NEW DELHI: The Indian audio gadgets market is rising quickly, with offline retail gross sales reaching a shifting annual turnover (MAT) of Rs 5,000 crore in June 2024, supported by an increase of 61 p.c year-over-year quantity improve within the Private Audio phase,in response to a GFK report.
The opposite components driving this progress are developments in immersive sound applied sciences, improved shopper experiences, and an growing demand for high-quality audio merchandise in each dwelling and private classes.
Furthermore, the Indian audio system market can also be aided by the shift in direction of premiumization within the class as shoppers look in direction of superior high quality.
The report additional acknowledged that Indian shoppers search a cinematic expertise and handy listening with a “huge urge for food” for audio gadgets.
“With the evolving leisure panorama, shoppers more and more search premium, cinematic audio experiences, making the sector ripe for progress and income alternatives,” mentioned GFK, an NIQ Firm and a number one world market and shopper intelligence agency.
Quicker progress has been registered by dwelling theater and sensible audio even with the compact stereo system dominated market. This demand has additionally elevated by the rise of recent content material codecs equivalent to podcasts and audio collection.
“The private audio market in India, valued at Rs 3,400 crore, skilled a 32 per cent YoY progress in worth in MAT June 2024. Headphones, Headsets and mini/Bluetooth audio system have turn out to be important for the Gen Z shoppers, who more and more demand flexibility, affordability, stylishness and high quality in audio experiences,” the report acknowledged.
Shifting annual turnover or MAT is a calculation that measures the common gross sales or turnover over a 12-month interval, with the information rolling on a month-to-month foundation.
Within the private audio phase, True Wi-fi Headsets have seen “important demand, capturing an growing share of 38 p.c” inside the headsets class. “By worth, True Wi-fi phase lead the audio market with 50 per cent contribution Neckbands continued to dominate the private audio market by quantity, contributing to 55 per cent of gross sales,” it mentioned.
Mini/Bluetooth audio system skilled a 15 p.c year-over-year worth progress, with entry-level merchandise priced as much as Rs 2,000 contributing 3 p.c to gross sales by quantity. It mentioned that the demand for wi-fi and true wi-fi fashions with superior options equivalent to noise cancellation and voice assistant integration proceed to push the market ahead.
Furthermore, accessibility to high quality audio gadgets is broadening whilst the common promoting value within the class declines by 18 per cent, to Rs 1,400.
Whereas the loudspeaker phase, dominated by soundbars, registered a 24 per cent YoY quantity progress in MAT June 2024, reaching Rs 1,100 crore.
“With 70 per cent of loudspeaker gross sales coming from massive retail chains, the South Zone, significantly cities like Bangalore, Chennai, and Hyderabad, has emerged as a hotspot for loudspeaker demand,” it mentioned.
Moreover, the rise in loudspeaker gross sales in smaller cities and cities—accounting for almost 30 p.c of class gross sales—displays a rising demand from non-metropolitan areas. Within the Residence Audio phase, valued at Rs 1,600 crore, a premiumization sample might be seen, with 5.1 channel techniques gaining recognition. Remarkably, 23 p.c of gross sales now come from high-end segments.
The opposite components driving this progress are developments in immersive sound applied sciences, improved shopper experiences, and an growing demand for high-quality audio merchandise in each dwelling and private classes.
Furthermore, the Indian audio system market can also be aided by the shift in direction of premiumization within the class as shoppers look in direction of superior high quality.
The report additional acknowledged that Indian shoppers search a cinematic expertise and handy listening with a “huge urge for food” for audio gadgets.
“With the evolving leisure panorama, shoppers more and more search premium, cinematic audio experiences, making the sector ripe for progress and income alternatives,” mentioned GFK, an NIQ Firm and a number one world market and shopper intelligence agency.
Quicker progress has been registered by dwelling theater and sensible audio even with the compact stereo system dominated market. This demand has additionally elevated by the rise of recent content material codecs equivalent to podcasts and audio collection.
“The private audio market in India, valued at Rs 3,400 crore, skilled a 32 per cent YoY progress in worth in MAT June 2024. Headphones, Headsets and mini/Bluetooth audio system have turn out to be important for the Gen Z shoppers, who more and more demand flexibility, affordability, stylishness and high quality in audio experiences,” the report acknowledged.
Shifting annual turnover or MAT is a calculation that measures the common gross sales or turnover over a 12-month interval, with the information rolling on a month-to-month foundation.
Within the private audio phase, True Wi-fi Headsets have seen “important demand, capturing an growing share of 38 p.c” inside the headsets class. “By worth, True Wi-fi phase lead the audio market with 50 per cent contribution Neckbands continued to dominate the private audio market by quantity, contributing to 55 per cent of gross sales,” it mentioned.
Mini/Bluetooth audio system skilled a 15 p.c year-over-year worth progress, with entry-level merchandise priced as much as Rs 2,000 contributing 3 p.c to gross sales by quantity. It mentioned that the demand for wi-fi and true wi-fi fashions with superior options equivalent to noise cancellation and voice assistant integration proceed to push the market ahead.
Furthermore, accessibility to high quality audio gadgets is broadening whilst the common promoting value within the class declines by 18 per cent, to Rs 1,400.
Whereas the loudspeaker phase, dominated by soundbars, registered a 24 per cent YoY quantity progress in MAT June 2024, reaching Rs 1,100 crore.
“With 70 per cent of loudspeaker gross sales coming from massive retail chains, the South Zone, significantly cities like Bangalore, Chennai, and Hyderabad, has emerged as a hotspot for loudspeaker demand,” it mentioned.
Moreover, the rise in loudspeaker gross sales in smaller cities and cities—accounting for almost 30 p.c of class gross sales—displays a rising demand from non-metropolitan areas. Within the Residence Audio phase, valued at Rs 1,600 crore, a premiumization sample might be seen, with 5.1 channel techniques gaining recognition. Remarkably, 23 p.c of gross sales now come from high-end segments.
