India Wireless Speaker Market Size

India Wireless Speaker Market Analysis

The India Wireless Speaker Market size is estimated at USD 328.84 million in 2024, and is expected to reach USD 859.99 million by 2029, growing at a CAGR of 21.20% during the forecast period (2024-2029).

The market's growth is influenced by the increased penetration of smartphones, internet access at lower rates, increased demand for portability and flexibility, and increased technology development and adoption rate.

• The speaker market offers a comprehensive range of products, from home theatre systems that provide an inclusive listening experience to wireless speakers that can help users play audio/video anywhere they wish. For instance, in July 2022, Xiaomi Smart Speaker with IR Blaster was launched in India. The new smart speaker from the smartphone company comes with New LED Clock Design and an IR blaster, with Google Assistant powers.
• Moreover, in June 2022, Bose launched its most delinquent Bluetooth speaker as part of its Soundlink series in India. The speaker features a robust design and comes with the company's proprietary Bose PositionIQ technology, which automatically detects the speaker's orientation to deliver improved audio playback. Such developments in smart speakers will further drive market growth.
• The studied market is highly driven by the increase in users of smartphones and smart devices. These devices use smart speakers that allow users to connect the speakers with any smart devices incorporated with wireless connections. Furthermore, according to IBEF, Samsung announced plans to invest Rs. 3.7 lakh crore (USD 50 billion) in India over the next five years to manufacture phones. It intends to produce phones worth Rs. 2.2 lakh crore (USD 30 billion), priced above Rs. 15,000 (USD 200), under the PLI scheme.
• Moreover, Tier 2 cities in India are rapidly moving toward medium and premium price categories, while smaller towns and villages are upgrading to low and medium-priced branded products, reducing the region's reliance on counterfeit and unlabeled goods. As a result, even though consumer spending power is gradually increasing, consumers remain price-sensitive, and market vendors must offer the best and most cost-effective option.
• The outbreak of COVID-19 across the globe significantly disrupted the supply chain and production of the studied market during the initial phase. The impact was more severe for semiconductor manufacturers, who provide semiconductors used in speakers. Due to labor shortages, many of the global semiconductor supply chain players had to reduce or even suspend their operations. These factors disrupted the global supply chain for semiconductors industries and have majorly impacted the speaker market globally.