India Speaker Market Research Report, 2029

India's speaker market is vibrant and developing, with a wide selection of devices to meet a variety of consumer needs and tastes. The confluence of technical breakthroughs, shifting consumer behaviours, and a competitive landscape creates an interesting sector with enormous growth potential. During the Growth Period of Domestic Manufacturing (1970s-1980s), Indian enterprises began to establish themselves in the audio equipment industry. Brands such as Harman Kardon and Sony began local production, while BPL and Onida joined the market with home audio systems that included speakers. The 1990s saw substantial developments, with the arrival of compact disc (CD) players and home theatre systems driving demand for more advanced speakers. The market saw the growth of Indian businesses like as Micromax and Intex expanding their audio product lines. Producers are focussing more on the form and appearance of speakers in an effort to make goods that not only provide excellent sound but also go well with contemporary interior design. Speakers and other components of home entertainment systems were in high demand during the COVID-19 pandemic because more people were spending more time at home. In order to promote clear communication and enhance virtual meetings, the growth of remote work and online education has also increased demand for high-quality audio equipment, including speakers. The need for smart speakers grew after the initial pandemic phase. The technology was further incorporated into smart home ecosystems with the introduction of new models with cutting-edge capabilities. The Bureau of Energy Efficiency (BEE) proposed guidelines to promote energy-efficient products, but this is more commonly applied to larger appliances and electronics. According to the research report "Indian Speaker Market Research Report, 2029," published by Actual Market Research, the Indian Speaker market is expected to grow at more than 16 % CAGR from 2024 to 2029, during the forecast period. The increasing demand for wireless mobile devices can be attributed to various causes, including portability and mobility. The versatility of wireless and portable speakers has led to their growing popularity. For outdoor and mobile use, battery-operated devices often with Bluetooth connectivity are preferred. In order to accommodate different conditions, brands are also introducing characteristics like water resistance and tough designs. High-resolution audio, or Hi-Res Audio, is becoming more and more popular among consumers who value quality and audiophiles. Streaming platforms are progressively incorporating high-resolution audio compatibility, which encourages customers to spend money on speakers that produce high-end sound quality. Local brands, such as Mivi, boAt, JBL and Zebronics, provide premium, reasonably priced substitutes for global brands and have grown in market share. Speakers made specifically for gamers are among the gaming accessories that Cosmic Byte specialises in. They frequently include RGB lighting and programmable sound settings in their products. The company provides cost-effective audio solutions that combine performance and affordability for the gaming community. Their speakers are made with characteristics like vibrant graphics and excellent sound that appeal to gamers and computer aficionados. To appeal to Indian consumers, local firms are experimenting with distinctive designs, customisable features, and regionalised marketing approaches. The market for speakers has changed due to the emergence of e-commerce platforms. Online shopping is becoming more and more popular among consumers who want to compare costs, read product reviews, and access a large selection of speakers. Direct-to-consumer (DTC) methods are being used by brands to circumvent traditional retail channels and provide more individualised customer experiences and better pricing. The report has been segmented on the basis of type of speakers, which includes Smart speakers, Stationary speakers, Portable speakers, and other speakers such as Outdoor Speakers, Soundbars, Multi-Room Audio Systems, etc. Smart speakers are becoming more and more common. Because they provide voice control, ease, and compatibility with other smart devices, these gadgets are fast taking centre stage in smart home ecosystems. Zebronics is a company that sells a variety of smart and portable speakers that have features like Bluetooth connectivity, several connectivity options (such support for USB and SD cards), and robust, weatherproof designs that are ideal for outdoor use. Additionally, their devices are frequently enhanced visually with RGB lighting effects. Permanent installations, professional setups, and household audio systems are common uses for stationary speakers. Stationary speakers are increasingly being made to work with automation and voice assistants as part of smart home solutions. Because of the popularity of streaming services and the expanding needs of audiophiles, stationary speakers are becoming more and more in need of high-resolution audio support. A large number of boAt and pTron's portable speakers have IPX7 or IPX6 ratings, which means they are dust- and water-resistant. Those who are outdoorsy and adventurous who require robust, weatherproof audio solutions will find this very appealing. The Indian market for outdoor and soundbar speakers are expanding as a result of changing consumer preferences and technological advancements. Products in this diverse range cater to a variety of needs, ranging from sophisticated home entertainment systems to rugged outdoor use. On the basis of Application of speakers in Indian Market, they are divided into different categories which are Residential, Commercial and Automotive. In residential applications of speakers, Home theaters, equipped with high-quality speakers, are also popular, allowing families to enjoy movies and sports events with cinematic sound quality. Additionally, speakers are used during festivals and religious ceremonies, such as Diwali and Ganesh Chaturthi, where music and chants are played to enhance the celebratory atmosphere. In many homes, smart speakers like Amazon Echo or Google Home are becoming commonplace, facilitating voice-activated control over smart home devices, setting reminders, and providing information. They also play a significant role in educational contexts, helping students access online learning resources with clear audio quality. Speakers are used in a wide variety of commercial applications, which mirrors the dynamic business, entertainment, and cultural landscape of the nation. One of the main applications is in the entertainment sector, where speakers are crucial for live performances, music festivals, and movie theatres because they provide excellent sound that improves the viewing experience for patrons. Not only do these systems play music, but they also offer vital functionality like hands-free calling, voice-activated vehicle controls, and audio cues for navigation all of which are increasingly commonplace in contemporary cars. Indian consumers favour brands like Bose, Harman, and JBL due to their superior sound quality and immersive audio experiences. Furthermore, the popularity of hybrid and electric cars has stimulated the development of speaker systems that are more compact and energy-efficient. Customising audio systems is especially popular in the Indian car industry, where enthusiasts choose aftermarket speakers with improved surround sound, bass, and clarity. The differentiation in the technology of speakers divides them into Wired and Wireless speakers. Both wired and wireless speakers serve distinct market niches in India, with customers selecting products according to their individual requirements and tastes. Although wired speakers had better sound quality for audiophiles, wireless speakers are more popular among casual listeners, people who value portability, and people who prioritise ease of use. In general, the wireless speaker market is expected to keep growing as long as customer preferences and technology continue to progress. Integration with voice assistants, such as Google Assistant and Amazon Alexa, is growing in popularity since it gives consumers hands-free control. Indian consumers are partial to wireless speakers that play local music and languages. By providing speakers with preloaded collections of traditional Indian music, including Bollywood hits and regional songs, businesses like Saregama Carvaan have benefited from this trend. The need for high-fidelity audio experiences in public spaces, movie theatres, and home entertainment systems is driving the expansion of the wired speaker industry. Furthermore, the proliferation of e-commerce platforms has facilitated consumers' access to a wide array of possibilities. Broader market penetration is being facilitated by the increasing availability of feature-rich, yet reasonably priced handsets in the Indian market. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029

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Aspects covered in this report • Speaker market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Smart Speaker • Portable Speaker • Stationary Speaker • Others (Outdoor Speakers, Soundbars, Multi-Room Audio Systems, etc.) By Application • Residential • Commercial • Automotive • Others

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Kripa Shah

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By Size • Small • Medium • Large By Sales Channel • Online • Offline By Technology • Wireless • Wired

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The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Speaker industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.