India’s audio devices market witness significant growth

India’s audio devices market is experiencing rapid growth, driven by rising disposable incomes, affordable device options, and a growing Gen Z population. According to a recent report by GfK–An NIQ Company, the market has reached Rs 5,000 crore, fueled by a 61% year-on-year (YoY) volume growth in the personal audio segment.

The report highlights that the personal audio market, valued at Rs 3,400 crore, saw a remarkable 32% YoY growth. Anant Jain, head of customer success at GfK, emphasized how home and personal audio solutions are becoming integral to Indian consumers’ lifestyles as they seek premium, cinematic experiences.

The home audio segment, worth Rs 1,600 crore, also saw growth, albeit slower, with a 6% YoY rise in volume. Despite an overall 11% decline in volume for home audio systems, the premium market continues to thrive. The entry-level segment, priced below Rs 3,000, holds a 27% market share, while the premium segment (above Rs 8,000) accounts for 23%, reflecting a consumer shift towards higher-quality products.

Loudspeakers, led by soundbars, experienced 24% YoY growth, with sales in lower-tier towns rising to 30% between July 2023 and June 2024. Notably, the North Zone accounted for 31% of home audio sales. The report underscores the growing demand from smaller cities and lower-tier towns, with tier 4 to 6 towns contributing 32% to overall market sales, marking them as emerging growth hubs.

As India’s entertainment landscape evolves, the demand for sophisticated audio solutions continues to soar, creating ample opportunities for brands in non-metropolitan areas.