Homegrown technology brand Cellecor Gadgets is planning to enter audio device segment. The company is expanding its lineup with five wireless speakers - Party Box, Beat Box, Storm, Boom, and Thunder. It will also launch two soundbars — Ultra Bar and Tune Bar. 

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The announcement comes close on the heels of a report suggesting a "remarkable growth" in offline retail sales. According to a report from GfK, 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.

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 consumer intelligence firm.

Though the market is still dominated by Compact Stereo Systems, Home Theatre and Smart Audio have registered fast growth.

Moving annual turnover (MAT) is a calculation that measures the average sales or turnover over a 12-month period, with the data rolling on a monthly basis.

In the personal audio segment, True Wireless Headsets had a "significant demand with an increasing share of 38 per cent" within the headsets category.

"By value, True Wireless segment lead the audio market with 50 per cent contribution Neckbands continued to dominate the personal audio market by volume, contributing to 55 per cent of sales," it said.

With PTI inputs