India’s smart home security camera shipments grew 48% in Q1 2023: Report

According to the report, home-grown company CP Plus by Aditya Infotech held the top position smart home security camera shipments with three times YoY growth in shipments in Q1 2023, capturing a 45 per cent market share.

NEW DELHI — India’s smart home security camera shipments grew 48 per cent year-over-year (YoY) in the first quarter (Q1) of this year– January to March, a report said on Wednesday.

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.

#India's smart home #security camera shipments grew 48% year-over-year (YoY) in the 1st quarter (Q1) of this year January to March. pic.twitter.com/E5Aocp22t4

— IANS (@ians_india) June 14, 2023

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.

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