Market Size of India Consumer Speaker Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Volume (2024) | 32.70 Million units |
Market Volume (2029) | 58.30 Million units |
CAGR (2024 - 2029) | 12.26 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
India Consumer Speaker Market Analysis
The India Consumer Speaker Market size in terms of shipment volume is expected to grow from 32.70 Million units in 2024 to 58.30 Million units by 2029, at a CAGR of 12.26% during the forecast period (2024-2029).
Portability and mobility are some of the factors driving the increase in demand for wireless mobile devices. These trends, coupled with an increase in the demand for consumer electronics used for entertainment purposes, are expected to stimulate the demand for wireless speakers over the forecast period.
- Products such as soundbars are gaining momentum in the country, owing to the rapid shift in consumer preferences for portable yet higher-performance audio devices. The audio and voice user interface technologies are evolved significantly to offer a wide range of platforms providing higher levels of integration, immersive sound quality, wireless connectivity, and on-device AI for smarter devices. To that extent, in April 2022, Bose announced the launch of its new Smart Soundbar 900 - a Dolby Atmos speaker. With proprietary Bose spatial technologies, the Soundbar elevates Dolby Atmos content by separating instruments, dialogue, and effects and then places them in discrete parts of a room - far above and far right and left. Combining custom arrays, dipole-transducers, and low-profile transducers with Bose spatial technologies produces an extreme layer of realism.
- As support for technologies grows, devices such as Dolby Atmos are expanding into mobile devices, including smartphones and tablets, and the number of compatible devices for wired and wireless speakers is growing rapidly. These developments are driving the inclination of consumers toward adopting better and enhanced home entertainment devices.
- Furthermore, the demand for the audio entertainment electronics sector has been negatively impacted, particularly across the speaker systems, owing to the COVID-19 pandemic. The shutdown of manufacturing facilities and supply chain disruptions has also led to significant component shortages.
- As per NCBI, the effect of COVID19 on the electronic industry was affected by increasing counterfeit tricking, shipping delays, consumer behavior, and environmental viewpoints. The manufacturers of consumer electronics have witnessed component shipment delays of at least five weeks from the suppliers, owing to the pandemic. It clearly highlighted that the negative impact on manufacturers resulted from shipping delays from China and other leading suppliers.
- Moreover, the smart speaker segment in India is expected to witness significant growth over the period of next two to three years, with multiple players entering the segment. The smart speaker segment in India has mostly been dominated by players such as Amazon and Google for the past few years. However, brands such as Xiaomi, Bose, and Sony have entered the segment recently, with new speakers powered by Amazon and Google's voice assistants.
India Consumer Speaker Industry Segmentation
Consumer speakers are very popular consumer electronic devices, and their penetration is rapidly increasing in the Indian market owing to the steady growth of the entertainment industry in the country. The report presents a comprehensive analysis of the Indian Consumer Speaker Market segmented by different types of devices and includes the regional trends having an impact on the growth of the market.
India Consumer Speaker Market is segmented by Type of Device (Wireless Speakers (Smart Speakers, Traditional Speakers), Soundbars, Hi-Fi Systems).
By Type of Device | ||||
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Soundbars | ||||
Hi-Fi Systems and Others Audio Systems |
India Consumer Speaker Market Size Summary
The Indian consumer speaker market is poised for significant growth, driven by the increasing demand for portable and high-performance audio devices. The shift in consumer preferences towards wireless and mobile devices, coupled with the rise in consumer electronics for entertainment, is fueling the market's expansion. Products like soundbars are gaining popularity due to their advanced audio and voice user interface technologies, offering immersive sound quality and smart features. The integration of voice assistants and the expansion of technologies like Dolby Atmos into mobile devices are further enhancing the appeal of consumer speakers. Despite challenges posed by the COVID-19 pandemic, such as supply chain disruptions and component shortages, the market is witnessing a resurgence with new product launches and innovations.
The market landscape is becoming increasingly competitive, with established players like Amazon, Google, Sony, and Xiaomi dominating the smart speaker segment. However, new entrants are emerging, driven by the growing middle-class population and the increasing penetration of smartphones and internet connectivity in India. The rise of e-commerce and digital platforms is facilitating the growth of online sales, with companies leveraging partnerships and exclusive online launches to reach consumers. The introduction of new products, such as portable and water-resistant speakers, is further propelling market growth. As consumer behavior shifts towards enhanced audio experiences and smart home integration, the Indian consumer speaker market is expected to continue its upward trajectory.
India Consumer Speaker Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type of Device
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2.1.1 Wireless Speakers
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2.1.1.1 Smart Speakers
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2.1.1.2 Traditional Wireless Speakers
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2.1.2 Soundbars
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2.1.3 Hi-Fi Systems and Others Audio Systems
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India Consumer Speaker Market Size FAQs
How big is the India Consumer Speaker Market?
The India Consumer Speaker Market size is expected to reach 32.70 million units in 2024 and grow at a CAGR of 12.26% to reach 58.30 million units by 2029.
What is the current India Consumer Speaker Market size?
In 2024, the India Consumer Speaker Market size is expected to reach 32.70 million units.