Realme, Other Chinese Companies Dominating Home Security Camera Market in India in 2022: Counterpoint
Market research firm Counterpoint Research said on Thursday that Chinese companies such as Realme, TP-Link and Hikvision dominated the home security camera market in India in 2022 with a 77 percent share.
According to Counterpoint’s smart home IoT service, only one Indian brand Qubo by Hero Electronix is among the top six smart home security camera market in India. It had a 10 percent market share in 2022.
“Chinese players continue to dominate the market, with Indian brands accounting for 23 percent of total shipments in 2022. Domestic production for the year was 12 percent, still very low for emerging markets.
“However, we expect local manufacturing to pick up in the coming period as more Indian brands look to enter this market, such as Airtel,” said Varun Gupta, Counterpoint Research Analyst.
Smart home security camera market shipments in India grew 44 percent year-on-year in 2022, with Xiaomi leading the segment with a 33 percent share.
“The market has grown exponentially in 2022 as more consumers become aware of smart cameras. In a price-sensitive market like India, the entry price point of smart cameras (Rs 1,500) is also creating huge demand. Shipments under the Rs 1,500 – 2,500 price range is highest in 2022, acquiring 64 percent of the shares,” Gupta said.
Tapo by TP-Link continues to take second place in 2022 with an annual growth of 88 percent and a market share of 17 percent.