India Wireless Speaker Market Size Zooming 2.4X to Touch USD 690 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India wireless speaker market size at USD 286.32 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India wireless speaker market size to grow at a significant CAGR of 15.78% reaching a value of USD 689.56 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India wireless speaker market size at USD 286.32 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India wireless speaker market size to grow at a significant CAGR of 15.78% reaching a value of USD 689.56 million by 2029. Major growth drivers for the India wireless speaker market include an increasing proliferation of smartphones, growing accessibility to the internet at more affordable rates, surging demand for enhanced portability and adaptability, and rapid technological advancements and uptake. Another notable factor is the expanding user base of smartphones and intelligent devices. These devices seamlessly integrate with intelligent speakers, enabling users to effortlessly establish wireless connections. As per IBEF reports, Samsung has unveiled ambitious plans to invest a substantial sum of INR 3.7 lakh crore (USD 50 billion) within India over the next five years. This investment is slated to facilitate the domestic manufacturing of phones, with a specific focus on devices valued at INR 15,000 (USD 200) and above, falling under the PLI scheme, with an estimated production value of INR 2.2 lakh crore (USD 30 billion). Also, tier 2 cities in India are progressively gravitating toward the medium and premium price segments. Simultaneously, smaller towns and villages are upgrading to affordably priced and moderately priced branded products, thereby diminishing the prevalence of counterfeit and unbranded goods within these regions. Despite the gradual ascent of consumer purchasing power, price sensitivity remains a prominent factor. Market participants are thus compelled to proffer solutions that offer optimal value and cost-effectiveness to meet the discerning demands of consumers. This intricate interplay of factors underscores the evolving landscape of the market. However, high prices and lack of awareness are anticipated to restrain the overall market growth during the forecast period.
India Wireless Speaker Market – Overview
India wireless speaker market denotes the industry of wireless audio devices, leveraging infrared or radio transmission for signal delivery, eradicating the need for physical links. These speakers seamlessly pair with devices via Bluetooth or Wi-Fi, granting advantages like integrated virtual assistants, multiroom audio, and superior sound enriched by voice guidance. Influenced by smartphone penetration, cost-effective internet access, and a thirst for portability, the market advances as technology blooms. Tier 2 cities adopt premium segments, while smaller areas opt for branded products, reducing counterfeit reliance. Amid increasing consumer prosperity, price sensitivity endures. Firms must delicately balance affordability and innovation. The market's essence lies in the synergy of innovation, consumer dynamics, and adaptive strategies.
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Impact of COVID-19 on India Wireless Speaker Market
COVID-19 pandemic adversely affected the India wireless speaker market. It led to substantial disruptions in both supply chain and production within the subject market's initial phase. Semiconductor manufacturers, who supply crucial components for speakers, were particularly hard-hit. Labor shortages compelled several global semiconductors supply chain participants to curtail or suspend their operations. These factors led to considerable disruptions in the global semiconductor supply chain, profoundly impacting the global speaker market. This episode underscored the intricate interdependencies among industries and highlighted the vulnerabilities of complex supply networks. In response to these challenges, strategies to mitigate disruptions, secure alternative sourcing options, and enhance supply chain resilience became imperative. Industry players diversified supplier networks, invested in technological innovations, and embraced flexible production models to navigate uncertainties. These actions were crucial not only for short-term recovery but also for establishing a robust foundation for the future.
India Wireless Speaker Market – By Type of Device
By type of device, the India wireless speaker market is divided into divided into Bluetooth-only, WI-FI, and Smart Speakers segments. The smart speakers segment holds the highest share in the India wireless speaker market by type of device. The surging adoption of smart speakers in India stems from their capacity to wirelessly stream audio, enriching sound experiences for both wired and wireless alternatives. Integration of voice assistants, like Google Assistant and Amazon’s Alexa, catalyzes a shift in music consumption behavior, propelling the market. The evolution of digital streaming fuels demand for interoperable devices like wireless speakers. India's audio streaming landscape features domestic players—JioSaavn, Gaana, and Wynk—alongside global counterparts Spotify, Amazon Music, Apple Music, and newcomer YouTube Music. In March 2022, Krafton invested USD 19.5 million in Indian audio platform Kuku FM. Notably, Spotify doubled its Indian subscribers, reaching 433 million MAUs, and Amazon launched Prime Video Mobile Edition in November 2022, catering to mobile users at an affordable rate. The elevated interest in premium sound quality for OTT content among the middle and higher class segments projects growth in the smart speaker market.
Competitive Landscape
Major players operating in the India wireless speaker market include Amazon Retail India Private Limited, HARMAN International India Pvt Ltd (JBL), Sony India Private Limited, Samsung India Electronics Private Limited, Bose Corporation India Private Limited, Google India Private Limited, Xiaomi Technology India Private Limited, Imagine Marketing Pvt Ltd (Boat), GN Audio A/S (Jabra), and Koninklijke Philips NV. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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