India’s audio market growing rapidly, demand from small cities and towns ramped up

New Delhi| Due to the strengthening of the country’s economy, the disposable income of common people is increasing rapidly. India’s audio market is also taking pace due to availability of affordable devices and increasing population of GenZ.  The report released by GFK-NIQ Company, a global market and consumer intelligence firm, reported that the offline retail market of audio devices had increased to Rs 5,000 crore. Its volume has seen a 61 per cent year-on-year increase.

Sales of loudspeakers (especially sound bars) showed a 24 percent increase on an annual basis. Small towns have accounted for up to 30 percent of total sales in the period July 2023 to June 2024. The home audio segment has grown in volume by 6 per cent year-on-year and has been valued at Rs 1,600 crore. The value of the personal audio market has reached Rs 3,400 crore. It has seen an increase of 32 percent on an annual basis.

Anant Jain, Head of Customer Success-Tech and Durables, GFK-NIQ Company, said that home and personal audio solutions have become more used and are a part of the lifestyle of Indian consumers today. He further said that due to changing entertainment scenario and customers shifting towards premium products, cinematic audio experience, opportunities for growth and earning more income in the sector are increasing.

At the moment the entry segment, which carries products of less than Rs 3,000. Its market share is 27 percent. At the same time, premium products that cost more than Rs 8,000. Their market share is 23 percent, which shows that customers are shifting to good quality products. North Zone accounts for 31 percent of home audio sales. The demand for audio products is increasing in small cities and towns in this zone, which shows that there are good growth opportunities for brands here.

The report pointed out that the share of sales in tier 4 to 6 towns had increased from 28 per cent to 32 per cent of the market, which shows that the importance of non-metro regions is increasing. The share of small cities and towns in the total sales of loudspeakers has increased to about 30 percent, which shows that the non-metro region is seeing an increase in demand for audio products.