NEW DELHI: The Indian audio devices market is growing rapidly, with offline retail sales reaching a moving annual turnover (MAT) of Rs 5,000 crore in June 2024, supported by a rise of 61 percent year-over-year volume increase in the
Personal Audio segment
,according to a GFK report.
The other factors driving this growth are advancements in immersive sound technologies, improved consumer experiences, and an increasing demand for high-quality audio products in both home and personal categories.
Moreover, the Indian
audio device market
is also aided by the shift towards premiumization in the category as consumers look towards superior quality.
The report further stated that Indian consumers seek a cinematic experience and convenient listening with a "massive appetite" for audio devices.
"With the evolving entertainment landscape, consumers increasingly seek premium, cinematic audio experiences, making the sector ripe for growth and revenue opportunities," said GFK, an NIQ Company and a leading global market and consumer intelligence firm.
Faster growth has been registered by home theater and smart audio even with the compact stereo system dominated market. This demand has also increased by the rise of new content formats such as podcasts and audio series.
"The personal audio market in India, valued at Rs 3,400 crore, experienced a 32 per cent YoY growth in value in MAT June 2024. Headphones, Headsets and mini/Bluetooth speakers have become essential for the Gen Z consumers, who increasingly demand flexibility, affordability, stylishness and quality in audio experiences," the report stated.
Moving annual turnover or MAT is a calculation that measures the average sales or turnover over a 12-month period, with the data rolling on a monthly basis.
In the personal audio segment,
True Wireless Headsets
have seen "significant demand, capturing an increasing share of 38 percent" within the headsets category. "By value, True Wireless segment lead the audio market with 50 per cent contribution Neckbands continued to dominate the personal audio market by volume, contributing to 55 per cent of sales," it said.
Mini/Bluetooth speakers experienced a 15 percent year-over-year value growth, with entry-level products priced up to Rs 2,000 contributing 3 percent to sales by volume. It said that the demand for wireless and true wireless models with advanced features such as noise cancellation and voice assistant integration continue to push the market forward.
Moreover, accessibility to quality audio devices is broadening even as the average selling price in the category declines by 18 per cent, to Rs 1,400.
While the loudspeaker segment, dominated by soundbars, registered a 24 per cent YoY volume growth in MAT June 2024, reaching Rs 1,100 crore.
"With 70 per cent of loudspeaker sales coming from large retail chains, the South Zone, particularly cities like Bangalore, Chennai, and Hyderabad, has emerged as a hotspot for loudspeaker demand," it said.
Additionally, the rise in loudspeaker sales in smaller towns and cities—accounting for nearly 30 percent of category sales—reflects a growing demand from non-metropolitan areas. In the Home Audio segment, valued at Rs 1,600 crore, a premiumization pattern can be seen, with 5.1 channel systems gaining popularity. Remarkably, 23 percent of sales now come from high-end segments.
English (US) ·