New Delhi, July 12, 2019: The report titled “India Audio Accessories Market Outlook to 2023 – By Type (Headphones, Earphones, Bluetooth Speaker and 2.1 Speaker), By Sales Channel (Online and Offline), and By Region (North, South East and West)”provides comprehensive information on the India Audio Accessories market by Type of Devices (Headphone/Earphone, Bluetooth Speaker, and 2.1 Speaker), by Branded and Fake/Non Labeled, by Earphone and Headphone, by Wired and Wireless, by Price Category, by Region (North, South, East and West) by Metro and Non Metro.
The report also covers market ecosystem, value chain analysis, comparative landscape, trends and developments, issues and challenges, decision making criteria for customers while purchasing an audio accessory. The report concludes with future outlook and certain recommendations highlighting the success factors for entering and expanding the market.
India Audio Accessories Market Size and Overview
Audio accessories market in India is still in its growth phase with a large untapped potential. The market has grown at robust double digit growth rate especially in the consumer audio accessories segment. Constant evolution of integration and audio technology, rising smartphone penetration and discontinued practise of providing the earphones as part of bundled offering with mobile phones are key drivers for high demand for audio accessories.
India Audio Accessories Market Segmentation
By Earphones and Headphones: Earphones segment is the dominant category in the market. Majority of the earphones sold are wired and comes in with microphone. Significant decline in demand is expected in years to come with the transition to wireless technology as it is fast moving into consumer choices due to easy to handle, compact, more ergonomically designed with better aesthetic looks. Premium products within a higher price range are in demand from the metros. Sennheiser, Sony, JBL are some of the key brands sold in the metros. The market is largely dominated by online sales and contribution from offline sales is on constant decline. MBOs and EBOs serve as experience point for premium quality headphones and the price variation in the premium category is much lower as compared to more popular segments focusing on low margin high volume sales.
By Bluetooth Speakers: Proliferation of smart devices and increased usage of data streaming networks, wireless connectivity and portability have become a popular consideration before making the purchase decision for bluetooth speakers. Metro cities accounted for majority of the sales in bluetooth speakers market. An estimated more than two third of the speakers sold in the region with Delhi, Mumbai, Kolkata, Bangalore Hyderabad and Chennai being the major metro cities. This is mainly due to better consumer spending, easy accessibility to connecting devices and compact size. High priced products in price range of around INR 3,000 are more popular due to their high volume capacity and better IPX rating. JBL GO is the most sought after speaker in terms of volume sales due to its low price and high brand value. The discount offered on online platform during special sales days is also a very key factor for the high sales. Smart speakers will be the key drivers in the next few years. Many companies including Bose, JBL, Boat and other are working on integrating smart features of Google assistant in their bluetooth speakers.
By 2.1 Speakers: Declining growth in demand is registered for 2.1 speakers. The price of the product has increased slightly during the period. Demand for 2.1 speakers have declined in metro cities mainly due to high adoption rate of portable bluetooth speakers and declining demand for desktops. These speakers are mainly sold through offline retail stores, demand from online segment is low mainly due to high volumetric volume of the package and little price benefit. Northern region is the most dominant market for 2.1 speakers in India. High population coupled with rapid urbanization, strong presence in the labor force and limited resources of entertainment has promoted the sales of 2.1 speakers in Tier 2, Tier 3 and villages. Product innovation is expected to be witnessed in this category and majority of the demand for 2.1 speakers will be replaced by single speaker with woofer or 2.1/5.1 speaker of bluetooth type which will replace the product in the market.
Comparative Landscape in India Audio Accessories Market
India branded Audio accessories market is moderately competitive with presence of 12-15 major players and is home to more than 100+ registered audio accessories companies. There is no clear market leader that has dominant presence in the Audio accessories market. Industry specific players such as Bose and Sennheiser are smaller players as compared to well known electronic and communication companies such as Sony, Zebronics, and Samsung.
India Audio Accessories Market Future Outlook and Projections: Bluetooth speakers market is expected to register highest CAGR during the period of (2018-2023). The market which is currently in growth phase is expected to reach maturity by the end of 2020. It will largely cannibalize the 2.1 and partly the 5.1 speakers segment. Smart speakers will be in high demand in years to come. Earphones are expected to continue their dominance in the future as well due to their compactness and ease of storage and carry. Wireless earbuds, airpods and products imitating airpods are gaining popularity in India and are expected to have positive impact on the revenue. Design evolution and feature addition will largely drive the market in low and medium price segment. In premium segment, audio quality and experience will be major driver.
Key Segments Covered:-
By Accessories
Headphone and Earphone, Blue tooth Speaker, and 2.1 Speaker
By Branded and Fake/Non Labeled
By Headphone and Earphone Market
North, South, East, and West
Metro and Non Metro
By Online and Offline
By Wired and Wireless
By Price Category
By Bluetooth Speaker Market
North, South, East, and West
Metro and Non Metro
By Online and Offline
By Wired and Wireless
By Price Category
By 2.1 Speaker Market
North, South, East, and West
Metro and Non Metro
By Online and Offline
By Wired and Wireless
By Price Category
Time Period Captured in the Report:-
Historical Period – 2013-2018
Forecast Period – 2019-2023
Companies Covered:-
Bose
Sony
Sennheiser
Zebronics
Portronics
Jabra
Intex
Harman
JBL
Apple
Samsung
Sony
Boat
Key Topics Covered in the Report:-
Value Chain in India Audio Accessories Market
India Audio Accessories Market Overview
India Audio Accessories Market Size, 2013-2018
India Audio Accessories Market Segmentation, 2013-2018
Trends and Developments in India Audio Accessories Market
Issues and Challenges in India Audio Accessories Market
Decision Making Criteria for Customers While Purchasing Audio Accessories
Comparative Landscape
India Audio Accessories Market Future Outlook and Projections, 2019-2023
Analyst Recommendations in India Audio Accessories Market
Corporate Comm India(CCI Newswire)
