Sony Expects 20 Percent Growth in India Over Next Few Years, Company Executive Says

Sony says it has doubled its market share in truly wireless stereo (TWS) earphones above Rs. 10,000 over the previous year.

By Press Trust of India | Updated: 19 August 2022 23:36 IST

Sony Expects 20 Percent Growth in India Over Next Few Years, Company Executive Says

Sony LinkBuds (WF-L900) TWS Earphones were launched in India earlier this month

Highlights

Sony India has the biggest market share in the premium headphone segment
Sony says it working to strengthen its position in the segment
Audio products contribute up to 20 percent of the firm's overall sales

Consumer electronics major Sony India is "quite optimistic" about its audio business in the country and expects over 20 percent growth for the next few years, continuing the overall good traction from its range of personal audio and home entertainment products, a company official said. The company expects "robust" festive season sales this year for the segment as it is encouraged by the momentum built in the first quarter, Gyanendra Singh, Head of Audio Marketing at Sony India told PTI.

Sony India had witnessed a surge in demand for both personal audio products like earphones and headphones and home entertainment devices like soundbars in the last two years when people shifted to work-from-home mode and avoided cinema halls and other places for entertainment amid the pandemic.

Though now offices are resuming partly, Sony India expects utilisation of its audio devices to continue amid the hybrid work culture.

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It also expects the trend of consumption of movies and other content at home through OTT platforms on larger TV screens to stay.

"We are quite optimistic about both short and mid-term outlook and expect the audio segment to grow robustly at an upward pace of 20 percent in the next few years," Singh told PTI.

Audio products, which include personal audio devices like earphones and headphones and home entertainment products like soundbars, are a very important component of Sony's overall business in India, contributing nearly 15 to 20 percent of its overall sales, he added.

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"We are experiencing that consumers are moving towards products with features that are helpful for their work from home, learn from home activities and products that enhance their consumption of entertainment at home.

"We expect this influence to continue organically in the future as well due to increased awareness about the importance and utility of high-quality personal audio products in the hybrid module," he added.

Singh also said he is "pleasantly surprised" to see the traction of audio products at both ends of the price spectrum. The growth is secular in nature and is not only coming from the developed metro markets but smaller Tier II and III towns as well, he added.

Asked about the growth pattern, Singh said though high-end products' demand is still more metro-centric, smaller aspirational towns are pushing for more numbers.

Sony India, which has more than 75 percent market share in the premium headphones segment (above Rs 10,000), would continue to strengthen its position in the segment.

"We will continue to strengthen our position by fuelling innovative products with advanced technologies. Similarly, in Truly Wireless Series above Rs 10,000, we have doubled our market share over the previous year and we are excited about the future prospects," he said.

Earlier this month, Sony India introduced LinkBuds, strengthening its presence in the wireless earphones segment. Priced at Rs 19,990, these open-ring design wireless earphones come with several advanced features.

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