TWS shipments grew 34% YoY in 2023, boAt continues to lead the market in India 

India’s TWS shipments grew 34% YoY in 2023 backed by wider adoption, drop in average selling price and an uptick in homegrown brands

February 16, 2024 04:30 pm | Updated 04:30 pm IST

India’s TWS market shipments registered an increase of 34% YoY in 2023 driven by increasing adoption of TWS devices.

India’s TWS market shipments registered an increase of 34% YoY in 2023 driven by increasing adoption of TWS devices. | Photo Credit: Reuters

India’s TWS market shipments registered an increase of 34% YoY in 2023 driven by increasing adoption of devices. The availability of a wide range of options, and the ease of use are being viewed as major contributors to the growth.

A drop of 14% YoY in the average selling price was also registered in the year, reaching around ₹2,000 according to the latest research from Counterpoint’s IoT Service.

Customer adoption of TWS devices has increased with users looking at them as a fashion accessory and for multitasking. Additionally, it has been observed that devices priced below ₹1,000 witnessed maximum, almost doubling since 2022, driving up overall adoption, Senior Research Analyst Anshika Jain at Counterpoint said.

Improvements have also been witnessed in sound quality, battery capacity, and design innovation. ANC-based TWS devices recorded 76% growth in 2023, with the feature becoming available in entry-level price brands as well, Jain added.

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boAt leads the market

boAt led the TWS market with 39% YoY growth. The brand also expanded its portfolio to the ₹1,000 segment. Boult claimed the second position in the market with a 10% share and 80%YoY growth. The brand’s performance was driven by multiple new launches in the low-price segments. The brand’s shift towards local assembly in the previous years and its focus on key sales events and tapping into offline space also aided its performance.

Other brands including Noise and OnePlus were the fastest-growing brands in 2023.

While Noise captured the third spot with 40% YoY growth, OnePlus re-entered the top-five list with a market share of 6%, driven by the good performance of Nord Buds 2 and Nord Buds 2R.

Other Chinese brands captured 14% of the market share in 2023, driven by the good performance of OnePlus devices, Realme and Xiaomi also supported the growth of Chinese brands.

Cumulatively, the top five brands accounted for more than two-thirds of the total shipments.

The share of domestic manufacturing reached the highest ever at 62%, compared to 30% in 2022. The ramping up of production of homegrown brands like boAt, Boult Audio, Noise and Mivi accounted for 89% of the domestic shipment volume in 2023.

“Going forward, many brands are expected to localize their products entirely to maintain more affordable prices. Brands will also make efforts to increase local value addition for such devices”, Research Analyst Akshay RS said.

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