According to the latest research from Counterpoint, India's smart home security camera market shipments experienced 44% year-over-year growth in 2022.
In the first three quarters of the year, the market saw a surge in demand, resulting in strong YoY growth. However, the market slowed down in Q4 2022 after Diwali due to seasonality and weaker demand, bringing the market closer to what it was in Q4 2021.
Xiaomi led the market with a 33% share, growing 15% YoY in 2022. Tapo by TP-Link continued to be at the second spot in 2022 with an impressive 88% annual growth and a 17% market share.
EZVIZ by Hikvision rose to the third position with a 16% market share, while Qubo by Hero Electronix saw a 10% YoY rise in shipments in 2022 with a 10% market share.
The entry-level price point of smart cameras (INR 1,500 or ~$18) creates a big demand pull, which resulted in shipments in the INR 1,500-INR 2,500 price band remaining the highest in 2022, capturing 64% share.
Discount offers around Diwali further pushed sales in 2022. As safety remains a prime concern among consumers, the market is expected to perform well in 2023.