The Indian audio units market is experiencing “outstanding development” as offline retail gross sales hit Rs 5,000 crore shifting annual turnover (MAT) in June 2024, pushed by a 61 per cent YoY quantity development within the Private Audio phase, in accordance with a report from GfK.
Progress is pushed by the rise in immersive sound applied sciences, enhanced client experiences, and a rising demand for high-quality audio merchandise throughout each dwelling and private classes, it stated.
Furthermore, a shift in the direction of premiumisation within the class as customers look in the direction of superior high quality and immersive audio experiences additionally aiding the Indian audio system market.
Indian customers have a “large urge for food” for audio units and are in search of a cinematic expertise and handy listening.
“With the evolving leisure panorama, customers more and more search premium, cinematic audio experiences, making the sector ripe for development and income alternatives,” stated GFK, which is now an NIQ Firm, a number one international market and client intelligence agency.
Although the market continues to be dominated by Compact Stereo Methods, House Theatre and Good Audio have registered quick development.
Furthermore, this demand is fueled by the rise of latest content material codecs corresponding to podcasts and audio collection, it added.
Shifting annual turnover (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 had a “vital demand with an growing share of 38 per cent” inside the headsets class.
“By worth, True Wi-fi phase lead the audio market with 50 per cent contribution Neckbands continued to dominate the non-public audio market by quantity, contributing to 55 per cent of gross sales,” it stated.
Mini/Bluetooth audio system additionally witnessed a 15 per cent YoY worth development, with entry-level merchandise as much as Rs 2,000 driving 3 per cent of gross sales by quantity.
“Client demand for wi-fi and True Wi-fi fashions, together with superior options corresponding to noise cancellation and voice assistant integration, continues to push the market ahead,” it stated.
Furthermore, as the common promoting value within the class declines by 18 per cent, to Rs 1,400 accessibility to high quality audio units is broadening.
Whereas the loudspeaker phase, dominated by soundbars, registered a 24 per cent YoY quantity development 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 stated.
Furthermore, the expansion of loudspeakers in smaller cities and cities, contributing almost 30 per cent of the class gross sales, additionally displays pattern of accelerating demand from non-metropolitan areas.
Now House Audio, valued at Rs 1,600 crore, sees premiumisation with 5.1 channel techniques gaining traction, 23 per cent of gross sales come from high-end segments, it added.
First Revealed: Sep 15 2024 | 3:04 PM IST
