Market Size and Overview
Audio accessories market in India is still in its growth phase with a great untapped potential. The market has full-grown at healthy double digit growth rate particularly in the consumer audio accessories sector. Continuous evolution of integration and audio technology, growing smartphone penetration and discontinued practise of delivering the earphones as part of bundled proposing with mobile phones are foremost drivers for high requirement for audio accessories.
Report Analysis and Market Players
According to the report analysis, ‘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)’ states that Bose, Sony, Sennheiser, Zebronics, Portronics, Jabra, Intex, Harman, JBL, Apple, Samsung, Sony, Boat and many more are the key companies which presently working in the India Audio Accessories market more efficiently for keep maintaining the governing position, leading the highest market growth, registering the great value of market share, obtaining the competitive edge and generating the highest percentage of revenue by spreading the awareness connected to applications and advantages of audio accessories, delivering the better customer satisfaction, increasing the features and benefits of audio accessories, implementing the policies of profit making and strategies of expansion, decreasing the associated prices of such, improving the qualitative and quantitative measures of such and analysing the strategies and policies of government as well as contenders.
India branded Audio accessories market is temperately competitive with existence of 12-15 major players and is home to more than 100+ dominated audio accessories companies. There is no clear market front-runner that has dominant existence in the Audio accessories market. Industry precise players such as Bose and Sennheiser are smaller players as compared to better-known electronic and communication companies such as Sony, Zebronics, and Samsung.
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One of the foremost factors propelling this market growth is growing number of technological innovations and advancements. The market has also observed partnerships between music accessories and mobile device producers. However, growing number of imitation products is predicted to pose a challenge to the market over the next coming years.
During the recent past, the market has observed increasing trend of cell phone accessories that have advanced smartphone abilities: Its audio and visual features have been advanced to propose more improved entertainment device, used mostly for music and games, which is predicted to impact the industry positively over the next coming years.
Bluetooth speaker market is predicted to register greatest CAGR during the period of (2018-2023). The market which is presently in growth phase is predicted to reach maturity by the end of 2020. It will greatly cannibalize the 2.1 and partly the 5.1 speakers sector. Smart speakers will be in high requirement in years to come. Earphones are projected to continue their dominance during the future as well owing to their compactness and ease of storage and carry. Wireless earbuds, airpods and products reproducing airpods are obtaining popularity in India and are projected to have positive impact on the revenue. Design evolution and feature addition will greatly drive the market in low and medium price sector. During premium segment, audio quality and experience will be foremost driver.
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Ankur Gupta, Head Marketing & Communications