India's smart home security camera shipments grew 48% in Q1 2023
India's smart home security camera shipments grew 48 percent year-over-year (YoY) in the first quarter (Q1) of this year January to March. According to Counterpoint Research, there was a major increase in demand for home security products as offices started to reopen for working professionals during this time.
The average selling price of smart security cameras decreased considerably YoY in Q1 2023, with the Rs 1,500 to Rs 2,000 price range emerging as the most preferred. "The shipment share of the Rs 1,500-Rs 2,000 price band jumped to 28 per cent in Q1 2023 from 3 per cent in Q1 2022," said Research Analyst Varun Gupta.
According to the report, home-grown company CP Plus by Aditya Infotech held the top position with three times YoY growth in shipments in Q1 2023, capturing a 45 per cent market share. "Xiaomi ranked second with a 12 per cent market share as its shipments fell 29 per cent YoY in Q1 2023 mostly due to higher inventory levels and seasonal decline," the report added.
"Indian brands now command nearly two-thirds of the Indian smart security camera market, with more than 60 per cent of the products being manufactured in India," said Senior Research Analyst Anshika Jain.
