India’s True Wireless Stereo (TWS) earbuds shipments grew 34% YoY in Q2 2023, according to the latest
research from Counterpoint’s IoT Service. The growth was primarily driven by demand for low-priced models,
increasingly affordable new launches, and seasonal sales events like Flipkart Big Saving Days, Amazon Prime Days, brand-owned celebrations and offline events.
Commenting on India’s position in the global TWS market, Senior Research Analyst Anshika Jain said, “India
ranked second in terms of global TWS shipments for the third consecutive quarter with a 15% share in Q2 2023 driven by increasing consumer preference, growing focus on the gaming aspect, skyrocketing shipments of locally manufactured TWS and multiple launches in the affordable segment. In Q2 2023, 81% of India’s TWS shipments were dominated by products priced <INR 2,000 or $24. boAt took a 6% global TWS shipment share and captured the third spot in the global TWS market in Q2 2023.”
Source: Global Hearables (TWS) Shipments Tracker, Q2 2023
Commenting on brand performance in Q2 2023, she added, “boAt lifestyle remained at the top spot in India’s
TWS market for 12 consecutive quarters with a 40% share. Boult Audio ranked second followed by OnePlus,
Noise and Mivi. OnePlus registered the fastest YoY growth and captured the third spot for the first time driven by the robust performance of its Nord series. Moreover, all brands focused on renewing their TWS portfolio by pushing multiple new launches emphasising on features, design, and affordability.
Source: India Hearables (TWS) Shipments Model Tracker, Q2 2023
Indian brands accounted for 75% of total India shipments in Q2 2023, down from 80% in the same quarter a
year ago. Reportedly, Chinese brands gained some share from Indian brands in Q2 2023, while the share of
global brands remained flat at 7%. Chinese brands captured a 17% share – the highest ever in the past seven
quarters. This was driven by OnePlus’ newly launched device Nord Buds 2. OPPO, realme, and Xiaomi also
supported the growth of Chinese brands.
Summary
• boAt maintained its leadership position for the 12th straight quarter with 17% YoY growth in Q2 2023. The
demand for low-priced models, a rise in local manufacturing, and online event sales such as Amazon Prime
days, Flipkart Big Saving Days, and other e-tailer offers were the growth drivers that lifted boAt’s TWS shipments during the June quarter. Six of boAt’s models were featured in the top 10 best-selling model list.
• Boult Audio ranked second in the top 10 list with almost 2x YoY growth. During Q2 2023, the brand continued to offer multiple new launches in the low-price segments (INR1,000-INR2,000 or $12-$24) with 25+ active TWS models.
• OnePlus captured the third spot for the first time after skyrocketing 228% YoY driven by its mid-price tier Nord series, which accounted for more than 80% of the brand’s portfolio. OnePlus was the only non-Indian brand in the top 5 list.
• Noise took the fourth spot with a 7% market share. Noise’s VS series captured around two-thirds of the brand’s portfolio. VS102 was the most popular model in the Noise TWS portfolio. Noise offered up to 80% discount on their audio products during the Noise Anniversary Sale 2023 in June.
• Mivi took the fifth spot with 16% YoY growth in Q2 2023. The brand added seven new models during the quarter in the below-INR 2,000 price band.
• realme grew 54% YoY. Its Techlife Buds T100 entered the top 10 model list for the second consecutive quarter with a 3% share.
• Other emerging brands included Ptron, JBL, OPPO, Portronics, Truke, Wings and Fastrack.
We estimate that India’s TWS market will grow 41% YoY in 2023 helped by the upcoming festive season sales and the market’s growing traction. We will continue to see the entry of new brands and a strong push towards the online channel.
Background Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
