Business Business: The Indian audio equipment market is witnessing “significant growth”, with offline retail sales expected to reach ₹5,000 crore in June 2024, accounting for 61 per cent of the audio segment’s annual growth. According to the report, this growth is driven by advancements in immersive audio technologies, improved consumer experience, and rising demand for high-quality audio products for both home and personal use. Additionally, the premiumisation trend of the category is pushing consumers towards higher quality and more immersive audio, which is also supporting the Indian audio equipment market. Indian consumers have a “huge appetite” for audio devices and want cinematic experiences and seamless listening experiences.
GfK, now a NIQ company, is the world’s leading market and consumer intelligence company, said: “As the entertainment industry evolves, consumers increasingly want premium cinematic audio quality, making the sector ripe for growth and revenue opportunities.” . While compact stereo systems dominate the market, home theatre and smart audio are experiencing rapid growth. “India’s personal audio market, valued at Rs 3,400 crore, recorded a CAGR of 32% in June 2024,” it said. “Headphones, headsets and mini/Bluetooth speakers are becoming essential devices for Gen Z consumers who demand flexibility, affordability, style and sound quality. Additionally, this demand is fuelled by the emergence of new content formats such as podcasts and audio series,” it said. Moving Annual Sales (MAT) is a calculation that measures average sales or revenue over a 12-month period with data published monthly. In the personal audio segment, true wireless headsets saw “significant demand with a growing share of 38 per cent” in the headset category.
