India audio device mkt sees remarkable growth, hits Rs 5,000 cr sales: GFK
The Indian audio devices market is experiencing "remarkable growth" as offline retail sales hit Rs 5,000 crore moving annual turnover (MAT) in June 2024, driven by a 61 per cent YoY volume growth in the Personal Audio segment, according to a report from GfK.
Growth is driven by the rise in immersive sound technologies, enhanced consumer experiences, and a growing demand for high-quality audio products across both home and personal categories, it said.
Moreover, a shift towards premiumisation in the category as consumers look towards superior quality and immersive audio experiences also aiding the Indian audio device market.
Indian consumers have a "massive appetite" for audio devices and are seeking a cinematic experience and convenient listening.
"With the evolving entertainment landscape, consumers increasingly seek premium, cinematic audio experiences, making the sector ripe for growth and revenue opportunities," said GFK, which is now an NIQ Company, a leading global market and