According to a report by Techarc, India’s smart devices market is expected to register a 10-13 per cent volume growth and 15-18 per cent value growth in 2024 compared to 2023 as their adoption largely remains low across several categories.
As per the report, smart device is an umbrella term for several product categories such as, smart personal (laptops, tablets, wearables), smart entertainment (smart TV, streaming devices, smart speakers), smart comfort and convenience, smart water purifier, smart home infrastructure, smart security, and others.
The report noted that the adoption of smart devices is increasing, but the annual increase is incremental which will not only shrink the growth but also stress profitability and eventually wipe off some original equipment manufacturers (OEMs), consolidating the market.
However, consumer electronics is not seeing the adoption as per its potential, while Chromebooks are seeing a dip in adoption compared to the previous year as this affordable alternative to personal computing is not emerging as convincing enough as it could be. Meanwhile, smart TV is emerging as the most promising smart device, with every consumer considering buying a smart TV.
The report further noted that a lackluster adoption is similarly mostly being observed in other categories too. However, the smart security category is witnessing growth in adoption as security and surveillance remain a priority.
