India’s audio devices market boom, small towns lead robust growth
With rising disposable incomes, availability of affordable device options, a growing Gen Z population and the expanding digital content consumption, India’s audio devices market is experiencing remarkable growth, according to a new report.
IANS
Sep 17, 2024 10:00
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New Delhi, Sep 17 (IANS) With rising disposable incomes, availability of affordable device options, a growing Gen Z population and the expanding digital content consumption, India’s audio devices market is experiencing remarkable growth, according to a new report.
The audio devices market in offline retail has reached Rs 5,000 crore, driven by a 61 per cent volume growth (year-on-year) in the personal audio segment, according to GfK– An NIQ Company, a leading global market and consumer intelligence firm.
Loudspeakers, led by soundbars, saw 24 per cent YoY growth, with sales from lower-tier towns rising to 30 per cent in the July 2023 till June 2024 period.
The home audio segment, valued at Rs 1,600 crore, experienced a 6 per cent YoY growth in volume. The personal audio market, valued at Rs 3,400 crore, experienced a 32 per cent YoY growth.
Anant Jain, head of customer success–tech and durables, GfK–An NIQ Company said that as home and personal audio solutions become more sophisticated and accessible, they are becoming integral to the lifestyle of the Indian consumer.
With the evolving entertainment landscape, consumers increasingly seek premium, cinematic audio experiences, making the sector ripe for growth and revenue opportunities.
Despite an overall 11 per cent YoY volume decline in audio home systems, the premium segments are making significant strides.
The entry segment, priced below Rs 3,000, dominates 27 per cent of the market, while the premium segment (priced above Rs 8,000) accounts for 23 per cent, reflecting a shift towards higher-quality products.
The North Zone contributes 31 per cent of home audio sales, with a notable increase in demand from smaller cities and lower-tier towns, representing a significant growth opportunity for brands.
For example, tier 4 to 6 towns saw an impressive rise in sales, from 28 per cent to 32 per cent of the market, underscoring the growing importance of non-metropolitan regions, the report mentioned.
The growth of loudspeakers in smaller towns and cities, contributing nearly 30 per cent of the category's sales, also reflects the broader market trend of increasing demand from non-metropolitan areas.
--IANS
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