Report Overview

India Wireless Speaker Market - Industry Trends & Forecast Report, 2029

India wireless speaker market size was estimated at USD 286.32 million in 2022. During the forecast period between 2023 and 2029, the size of India wireless speaker market is projected to grow at a 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.

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.

India Wireless Speaker Market

Growth Drivers

Increasing Popularity of Wireless Technology

The escalating desire for portable audio solutions is a driving force behind the growth of the India wireless speaker market. Wireless speakers have gained prominence as consumers increasingly seek convenient and versatile audio options. These devices offer the flexibility to enjoy high-quality sound on the go, with seamless connectivity to smartphones and other smart devices. This surge in demand for portability has propelled the market forward, prompting manufacturers to innovate and provide a wide range of wireless speaker options that cater to varying preferences and lifestyles.

Restraints

Lack of Awareness

India wireless speaker market faces constraints due to limited awareness. Despite the market's potential, a lack of awareness hinders its growth. Many potential consumers remain unaware of the benefits and features wireless speakers offer. This lack of understanding impacts purchasing decisions and slows market expansion. Industry players must prioritize educational efforts to highlight the convenience, portability, and advanced features wireless speakers provide. By raising awareness, the market can tap into its latent potential, attracting a broader consumer base and fostering sustainable growth.

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

Segmental Coverage

India Wireless Speaker Market – By Type of Device

By type of device, the India wireless speaker market is divided into Bluetooth-only, WI-FI, and Smart Speakers segments. The smart speakers segment held 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, such as 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.

India Wireless Speaker Market – By Distribution Channel

Based on distribution channel, the India wireless speaker market is bifurcated into Online and Offline segments. The online segment held a higher market share by distribution channel. The online segment includes e-tailers and vendors’ own websites. Online platforms are facilitating the entry of smaller local players into the market, such as Obage, a speaker manufacturer targeting Tier II and III cities, leveraging Amazon and Flipkart for sales. IBEF notes the sector's growth is propelled by platforms like YouTube offering free music content, likely driving the paid OTT music sector to reach 5 million users by 2023, generating INR 2 billion (USD 27 million) in revenue. To bolster product availability in Tier 2 cities, companies are refining delivery networks via collaborations with local firms and startups. India's projected 887.4 million smartphone users by 2030 and leading global data consumption at 14.1 GB per person monthly support E-commerce growth. Giants like Amazon and Flipkart create expansion avenues, exemplified by Amazon's Echo Dot launch and Apple's Mini Homepod offering with EMI options. The upsurge in internet access bolsters E-commerce, especially in second and third-tier cities, where 900 million users are expected by 2025. Collaborations between market vendors and E-commerce platforms further drive segment growth.

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.

Recent Developments

• In June 2022 - Samsung introduced the Q and S series of wireless soundbars in India, featuring Dolby Atmos compatibility. The Q series notably showcased the world's pioneering integrated wireless connection between Samsung TV and Soundbar for Dolby Atmos. Conversely, the S series gained distinction as the world's thinnest soundbar line.

Scope of the Report

By Type of Device

• Bluetooth-only

• Wi-Fi

• Smart Speakers

By Distribution Channel

• Online

• Offline

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3.  India Wireless Speaker Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing popularity of wireless technology
         2. Increasing demand for portable audio devices
      2. Restraints
         1. High prices
         2. Lack of awareness
      3. Opportunities
         1. Growing adoption of online streaming services
         2. Expanding market for smart speakers
      4. Challenges
         1. Competition from international players
         2. Market reliance on counterfeit goods
   3. Distribution Channel Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4.  India Wireless Speaker Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Type of Device
         1. Bluetooth-only
         2. Wi-Fi
            1. Excl. Smart Speakers
            2. Incl. Combo Speakers
         3. Smart Speakers
      2. By Distribution Channel
         1. Online
            1. Incl. e-tailers
            2. Vendors’ Own Websites
         2. Offline
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Wireless Speaker Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on India Wireless Speaker Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Amazon Retail India Private Limited
   2. HARMAN International India Pvt Ltd (JBL)
   3. Sony India Private Limited
   4. Samsung India Electronics Private Limited
   5. Bose Corporation India Private Limited
   6. Google India Private Limited
   7. Xiaomi Technology India Private Limited
   8. Imagine Marketing Pvt Ltd (Boat)
   9. GN Audio A/S (Jabra)
   10. Koninklijke Philips NV
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.    Qualitative Research
      1.  Primary & Secondary Research
   2.    Quantitative Research
   3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.    Breakdown of Primary Research Respondents, By Distribution Channel
   5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       India Wireless Speaker Segmentation

Figure 2       India Wireless Speaker Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Wireless Speaker Market Size, By Value (USD Million), 2019–2029

Figure 5       India Wireless Speaker Market Share, By Type of Device, By Value, 2019–2029

Figure 6       India Wireless Speaker Market Share, By Distribution Channel, By Value, 2019–2029

List of Tables

Table 1        India Wireless Speaker Market Size, By Value (USD Million), 2019–2029

Table 2        India Wireless Speaker Market Share, By Type of Device, By Value, 2019–2029

Table 3         India Wireless Speaker Market Share, By Distribution Channel, By

Table 4         Amazon Retail India Private Limited Company Overview

Table 5         Amazon Retail India Private Limited Financial Overview

Table 6         HARMAN International India Pvt Ltd (JBL) Company Overview

Table 7         HARMAN International India Pvt Ltd (JBL) Financial Overview

Table 8         Sony India Private Limited Company Overview

Table 9         Sony India Private Limited Financial Overview

Table 10      Samsung India Electronics Private Limited Company Overview

Table 11      Samsung India Electronics Private Limited Financial Overview

Table 12      Bose Corporation India Private Limited Company Overview

Table 13      Bose Corporation India Private Limited Financial Overview

Table 14      Google India Private Limited Company Overview

Table 15      Google India Private Limited Financial Overview

Table 16      Xiaomi Technology India Private Limited Company Overview

Table 17      Xiaomi Technology India Private Limited Financial Overview

Table 18      Imagine Marketing Pvt Ltd (Boat) Company Overview

Table 19      Imagine Marketing Pvt Ltd (Boat) Financial Overview

Table 20      GN Audio A/S (Jabra) Company Overview

Table 21      GN Audio A/S (Jabra) Financial Overview

Table 22      Koninklijke Philips NV Company Overview

Table 23      Koninklijke Philips NV Financial Overview