At 16%, the proportion of domestic production was higher than ever before. With boAt, Noise, Mivi and pTron expanding their local manufacturing capabilities, these brands together accounted for 98% of domestic shipment volume in Q2 2022.
New Delhi: According to the latest study by Counterpoint’s IoT service, India’s shipment of True Wireless Earbuds (TWS) has seen tremendous growth of 168% YoY. Growth is widespread due to multiple discount offers and growing popularity among Indians in low price range (Rs 1000-Rs 2000) TWS. Online channel penetration was 79%, with Flipkart capturing half of those broadcasts.
Local brands have played an important role in boosting India’s shipping in this sector. boAt has maintained its leadership position with growth of 236% in the second quarter of 2022, while Noise maintains its second position for the third consecutive quarter.
A brand called Mivi made it into the top 5 brands rankings for the first time ever. Other emerging brands are OPPO, OnePlus with its new Buds Pro model, Samsung and Truke.
Commenting on the overall market, Senior Research Analyst Anshika Jain said, “The Indian TWS market continues to show phenomenal growth, driven by reasons such as the availability of cheap new TWS devices, better features and functionalities such as ANC, innovative designs and low latency mode to play. The market is expected to grow by 47% in 2022 as new brands continue to enter the market while existing brands expand their channel presence. Also, consumer demand is expected to increase during the holiday season as people see TWS devices as a good option for gifting purposes as well.”
Jain added: “The proportion of domestic manufacturing was 16%, the highest ever. With boAt, Noise, Mivi and pTron expanding their local manufacturing capabilities, these brands together accounted for 98% of domestic shipment volume in Q2 2022. “Made in India” has been in the spotlight since the beginning of this year. But more brands focused on local manufacturing this quarter. Gizmore and newcomer SWOTT also offered locally produced devices in the second quarter of 2022. Additionally, we expect ‘Make in India’ equipment from Truke and Portronics as they focus on localizing their manufacturing to maintain price competitiveness.”