India's smart home security camera market grew by 116% YoY and 7% QoQ in Q2 2022, according to Counterpoint Research.
India’s smart home security camera market grew 116% year-on-year (YoY) and 7% quarter-on-quarter (QoQ) in Q2 2022, according to the latest research from Counterpoint Technology Market Research’s Smart Home IoT Service. This growth was driven by increasing consumer interest, greater concerns over security, shift from traditional security cameras, and brands’ marketing push through discounts and promotions.
“The growing consumer interest in smart home security cameras is a result of various factors, including ease of use, availability of smart features, and affordability. Consumers are more concerned about safety inside their premises, and these devices offer features that help them to keep a check on their surroundings. The pricing of these devices has been a key to the success of the smart camera market as most brands are offering devices below <INR 2,500 ($31), which is less than the conventional camera systems,” said Research Analyst Varun Gupta. “The market seems consolidated as the top three brands captured 74% share in Q2 2022. There was a push towards offline retail channels by leading brands such as Xiaomi, EZVIZ, Imou, Qubo and CpPlus. The Security Camera 360o by Xiaomi is the best-selling model for the brand and in the overall market in Q2 2022. Tapo registered the highest YoY growth in Q2 2022 owing to its wider portfolio and value-for-money offerings. Imou jumped to the third spot in Q2 2022 from the fifth spot in Q2 2021, driven by affordable products in the INR 2,000-INR 2,500 ($25-$32) price band. More brands focused on creating consumer awareness through offline channels. However, the majority of the sales were still online driven.”
Senior Research Analyst Anshika Jain said, “The smart home security camera market is expected to grow over 50% in 2022 due to the continuous efforts by brands to make these devices available offline, special discount schemes and launch of value-for-money devices. In addition to this, we also expect the entry of new brands to build their position in this untapped market. In terms of applications, the indoor security camera market will witness a jump due to demand coming from working professionals resuming work at offices after the work-from-home routine during the pandemic. Security of senior citizens will also drive demand.”
“The major hurdle to mass adoption of these cameras is the lack of consumer awareness. Brands need to focus on setting up experience zones and providing some sort of bundled offers with other smart home products to market these products in a better way,” Jain added.
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