- While Xiaomi stood first in terms of shipments with a 33% share, Tapo witnessed a whopping growth and stood next with a 17% share
- Q4 of 2022 witnessed meagre YoY growth, thanks to seasonality and weaker demand
As per a recent report by Counterpoint, India’s smart home security camera market shipments grew 44% year-on-year in 2022. Notably, shipments in the price range of Rs 1,500-2,500 took away 64% share—the highest in 2022. The report mentioned that while Xiaomi stood first in terms of shipments with a 33% share, Tapo witnessed a whooping growth and stood next to Xiaomi in 2022 with a 17% share. The first three quarters witnessed impressive growth amid huge demand. However, said the report, the market slowed down in the last quarter of 2022 owing to seasonality and weaker demand, and showed barely any growth with respect to Q4 2021.
A research analyst with Counterpoint, Varun Gupta commented, “The market grew significantly in 2022 as more consumers are becoming aware of smart cameras. In a price-sensitive market such as India, the entry-level price point of smart cameras (INR 1,500 or ~$18) also creates a big demand-pull. Shipments in the INR 1,500-INR 2,500 price band remained the highest in 2022, capturing a 64% share. The discount offers around Diwali further pushed the sales in 2022. As safety remains a prime concern among consumers, the market is expected to perform well in 2023. Smart cameras are gaining more popularity among small and medium retailers as they are less expensive and easy to install.”
Regarding the brands, Gupta remarked, “We expect the market to remain consolidated till H1 2023, even though the top three brands currently capture a combined share of 66%. However, we saw the entry of newer brands into the Indian market in 2022, which increased the competition and brought down the average selling price. In terms of features, the 2MP camera remains popular among users, but we expect the 3MP camera to gain more traction as it is becoming more affordable. Though the market remains online driven, the offline market has started to gain traction in the past year through efforts from major brands.”
A senior research analyst Anshika Jain stated: “The indoor smart security camera accounted for more than 80% of the total shipments mainly driven by increased awareness and importance of indoor home security. Even residential developers are increasingly installing smart camera devices due to the hybrid work model.”
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry.