The Indian True Wireless Stereo market achieved an annual growth rate of 68% in the second quarter of 2021. This is mainly due to the launch of new affordable products and functional improvements. The local company boAt maintained its lead for the fourth consecutive quarter. Moreover it has a year-on-year growth of 426% and accounting for 37% of total shipments.
Aggressive marketing, celebrity endorsements and “value for money” products helped it maintain its market dominance. Its Airdopes 131 inventory during the second quarter Flipkart promotion was another driving factor.
OnePlus and Realme ranked second and third in the market with 12% and 10% share respectively. These brands use their existing smartphone user base to increase their influence in the TWS market. The popularity of Buds Z also helped OnePlus occupy the second place in the growing market, while Realme maintained its position among the top 5 brands due to its affordable launch.
Noise rose to the fourth place in the second quarter of 2021 with 117% year-on-year growth and 8% share.
Next quarter, we will see more brands enter at different price levels to gain a greater share in this undeveloped market. Some in the second quarter of 2021 New entrants are Lava, Aiwa and TCL.
Compared with the same period last year, the share of the Rs 1,0002,000 price range increased to 60% of total shipments in the second quarter of 2021.
Although market growth in April slowed down due to Covid19 restrictions, pent-up demand helped drive the growth momentum in the next two months. Players want to manufacture these devices locally to take advantage of the government’s PLI program. Mivi is the second brand to launch TWS products from Madein India after pTron. Also, boAT decided to move its manufacturing base to India.
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