Sony India is gearing up for an impressive 40% growth in its audio business during the fiscal year 2023-2024, buoyed by the escalating demand for premium audio products in the market. Sunil Nayyar, the Managing Director of Sony India, expressed confidence in achieving this ambitious target, attributing the positive outlook to the increasing popularity of soundbars, earphones, and headphones.
As the audio industry in India witnesses promising growth, Sony aims to establish itself as the dominant premium audio brand in the country. Presently, the audio business contributes around 20% of Sony India's sales revenue, and the company expects this share to rise in the foreseeable future.
Nayyar highlighted the exceptional potential of the premium audio market, which is witnessing a robust surge and surpassing growth rates of other categories. The company achieved an impressive 21% growth in the audio business during the last fiscal year.
Sony's diverse audio product portfolio includes soundbars, party speakers, True Wireless headphones, and buds. The company is gearing up to cater to the evolving demands of Indian consumers with products specifically tuned for the local market.
Online sales have been particularly strong for personal audio products, while offline channels continue to be popular for soundbars, mainly purchased for family households seeking immersive experiences.
As Sony India progresses towards its growth objectives, it imports audio products from countries like Malaysia, China, Vietnam, and Japan for its high-end headphones. The strategic focus on cutting-edge technology, innovation, and customer-centric offerings positions Sony India for continued success in the competitive audio market, catering to the diverse audio needs of consumers across the nation.