Local Brands Dominate India’s TWS Market with 44% YoY Growth in Q4 2022, According to Report
India’s truly wireless earbuds (TWS) market witnessed a remarkable growth of 44% YoY in the fourth quarter of 2022, driven by festive season sales and promotions, as well as growing local production. According to a report by Counterpoint Research, the growth was fueled by Indian brands such as boAt, Boult Audio, Mivi, Ptron, and Noise, which accounted for two-thirds of the total shipments and captured a record 84% share in the market.
The report reveals that boAt maintained its lead in the TWS market with a 3% YoY growth, marking its tenth consecutive quarter of leadership in the segment. Boult Audio, on the other hand, grabbed the second spot for the first time with an 11% share. The top five TWS brands in India were all local, with boAt, Boult Audio, Mivi, Ptron, and Noise leading the market.
In terms of specific TWS models, the boat Airdopes 131 continued to be the top-selling model for the seventh consecutive quarter in Q4 2022, with a 4% share in the overall market.
The report further reveals that the INR 1,001-INR 2,000 retail price band (approximately $13-$25) drove the demand for TWS in India during Q4 2022, accounting for 75% of the total shipments. boAt led the volume in this price band with a 45% share, followed by Boult Audio, Mivi, Noise, and Wings.
In addition, the premium segment (>INR 5,000 or approximately >$60) captured a 4% share this quarter, with Samsung leading the pack, followed by Apple and JBL.
The growth in the TWS market can be attributed to the increasing demand for audio accessories among consumers, as well as the affordability of these products. With the rise of work-from-home and online learning culture, consumers are seeking audio accessories that offer superior sound quality and comfort during long hours of usage.
Moreover, the growth in the local production of TWS by Indian brands has helped to reduce the dependence on imports and led to increased competition, resulting in lower prices and better value for consumers. The strong presence of local brands in the market is also a sign of the growing technological capabilities of the Indian industry.
In conclusion, the TWS market in India is witnessing significant growth, with local brands leading the way. The increasing demand for audio accessories, along with the affordability and quality of products offered by Indian brands, is expected to drive further growth in the market in the coming years.
