London, Hong Kong, Boston, Toronto, New Delhi, Beijing, Taipei, Seoul – June 2, 2021
boAt maintained its lead in India’s TWS market in Q1 2021, growing 576% YoY.
OnePlus stood second and its model Buds Z remained the best-selling model.
New launches, declining ASP and improved features were the growth drivers.
India’s TWS market posted 156% YoY growth in Q1 2021, according to the latest research from Counterpoint’s IoT service. After experiencing high growth throughout the year, the segment is now moving towards stable growth. However, with the COVID-19 pandemic worsening in Q2 2021, leading to lockdowns in major states, demand as well as supply will get hit and hamper the market’s growth.
Commenting on the TWS market growth, Research Analyst Shilpi Jain said, “Enhancement in features like sound quality, low latency for better gaming experience, smart touch control for a hassle-free experience, and waterproof and dustproof ratings have helped advance the growth of TWS market in India. Also, the constant trends of multiple new launches and low pricing strategy have accelerated the growth further.”
On the TWS promotions during Q1 2021, Jain added, “Key brands OnePlus and realme got a push by offering discounts on their official websites. Brands like Jabra, Sony and Apple also offered discounts on Amazon to strengthen demand.”
Talking about strategy, Jain said, “After the PLI scheme extension to the wearable and hearable category, brands are planning to scale up their ‘Make in India’ capabilities to leverage the scheme. After pTron, we might see a ‘Made in India’ TWS from boAt in the immediate quarter.”
Local brands have strengthened their position in India’s TWS market. They now hold three positions in the top 5 list of brands in terms of shipments, contributing almost 40% of the total shipments.
Key Takeaways
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Background:
Counterpoint Technology Market Research is a global research firm specializing in Technology products in the TMT industry. It services major technology firms and financial firms with a mix of monthly reports, customized projects and detailed analysis of the mobile and technology markets. Its key analysts are experts in the industry with an average tenure of 13 years in the high-tech industry
Analyst Contacts:
Shilpi Jain
Anam Padha
Counterpoint Research
press(at)counterpointresearch.com
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