According to the International Data Corporation’s (IDC) India Monthly Wearable Device Tracker, the truly wireless stereo (TWS) market in India had a record year in 2018, shipping 20.3 million units and forecasting a healthy 74.7 percent year-over-year growth in 2021. Vendors based in India will account for more than 65 percent of shipments in the TWS category in 2021, compared to approximately half of the market last year. It was BoAt that emerged as the clear leader, accounting for nearly one-fifth of all shipments during the year, which is significantly higher than the combined share of the next seven vendors combined.
In 2021, BoAt maintained its position as the market leader, capturing 39.3 percent of the market while experiencing 187.9 percent year-on-year growth. Realme was in second place with a 7.7 percent market share, Noise was in third place with a 7.5 percent market share, pTron was in fourth place with a 6 percent market share, and Samsung was in fifth place with a 4.7 percent share.
Because of their aggressive entry and expansion through the online channel, these new-age brands were able to collectively bring the TWS ASP down to $32.8 in 2021 from $43.6 in 2020, resulting in nearly 90 percent of the TWS category being priced below the $50 price band in 2020. Although new brands such as Nothing, Google, and LG Electronics have received positive responses, consumer enthusiasm for the mid-range segment is evident.
India-based brands solidified their position in Q421 (October-December), taking four out of the top five positions. BoAt alone accounted for approximately half of total market volumes, an increase from 30.1 percent during the same period last year. Due to quadrupled shipments year on year, Noise moved up to the second spot as the fastest growing brand during the quarter.
“Affordability, availability, and aesthetically pleasing design are the primary drivers of the TWS market as a must-have complementary device for a smartphone,” says the author “IDC India’s Ekta Mittal is a Market Analyst in the Client Devices group. ‘With greater understanding, consumers will continue their migration from wired to wireless devices and upgrade to devices that provide a better sound experience, a longer battery life, and greater comfort.’ “Mittal continues.