Overview: The TWS market’s sales volume is expected to increase by 11% YoY in 2024 YoY. We expect the TWS market to keep growing till 2030 due to increasing demand from emerging markets for low-end TWS devices. Price competitiveness is increasingly becoming the TWS market’s defining characteristic. Consumers are gravitating towards more affordable options that offer a similar performance, leading the sub-$50 segment to account for nearly half of the market. Even entry-level models now feature ANC, long battery life, and strong durability. In response, premium OEMs are exploring various strategies to differentiate their offerings, such as open-fit designs and low-latency gaming modes. With the growing interest in AI among big tech companies, there will be a big focus on on-device AI from 2024. Big tech companies like Apple, Samsung and Google are directing efforts toward incorporating AI into devices, including TWS. However, it will take time to observe whether this new technology is helpful to consumers. Even if it proves to be beneficial, the innovation will only start from high-end TWS models initially and will take some years to penetrate low-tier models.