2024-2032) 8.1. North America Air Purifier Market Size and Forecast, by Type (2024-2032) 8.1.1. Natural Materials 8.1.2. Synthetic Materials 8.1.3. Blended Materials 8.1.4. Others 8.2. North America Air Purifier Market Size and Forecast, by Material (2024-2032) 8.2.1. Bedding 8.2.2. Bath linen 8.2.3. Kitchen linen 8.2.4. Curtains and blinds 8.2.5. Rugs and carpets 8.2.6. Upholstery fabrics 8.2.7. Others 8.3. North America Air Purifier Market Size and Forecast, by Module (2024-2032) 8.3.1. Buckram fabric 8.3.2. Georgette fabric 8.3.3. Sheeting fabric 8.3.4. Other fabric 8.4. North America Air Purifier Market Size and Forecast, by End-User (2024-2032) 8.4.1. Residential customers 8.4.2. Commercial establishments 8.5. North America Air Purifier Market Size and Forecast, by Country (2024-2032) 8.5.1. United States 8.5.1.1. United States Air Purifier Market Size and Forecast, by Type (2024-2032) 8.5.1.2. United States Air Purifier Market Size and Forecast, by Material (2024-2032) 8.5.1.3. United States Air Purifier Market Size and Forecast, by Module (2024-2032) 8.5.1.4. United States Air Purifier Market Size and Forecast, by End-User (2024-2032) 8.5.2. Canada 8.5.2.1. Canada Air Purifier Market Size and Forecast, by Type (2024-2032) 8.5.2.2. Canada Air Purifier Market Size and Forecast, by Material (2024-2032) 8.5.2.3. Canada Air Purifier Market Size and Forecast, by Module (2024-2032) 8.5.2.4. Canada Air Purifier Market Size and Forecast, by End-User (2024-2032) 8.5.3. Mexico 8.5.3.1. Mexico Air Purifier Market Size and Forecast, by Type (2024-2032) 8.5.3.2. Mexico Air Purifier Market Size and Forecast, by Material (2024-2032) 8.5.3.3. Mexico Air Purifier Market Size and Forecast, by Module (2024-2032) 8.5.3.4. Mexico Air Purifier Market Size and Forecast, by End-User (2024-2032) 9. Europe Air Purifier Market Size and Forecast by Segmentation (by Value in USD Million ) (2024-2032) 9.1. Europe Air Purifier Market Size and Forecast, by Type (2024-2032) 9.2. Europe Air Purifier Market Size and Forecast, by Material (2024-2032) 9.3. Europe Air Purifier Market Size and Forecast, by Module (2024-2032) 9.4. Europe Air Purifier Market Size and Forecast, by End-User (2024-2032) 9.5. Europe Air Purifier Market Size and Forecast, by Country (2024-2032) 9.5.1. United Kingdom 9.5.2. France 9.5.3. Germany 9.5.4. Italy 9.5.5. Spain 9.5.6. Sweden 9.5.7. Russia 9.5.8. Rest of Europe 10. Asia Pacific Air Purifier Market Size and Forecast by Segmentation (by Value in USD Million ) (2024-2032) 10.1. Asia Pacific Air Purifier Market Size and Forecast, by Type (2024-2032) 10.2. Asia Pacific Air Purifier Market Size and Forecast, by Material (2024-2032) 10.3. Asia Pacific Air Purifier Market Size and Forecast, by Module (2024-2032) 10.4. Asia Pacific Air Purifier Market Size and Forecast, by End-User (2024-2032) 10.5. Asia Pacific Air Purifier Market Size and Forecast, by Country (2024-2032) 10.5.1. China 10.5.2. S Korea 10.5.3. Japan 10.5.4. India 10.5.5. Australia 10.5.6. Indonesia 10.5.7. Malaysia 10.5.8. Philippines 10.5.9. Thailand 10.5.10. Vietnam 10.5.11. Rest of Asia Pacific 11. Middle East and Africa Air Purifier Market Size and Forecast by Segmentation (by Value in USD Million) (2024-2032) 11.1. Middle East and Africa Air Purifier Market Size and Forecast, by Type (2024-2032) 11.2. Middle East and Africa Air Purifier Market Size and Forecast, by Material (2024-2032) 11.3. Middle East and Africa Air Purifier Market Size and Forecast, by Module (2024-2032) 11.4. Middle East and Africa Air Purifier Market Size and Forecast, by End-User (2024-2032) 11.5. Middle East and Africa Air Purifier Market Size and Forecast, by Country (2024-2032) 11.5.1. South Africa 11.5.2. GCC 11.5.3. Nigeria 11.5.4. Rest of ME&A 12. South America Air Purifier Market Size and Forecast by Segmentation (by Value in USD Million) (2024-2032) 12.1. South America Air Purifier Market Size and Forecast, by Type (2024-2032) 12.2. South America Air Purifier Market Size and Forecast, by Material (2024-2032) 12.3. South America Air Purifier Market Size and Forecast, by Module (2024-2032) 12.4. South America Air Purifier Market Size and Forecast, by End-User (2024-2032) 12.5. South America Air Purifier Market Size and Forecast, by Country (2024-2032) 12.5.1. Brazil 12.5.2. Argentina 12.5.3. Colombia 12.5.4. Chile 12.5.5. Rest of South America 13. Company Benchmarking & Branding Strategies 13.1. Comparative Analysis of Leading Air Purifier Firms 13.2. Branding Strategies & Market Positioning of Major Players 13.3. Role of Digital Marketing & Customer Engagement Strategies 13.4. Influence of Government & Private Sector Partnerships on Market Growth 14. Branding, Product Differentiation & Consumer Perception 14.1. Branding Strategies of Top Companies 14.2. Key USPs: Filter Technology, Noise Levels, Energy Efficiency, Connectivity 14.3. Consumer Preferences & Influencing Factors in Purchase 15. Company Profile: Key Players 15.1. Honeywell International Inc. - USA. 15.1.1. Company Overview 15.1.2. Business Portfolio 15.1.3. Branding & Market Positioning Strategies 15.1.4. Financial Overview 15.1.4.1. Revenue 15.1.4.2. Profit margin 15.1.4.3. Cost of Sales 15.1.4.4. Earnings 15.1.5. SWOT Analysis 15.1.6. Strategic Analysis 15.2. Whirlpool Corporation - USA 15.3. Alen Corporation - Texas, USA 15.4. AllerAir Industries Inc. - Canada 15.5. Koninklijke Philips N.V. - Netherlands 15.6. Dyson Limited - United Kingdom 15.7. Unilever plc - Netherlands 15.8. The Camfil Group - Sweden 15.9. IQAir - Switzerland 15.10. WINIX Co. Ltd. - South Korea 15.11. Sharp Corporation - Japan 15.12. Daikin Industries Ltd. - Japan 15.13. Samsung Electronics Co. Ltd. - South Korea 15.14. LG Electronics Inc. - South Korea 15.15. Xiaomi Corporation - China 15.16. HSIL Limited - India 15.17. Panasonic Corporation - Japan 15.18. Kent RO Systems - India 15.19. Coway 15.20. Standard Air Filter Pvt Ltd 15.21. Cuckoo Appliances Pvt Ltd. 15.22. Eureka Forbes Ltd 16. Key Findings 17. Analyst Recommendation