India Consumer Speaker Market Size

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.