Sony India aims 40% growth in audio business in FY24

economictimes.indiatimes.com:

Sony India is aiming 40 per cent growth in its audio business in the current fiscal, led by rising demand for premium products in the segment, its Managing Director Sunil Nayyar said on Thursday. The company is expecting a «promising» growth in some of the segments as soundbars and personal audio products like earphones and headphones continue its lead, outpacing the market growth rate. Sony India, which aims to be the dominant premium audio brand here, gets around 20 per cent of its sales revenue from the audio business and expects its contribution to become higher in the coming years. «Audio business is very promising in India and the premium market (in the segment) is growing and the growth rate is high. This composition will continue to increase every year,» Nayyar told PTI. He further said:" The growth of the audio might outpace the growth of other categories." The company logged 21 per cent growth in the audio business in the last fiscal. The audio business includes soundbars, party speakers, True Wireless range of headphones and buds.

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Asked about the growth drivers, Nayyar said:" The industry is growing, the market is growing and within that, premium market is growing phenomenally and that's where we are pitching our products to consumers with an extensive lineup with good price point." Now the company is introducing products in the audio segment, which are tuned for the Indian market. Over sales, Nayyar said the ratio of sales of personal audio products from online channels is quite high, while soundbars which are largely bought for family households are sold mostly offline as people want to experience it. Right now,