2022 Proves Good For Indian TWS Market Shipments

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  • Domestic players grabbed all the top 5 market positions in True Wireless Stereo (TWS) for the first time ever
  • The leader BoAt records 89% YoY growth; contributes nearly 40% of the total shipments last year

As per the latest report by Counterpoint’s IoT service, India’s TWS market shipments registered 85% YoY growth in 2022. Notably, domestic manufacturing is on the rise as it grabbed about 30% of shipment share in 2022, compared to just 2% in 2021. Counterpoint counts rise in local manufacturing, timely sales events, frequent affordable offerings, and entry of new players as the major driving factors of increased shipments. Unprecedentedly, Indian brands held all the top five spots in the India TWS market. This caused Indian brands to reach their highest-ever share of 80% in 2022. The report added that the average selling price dropped by 20% YoY last year.

Senior Research Analyst with Counterpoint, Anshika Jain commented, “Four-fifths of the total market was captured by Indian brands, their highest-ever share. For the first time, the top five spots were taken by local brands, which captured two-thirds of the total TWS shipments in India. Moreover, the majority of the new entrants this year were local brands. Further, Mivi, with its entirely locally produced TWS portfolio, grew 544% YoY and grabbed a position in the top five for the first time.”

Ms Jain added: “Evidently, Chinese and global brands lost some of their shares to the Indian players this year. Chinese brands captured a 13% share in 2022 driven by the good performance of OnePlus’ feature-rich devices Nord Buds and Nord Buds CE. realme and OPPO also supported the growth of Chinese brands. Global brands took an 8% share led by Apple, Samsung and JBL.”

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Associate Director Liz Lee opined the following on the local production scene: “Domestic manufacturing saw rapid growth, contributing 30% of the total shipments in 2022, compared to just 2% in 2021. Key homegrown brands boAt, Mivi and pTron ramped up their local manufacturing capabilities to account for 73% of the domestic shipment volume in 2022. Other key players like Noise, Truke, Boult Audio, Wings, Gizmore and Play also manufactured made-in-India devices for the first time this year. Moreover, this increase in the shipment share of local production largely led to a drop in the ASP (average selling price) by 20% in 2022. More new launches in the low-price band (Rs 1,001-2,000) also contributed to the drop.”

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry.


 

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