- Household security has become a major concern for Indian families, leading to a hike in demand for smart security cameras.
- The average selling price of smart security cameras decreased due to a decline in the cost of components.
Indian home security camera shipments grew by 48% year-over-year (Y-o-Y), according to the latest research from Counterpoint’s smart home IoT service, as offices reopened, prompting a need for home surveillance products among working professionals.
During the same period, the average selling price of smart security cameras decreased due to a decline in the cost of components such as memory and Wi-Fi chipsets.
Commenting on the trend, Counterpoint Research analyst, Varun Gupta, commented on this trend, emphasizing that the security of households has become a major concern for Indian families, leading to a hike in demand for smart security cameras.
“The industry has integrated AI into the devices to provide capabilities such as intrusion detection and motion detection, making household surroundings more secure. These functions have become more accessible in lower-cost cameras, driving overall demand. The shipment share of the ₹1,500 – ₹2,000 price band jumped to 28% in Q1 2023 from 3% in Q1 2022. A decline in the cost of components has reduced the average selling price,” he explained.
Market Summary
CP Plus by Aditya Infotech dominated India’s smart security camera market in the first quarter of 2023, experiencing a remarkable 3x Y-o-Y growth in shipments and a commanding 45% market share. The brand focused on affordability, particularly through offline retail channels, and emerged as the top domestic manufacturer with a 71% share.
Chinese brands, such as Xiaomi and EZVIZ, faced strong competition in the market due to the growth of existing and emerging players. Xiaomi secured the second position with a 12% market share, despite a 29% shipment decline due to inventory levels and seasonal factors. EZVIZ by Hikvision secured a 10% market share, facing a 38% YoY shipment decline due to aggressive pricing by competitors.
Tapo by TP-Link doubled its shipments YoY and captured a 9% market share by targeting online retail channels. Qubo by Hero Electronix grew by 19% YoY, claiming the fifth position with a 5% market share, offering affordable indoor cameras primarily in the ₹2,000 – ₹2,500 price range and improving visibility in offline retail channels.
