Chinese companies like Realme, TP-Link and Hikvision dominated India’s home surveillance camera market in 2022 with 77 percent 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 percent in 2022.
“The market remains dominated by Chinese players, with the Indian brands accounting for 23 percent of total shipments in 2022. The domestic production during the year stood at 12 percent, 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 percent year-on-year in 2022, with Xiaomi leading the segment with 33 percent 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 percent share,” Gupta said.
Tapo by TP-Link continued to be at the second spot in 2022 with 88 percent annual growth and a 17 percent market share.