Audio Devices Market sees robust growth as immersive experiences drive consumer demand: GfK

Jammu Tawi: GfK – An NIQ Company, a leading global market and consumer intelligence firm, reports that India's Audio Devices market is experiencing remarkable growth driven by the rise in immersive sound technologies, enhanced consumer experiences, and a growing demand for high-quality audio products across both home and personal categories. With the evolving entertainment landscape, consumers increasingly seek premium, cinematic audio experiences, making the sector ripe for growth and revenue opportunities. Anant Jain, Head of Customer Success – Tech & Durables, GfK – An NIQ Company explains – “The Indian Audio Devices Market in offline retail is valued at INR 5000 Cr, reflecting increased consumer engagement and a shift towards superior quality, immersive audio experiences. As home and personal audio solutions become more sophisticated and accessible, they are becoming integral to the lifestyle of the Indian consumer.”The home audio segment, valued at INR 1600 Cr, experienced a 6% YoY growth in volume during MAT June 2024 (July'23-June'24), highlighting consumers' rising focus on immersive sound technologies such as Dolby Atmos and DTS. This growth is largely attributed to improving living standards, affordability, and the growing preference for premium home entertainment setups. Compact stereo systems continue to dominate the home audio market, accounting for 90% of sales. However, higher-end 5.1 and 6.1 channel systems are gaining popularity as consumers prioritize superior surround sound experiences.Despite an overall 11% YoY volume decline in audio home systems during MAT June 2024, the premium segments are making significant strides. The entry segment, priced below INR 3,000 dominates 27% of the market, while the premium segment (priced above INR 8,000) accounts for 23%, reflecting a shift towards higher-quality products.Regionally, the North Zone contributes 31% 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 4-6 towns saw an impressive rise in sales, from 28% to 32% of the market, underscoring the growing importance of non-metropolitan regions.The personal audio market in India, valued at INR 3400 Cr, experienced a 32% 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. This demand is fueled by the rise of new content formats such as podcasts and audio series.Anant Jain adds, “With rising disposable incomes, availability of affordable device options, a growing Gen Z population, and the expanding digital content consumption, there is increasing opportunity for these wireless technology devices with AI integration for smoother user experiences.”