Indian audio market booms: Offline sales hit Rs 5,000 cr, personal audio leads the charge

The Indian audio devices market is experiencing "remarkable growth" as offline retail sales hit Rs 5,000 crore moving annual turnover (MAT) in June 2024, driven by a 61 per cent YoY volume growth in the Personal Audio segment, as per GfK report. Growth is 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, as per PTI's report.

Key factors driving market growth include:

Rising demand: Consumers are increasingly seeking high-quality audio products for both home and personal use.

Immersive sound technologies: Advancements in sound technology are enhancing the listening experience.

Premiumization: Consumers are opting for superior quality and immersive audio experiences.

Evolving entertainment landscape: The growing popularity of streaming services and audio content is fueling demand.

Personal audio has seen significant growth, with headphones, headsets, and mini/Bluetooth speakers becoming essential for many consumers. True Wireless Headsets have been particularly popular, leading the market in terms of value. Neckbands and mini/Bluetooth speakers also continue to dominate the market in terms of volume.

Home audio is also experiencing growth, with 5.1 channel systems becoming more popular. The market is seeing a shift towards premiumization, with a significant portion of sales coming from high-end segments.

Loudspeakers have also seen strong growth, particularly in the South Zone and smaller towns and cities. Soundbars dominate the loudspeaker segment.

Overall, the Indian audio market is well-positioned for continued growth as consumers seek premium, cinematic audio experiences.