New Delhi, Mar 16 (PTI) Chinese companies like Realme, TP-Link and Hikvision dominated India's home surveillance camera market in 2022 with 77 per cent share, market research firm Counterpoint Research said on Thursday.
According to Counterpoint’s Smart Home IoT Service, only one Indian brand Qubo by Hero Electronix figured among the top six in India's smart home security camera market. It had a market share of 10 per cent in 2022.
"The market remains dominated by Chinese players, with the Indian brands accounting for 23 per cent of total shipments in 2022. The domestic production during the year stood at 12 per cent, still very low for an emerging market.
"However, we expect domestic manufacturing to pick up in the coming period as more Indian brands look to foray into this market, such as Airtel," Counterpoint Research Analyst Varun Gupta said.
India's smart home security camera market shipments grew 44 per cent year-on-year in 2022, with Xiaomi leading the segment with 33 per cent share.
"The market grew significantly in 2022 as more consumers are becoming aware of smart cameras. In a price-sensitive market such as India, the entry-level price point of smart cameras (Rs 1,500 ) also creates a big demand pull. Shipments in the Rs 1,500-Rs 2,500 price band remained the highest in 2022, capturing 64 per cent share," Gupta said.
Tapo by TP-Link continued to be at the second spot in 2022 with 88 per cent annual growth and a 17 per cent market share. PTI PRS RAM PRS BAL BAL