India's TWS shipments delivered a strong quarter with 168% year-on-year and 62% quarter-on-quarter growth in Q2 2022.
India’s TWS (True Wireless earbuds) shipments delivered a strong quarter with 168% year-on-year (YoY) growth and 62% quarter-on-quarter (QoQ) growth in the second quarter (Q2 2022), according to the latest research from Counterpoint Technology Market Research’s IoT Service. The increased penetration of the low-price band (Rs1,000–Rs2,000 or $25–$50), multiple discount offers and growing popularity due to convenience of use led to this huge jump in market demand.
“India’s TWS market continues to show phenomenal growth due to the reasons like availability of low-priced new TWS devices, better features and functionalities like ANC, innovative designs, and low-latency mode for gaming. The market is expected to grow 47% in 2022 as new brands continue to arrive even as existing ones expand their channel presence. Besides, consumer demand is expected to rise during the festive period as people are also seeing TWS devices as a good option for gifting purposes,” said Senior Research Analyst Anshika Jain. “The share of domestic manufacturing stood at 16%, the highest ever. With boAt, Noise, Mivi and pTron ramping up their local manufacturing capabilities, these brands together accounted for 98% of the domestic shipment volume in Q2 2022. ‘Made in India’ has been taking the spotlight since the beginning of this year. But more brands started focusing on local manufacturing during this quarter. Gizmore and new entrant SWOTT also offered locally produced devices in Q2 2022. Further, we expect to see ‘Make in India’ devices from Truke and Portronics as they focus on localizing their manufacturing to maintain price competitiveness.”
Talking about the dominance of Indian brands, Associate Research Director Liz Lee said, “During Q2 2022, homegrown brands captured the top five brands rankings for the first time. These brands together took over 70% share and were quite aggressive in their marketing strategies, introducing new advanced alternatives at affordable prices along with discount schemes through various sales events. Besides, there has been a growing emphasis on roping in brand ambassadors to capture customer mind share. The top position was taken by boAt, followed by Noise and Boult Audio. Mivi entered the top five list for the very first time due to its focus on R&D and designing better quality products under the ‘Make in India’ scheme.”
Source: India Hearables (TWS) Shipments, Model Tracker, Q2 2022
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