Moving to ‘Essentials’ accessory, TWS clocks 8.4 MN shipments at a value of over Rs 2,400 crore
TWS Connected Consumer product category heads for consolidation with 77 brands shipping over 168 models in CY 2020.
Gurugram - Friday, March 12, 2020: techARC today announced India TWS (True Wireless Stereo) report (part of its India Connected Consumer Market Scan Dashboard) for the calendar year 2020. As per the report the total shipments during the period were 8.4 million units amounting to Rs 2,432 crore (US$ 335 MN).
Commenting on the growth of this accessory category, Faisal Kawoosa, Founder & Chief Analyst, techARC said, “With the remote working growing substantially due to work-from-home practice, TWS has become an essential accessory for smartphone users. At the same time, the ecosystem has aligned to enhance the experience to near-real audio.”
“Covid-19 has had a positive impact on this product category almost doubling its size. Our expectations for 2020 was in the range of 4.5-5 million units,” added Faisal.'
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.
To know more about the report or book a demo of the India Connected Consumer Market Scan Dashboard, please write to firstname.lastname@example.org.