Sony expects 20% growth in India over next few years, company executive says

Consumer electronics giant Sony India is “rather optimistic” about its audio business in the country and expects growth of more than 20% over the next few years, continuing the good overall traction of its lineup of personal audio and home entertainment products, a company official said. The company expects “robust” holiday 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 seen a surge in demand for personal audio products like headphones and earphones and home entertainment devices like soundbars over the past two years as people shifted to work-from-home mode and shunned movie theaters and other entertainment venues amid the pandemic.

Although offices are now partially resuming, Sony India expects usage of its audio devices to continue amid the hybrid work Culture.

He also expects the trend of consuming movies and other in-home content via OTT platforms on larger TV screens to continue.

“We are quite optimistic about the short to medium term outlook and expect the audio segment to experience robust growth at an upward pace of 20% over the next few years,” Singh told PTI.

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

“We’re seeing consumers turn to products with useful features for working from home, learning about home activities, and products that enhance their home entertainment consumption.

“We expect this influence to continue organically in the future also due to an increased awareness of the importance and usefulness of high-quality personal audio products in the hybrid module”, he added.

Singh also said he was “pleasantly surprised” to see traction for audio products at both ends of the price spectrum. The growth is secular in nature and not only coming from developed metropolitan markets, but also from Tier II and III small cities, he added.

Asked about the growth model, Singh said that while demand for high-end products is still more metro-centric, ambitious small towns are pushing for more numbers.

Sony India, which holds over 75% market share in the high-end headphones segment (above Rs 10,000), would continue to strengthen its position in the segment.

“We will continue to strengthen our position by powering innovative products with advanced technologies. Similarly, in the Truly Wireless series above Rs 10,000, we have doubled our market share compared to the previous year and we are excited about the prospects for the future,” he said.

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

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