[ad_1]
India’s true wireless stereo (TWS) earbuds market has seen significant growth in Q2 2023. With a 34% year-on-year increase in shipments, the country’s TWS market impacted global growth as well. According to a Counterpoint report, this growth was driven by multiple factors. These include affordable new launches, demand for low-priced models, seasonal sales events on e-commerce platforms (like Flipkart Big Saving Days and Amazon Prime Days) brand discounts as well as offline events.
Domestic brands dominated the TWS market with a 75% share of the total shipments in the latest quarter. In contrast, Indian brands accounted for 80% of the shipments in Q2 2022. In Q2 2023, Chinese brands were able to make gains during this period and secured a 17% market share. This was their highest market share in the last seven quarters. Chinese TWS makers like OnePlus, Oppo, Realme and Xiaomi were the biggest contributors.
The report also predicts that India’s TWS market will grow 41% YoY in 2023. This growth is expected to be driven by upcoming festive season sales and a growing preference for online shopping channels. The market is also likely to see the entry of new brands and may push more towards online sales.
Biggest gainers
Boat: This Indian brand was able to take the top position in the market for the 12th quarter in a row. The company’s 17% YoY growth was driven largely due to budget-friendly models, increased local manufacturing and online event sales. Six models of Boat’s earbuds were among the top 10 bestsellers.
Boult Audio: Boult secured the second spot and nearly doubled its YoY growth. This growth was also driven by several affordable TWS models.
OnePlus: OnePlus saw a 228% YoY growth and was able to take the third position in the market. This was due to the success of the Nord Buds series.
Domestic brands dominated the TWS market with a 75% share of the total shipments in the latest quarter. In contrast, Indian brands accounted for 80% of the shipments in Q2 2022. In Q2 2023, Chinese brands were able to make gains during this period and secured a 17% market share. This was their highest market share in the last seven quarters. Chinese TWS makers like OnePlus, Oppo, Realme and Xiaomi were the biggest contributors.
The report also predicts that India’s TWS market will grow 41% YoY in 2023. This growth is expected to be driven by upcoming festive season sales and a growing preference for online shopping channels. The market is also likely to see the entry of new brands and may push more towards online sales.
Biggest gainers
Boat: This Indian brand was able to take the top position in the market for the 12th quarter in a row. The company’s 17% YoY growth was driven largely due to budget-friendly models, increased local manufacturing and online event sales. Six models of Boat’s earbuds were among the top 10 bestsellers.
Boult Audio: Boult secured the second spot and nearly doubled its YoY growth. This growth was also driven by several affordable TWS models.
OnePlus: OnePlus saw a 228% YoY growth and was able to take the third position in the market. This was due to the success of the Nord Buds series.
Noise: Noise managed to secure the fourth position with a 7% market share. The domestic brand’s VS series was a major contributor.
Mivi: With a 16% YoY growth Mivi came in fifth as it introduced seven new models in the below Rs 2,000 price range.
Realme: Realme’s Techlife Buds T100 became one of the top 10 models for the second consecutive quarter as the company took the sixth position with a 54% YoY growth.
Other brands like Oppo, JBL, Ptron, Portronics, Truke, Wings, and Fastrack also made their mark on the market.
[ad_2]
Source link