According to Counterpoint Research’s Smart Home IoT Service, Xiaomi, EZVIZ by way of Hikvision and Tapo by way of TP-Link led the marketplace in This fall 2022 with 65% marketplace percentage. These 3 firms will snatch 66% marketplace percentage in 2022.
As in step with analysis analyst Varun Gupta, the marketplace will develop considerably in 2022 as extra shoppers change into acutely aware of sensible 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%.” percentage,” Gupta noted, adding that safety will remain a prime concern among consumers and the market is expected to perform well in 2023.
Chinese players dominate India market
Xiaomi topped the list with 15% YoY growth and 33% share in 2022. It captured top spot in Q4 2022 with 25% share.
Tapo, an offering by China-based TP-Link continued to be at the second spot in 2022 with 88% annual growth and a 17% market share. It dominated online marketplaces such as Amazon and Flipkart.
EZVIZ by China’s Hikvision grabbed the third spot in 2022 with a 16% market share. It registered strong demand for its indoor and outdoor cameras.
Qubo by Hero Electronix saw a 10% YoY rise in shipments in 2022 with a 10% market share. Notably, it is the only Indian brand among the top five players and has a focus on local manufacturing.
Imou by another Chinese player Dahua Technologies was the fastest-growing brand in 2022 with a 7% market share. Realme completed the top five list with a 4% market share and 38% YoY growth.
“The market remains dominated by Chinese players, with the Indian brands accounting for 23% of total shipments in 2022. The domestic production during the year stood at 12%, 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,” Gupta added.
Emerging manufacturers
India’s CP Plus used to be some of the most sensible 10 sensible house cameras gamers in 2022 and registered 2% marketplace percentage. Similarly, Indian emblem Zebronics additionally ended up within the most sensible 10 checklist with a marketplace percentage of two%, then again, it skilled a decline of 24% YoY in 2022. Taiwanese emblem D-Link is rising and recorded 17% expansion to achieve the highest 10 with a 2% marketplace percentage.