Indian brands register strong growth as entry segment TWS dominate global market: Report

The global TWS market while registering an overall 2% YoY drop in sales saw a 15% increase in the sale of devices priced below $50 in H1 2023

Updated - October 16, 2023 01:59 pm IST

Published - October 16, 2023 11:50 am IST

The global TWS market witnessed a 15% increase in the sale of devices priced below $50 in H1 2023.

The global TWS market witnessed a 15% increase in the sale of devices priced below $50 in H1 2023. | Photo Credit: Reuters

TWS devices priced under $50 dollars dominated the market with an increase of 15% in unit sales in H1 2023. The growth was witnessed despite the overall TWS market recording a drop of 2% year-over-year in unit sales, Counterpoint a research and analysis firm, said.

The contraction in the overall demand is being attributed to markets in North America and Europe reaching maturity. Demand was also impacted by macroeconomic headwinds and consumer weakness.

However, the TWS market seemed somewhat immune to inflationary headwinds, especially in the below $50 segment.

The growth witnessed in the entry-level mitigated the decline in higher-price segments as TWS demand polarised towards the entry segment.

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In the sub $50 dollar segment regional demand in markets including India, Middle East, Africa and Latin America registered robust growth. China, one of the world’s largest TWS market also showed signs of recovery as the COVID-19-related lockdowns eased in the latter half of 2022, the report said.

Growth of Indian brands

Indian brands such as boAT, Boult Audio and Noise reported strong double-digit YoY growth in Q2 2023 driven by a broader portfolio of entry-level models, and rising demand for TWS in the country with low penetration.

Indian brands successful leveraged online shopping events and promotions to fulfill the demand for new affordable models. Additionally, product discounts, good performance and effective pricing also played a major role in boosting sales.

Meanwhile, major global brands such as Apple, Samsung and Sony saw market share declines and slower growth in the absence of new models, the report said.

Premium focused brands are bringing in incremental updates compared to low-cost models of challenger brands that are trying to innovate on design, audio features, latency, battery life and more.

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