The India Wireless Speaker Market is expected to reach a CAGR of 10% during the forecast period 2021 - 2026. The increased penetration of smartphones, internet access at lower rates, increased demand for portability and flexibility, and increased rate of technology development and adoption are some of the factors influencing the growth of the market.

- By type WiFi speakers and smart speakers are rapidly gaining market share, In the case of Bluetooth speakers, constant product innovations and advancements have helped to sustain the market. These encroachments include developing water-resistant speakers with the ability to connect more than one device with huge battery life. At IFA 2019, JBL launched Pulse 4, a speaker with 360-degree sound and a light show that uses high-resolution LEDs to create a party mood with music and light. The new speaker has Wireless Bluetooth streaming enabling up to two smartphones or tablets to be connected at the same time. ​Also, in the same year, Sony Corporation launched the SRS-XB12 EXTRA BASS Waterproof Bluetooth speaker in India. This speaker is IP67-rated, which makes it resistant to dust and water. ​
- Moreover, in India, tier 2 cities are fast moving towards medium and premium price category and smaller towns and villages are upgrading to low and medium-priced branded products reducing the dominance of fake and non labeled goods in the region. Therefore though the spending power is slowly increasing the consumers are still price-sensitive and thus the vendors in the market need to offer the best and most cost-effective option in the market.
- The COVID-19 is expected to have significant impact on the market in the current year and is anticipated to continue to have impact for the first two quarters of the year following it, as the supply chain has experienced disruption. ​Moreover, due to the huge economic downturn experienced by companies across the industries, employees are also witnessing salary cuts. This may directly impact the purchase decision for wireless speakers by the customers.​ However, amid the contemporaneous India China tensions, the consumer sentiments are changing which might further provide opportunities to Indian vendors to enter into the market.

Key Market Trends

Increased Demand and Access to Online Streaming Services​ is Expected to Boost the Market Growth

- India is observing higher use of portable speakers, owing to increased penetration of smartphones and other mobile devices along with the availability of online music and video streaming on digital platforms. Wireless speakers allow consumers to connect to various platforms through smartphones and other Bluetooth and WiFi-enabled devices such as tablets and smart TVs, etc. for instance, according to IMI-IFPI Digital Music Study 2019, India is the second-largest mobile markets, ahead of US with over 400 million smartphone users - a user base only second to China.
- The rapid transformation of digital streaming services has also increased the demand for portable and interoperable devices such as wireless speakers in the region has seen an upward trend. India’s audio streaming market is divided among domestic players, JioSaavn, Gaana, Wynk and global players Spotify, Amazon Music, Apple Music, and recent entrant YouTube Music.
- For instance, In the Diwali report, Spotify stated that Bihar, a state in India, led the streaming charts on its Diwali curated playlists. By the end of 2019, homegrown music streaming app Gaana crossed 150 million users mark. This forms a favorable ecosystem for the growth of wireless speakers.
- Moreover, distinct trends emerged from the IFPI-IMI Digital Music Study 2019 which was conducted across nine geographical locations in India which showed a year on the year growth rate of 21.3% of the overall market for the past three years wherein 80% of survey respondents recognize themselves as music fanatics and lovers, showing a broad music fandom base in India, which far exceeds the global average of 54%.
- The increasing adoption and number of options for cutomers to choose from have prompted many consumers to explore devices to improve their music listening experience, thus creating demand for wireless speakers in the region.

Online Distribution Channels is Expected to Witness Significant Growth

For sample report please visit: https://www.statzyreports.com/report/sr497569/india-wireless-speaker-market

- To improve the availability of branded products in tier 2 cities, companies are working on improving the delivery network in smaller towns and villages. This will significantly help in the penetration of branded products in these markets. Collaborating with existing local delivery companies, emerging delivery startups, and Indian posts have helped to form a strong distribution network for companies in the region.
- Moreover, India has over 400 million smartphone users - a user base only second to China, and mobile data in India is cheap, reliable, and widely available, which allows consumers to browse through E-commerce sites to compare, pick and choose according to their choice and price brackets. The online sales of smart speakers increased rapidly in 2019, owing to vigorous online promotional activities and product innovation. Apart from discounts, bundled offers in the form of no-cost EMI, Amazon Pay cashback, and festive sales for a limited period also augment the online sales in the region.
- For instance, Amazon offered JBL Bar 5.1 Powerful 4K UHD Soundbar with Wireless Surround Speakers at a steep discount of 23%, bringing the price down from Rs 59,999 to Rs 45,990 during its Great Indian Sale in 2019.
- Offline stores remain the more robust channel of distribution, as many consumers prefer to test products before purchasing. However, with consumers seeking better deals and better shopping experience, online distribution is growing at a rapid pace. This competition and competitor in the online distribution space such as Amazon and Flipkart, makes Indian consumer more price-sensitive because of being ahead of each other.
- Although online distribution enhances the sales of already established players in the market, it might prove to be a costly channel for local players and new entrants in the market due to multiple complications such as branding, marketing, etc. These challenges are being catered through third-party services, and therefore the growth of online distribution is expected to increase in the coming years.

Competitive Landscape

The Indian market for wireless speakers is highly fragmented, owing to continuously changing consumer demands pushing wireless speaker vendors to innovate in the space to attract more consumers. The competition in this market has intensified over the years, with companies launching a multitude of products to attract consumers.

- In February 2020, Xiaomi announced the launch of Mi Outdoor Bluetooth speaker in India. The company claims that the speaker will offer a battery life of 20 hours with a 2000 mAH battery and an IPX5 water-resistant. The product launch is part of the company's product diversification strategy in India.
- In December 2019, Amazon launched the Echo Input in India, expanding the Alexa powered smart speakers range. With the launch of Amazon Echo Input, the company now has a total of 12 smart speakers. Unlike other Amazon smart speakers, the Echo Input comes with a built-in battery, which means you can even use it when unplugged.
- In August 2019, HARMAN, a wholly-owned subsidiary of Samsung Elect, launched a new lifestyle audio brand in India named Infinity by HARMAN. As part of the brand launch, the company unveiled 11 new and exciting audio products, including six Infinity headphones, four portable Bluetooth speakers, and a multimedia 2.1 Bluetooth system.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support


For sample report please visit: https://www.statzyreports.com/report/sr497569/india-wireless-speaker-market