Moving to ‘Essentials’ accessory, TWS clocks 8.4 MN shipments at a value of over Rs 2,400 crore

In terms of market leaders by units shipped, Xiaomi led the TWS category with 14.7% market share followed by boAt (13.9%) and Realme (13.6%).  Among the leaders, boAt has carved out its space without roots in the smartphone industry unlike its competition.  However, with major smartphone OEMs now in this segment with an aggressive outlook, boAt will have to defend its position in 2021.  At the same time, there are too many players in the product category as 77 brands shipped a TWS during 2020.  This high number is not sustainable and will head towards consolidation and many insignificant brands will make a quiet exist after testing waters and attempting to ride on the wave that resulted due to work-from-home.

However, when coming to market shares based on revenue in INR, Apple got close to 35% of the total market revenues followed by OnePlus and Xiaomi.  Considering Apple TWS has substantially high average selling price, OnePlus and Xiaomi has been able to make a perfect balance in earning both the value and volume market share of the TWS opportunity in 2020.