The Indian audio devices market is experiencing “remarkable growth” as offline retail sales hit Rs 5,000 crore moving annual turnover (MAT) in June 2024, driven by a 61 per cent YoY volume growth in the Personal Audio segment, as per GfK report. Growth is driven by the rise in immersive sound technologies, enhanced consumer experiences, and a growing demand for high-quality audio products across both home and personal categories, as per PTI’s report.
Key factors driving market growth include:
Rising demand: Consumers are increasingly seeking high-quality audio products for both home and personal use.
Immersive sound technologies: Advancements in sound technology are enhancing the listening experience.
Premiumization: Consumers are opting for superior quality and immersive audio experiences.
Evolving entertainment landscape: The growing popularity of streaming services and audio content is fueling demand.
Personal audio has seen significant growth, with headphones, headsets, and mini/Bluetooth speakers becoming essential for many consumers. True Wireless Headsets have been particularly popular, leading the market in terms of value. Neckbands and mini/Bluetooth speakers also continue to dominate the market in terms of volume.
Home audio is also experiencing growth, with 5.1 channel systems becoming more popular. The market is seeing a shift towards premiumization, with a significant portion of sales coming from high-end segments.
Loudspeakers have also seen strong growth, particularly in the South Zone and smaller towns and cities. Soundbars dominate the loudspeaker segment.
Overall, the Indian audio market is well-positioned for continued growth as consumers seek premium, cinematic audio experiences.