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
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
