India’s TWS market shipments registered 34% YoY growth in 2023, according to the latest research from Counterpoint’s IoT Service. The growth was driven by the increasing adoption of TWS devices due to ease of use and availability of a wide range of options at an affordable price point. The use cases have evolved, and consumers are increasingly using these devices while commuting, working, exercising, and gaming. Besides, the accelerating shift towards the domestic manufacturing ecosystem along with competitive offers and improvement in design and sound quality has further scaled up the adoption.
Commenting on the overall market, Senior Research Analyst Anshika Jain said, “The customer adoption of TWS devices has increased as people are using them as a fashion accessory and for multitasking as well. We have also observed that the transition to TWS devices has been faster compared to the wired ones. In terms of price bands, the <INR 1,000 shipments showed the maximum growth, almost doubling compared to 2022. This proliferation of devices at such a low price point also drove the overall adoption in the market.”
“We are also witnessing sound quality improvement, battery capacity enhancement, and design innovation to make these devices more desirable. The shipments of ANC-based TWS devices recorded 76% growth in 2023, with this feature now becoming available in entry-level price bands as well,” Jain added.
Commenting on brand performance in 2023, Research Analyst Akshay RS said, “The top five TWS brands in India – boAt, Boult Audio, Noise, OnePlus and Mivi – accounted for more than two-thirds of the total shipments. OnePlus regained a spot in the top five driven by the introduction of Nord Buds 2 and Nord Buds 2R at an affordable price point.”
Talking about the local production scenario, Akshay added, “The share of domestic manufacturing reached the highest ever at 62%, compared to 30% in 2022. Key homegrown brands boAt, Boult Audio, Noise and Mivi ramped up their local manufacturing capabilities to account for 89% of the domestic shipment volume in 2023. Other key players like Aroma, BeatXP, Portronics and Lava also launched ‘Made in India’ devices for the first time. Going forward, many brands are expected to localize their products entirely to maintain more affordable prices. Brands will also make efforts to increase local value addition for such devices.”
Market Summary for 2023
- boAt took the lead for the fourth consecutive year with 33% YoY growth driven by affordable new launches, domestic manufacturing, and expansion of the <INR 1,000 portfolio. The Airdopes 131 remained the top-selling model for the year.
- Boult Audio took the second spot for the first time with a 10% share and 80% YoY growth driven by multiple new launches in the low-price segments (INR 1,000-INR 2,000 or around $25-$50). Starting with local assembly in the previous year, the brand has now significantly shifted its portfolio towards domestic manufacturing. Besides, the brand participates actively in key sales events and has also started tapping offline space since the second half of 2023. The BOULT Z40 was the best-selling model for the brand in 2023.
- Noise captured the third spot with 40% YoY growth. The brand focused on its VS series, which caters to the <INR 2,000 (or around $50) price band. The Noise VS102 grabbed a spot in the top-10 bestseller list, contributing the highest share of 27% to the brand’s total shipment volume.
- OnePlus re-entered the top-five list with a market share of 6%, driven by the good performance of Nord Buds 2 and Nord Buds 2R. It was the only non-Indian brand in the top-five list.
- Mivi grew slightly at 2% YoY to take the fifth spot in the rankings. During the year, the brand expanded its presence in the entry-level price band (<INR 1,000 or around <$25).
- Chinese brands captured a 14% share in 2023 driven by the good performance of OnePlus’ feature-rich devices Nord Buds 2 and Nord Buds 2R. realme and Xiaomi also supported the growth of Chinese brands.
- The premium segment (>INR 5,000) captured a 4% share in 2023 driven by Samsung followed by JBL, Apple and Sony.
