India’s electronic market is the second-largest in the world, and after the declaration of self-reliance in India (Atmanirbhar), the drive for consumer electronics is going strong in the country. In recent research conducted by the techARC, it was found that the country’s TWS (True Wireless Stereo, commonly known as earbuds) market recorded a shipment of 8.4 million units, amounting to a whopping ₹2,432 crores in 2020.
The major contributor to this is that most IT firms have taken to work-from-home as their common work ethic and that remote working has become a growing practice in all the occupations. As such, the TWS has become an essential accessory for smartphone users, especially those who attend regular meeting calls.
“At the same time, the ecosystem has aligned to enhance the experience of near-real audio…COVID-19 has had a positive impact on this product category, almost doubling its size. Our expectations for 2020 were in the range of 4.5-5 million units.”
Coming to the company’s which made the most contribution, we found that Xiaomi led the TWS category with a 14.7 percent market share, followed by Boat (13.9 percent) and Realme (13.6 percent). But, consider the overall value, Apple had close to 35 percent share, followed by OnePlus (12.5 percent) and Xiaomi (11.2 percent).
As we said above, Apple has a substantially high average selling price in the TWS category; OnePlus and Xiaomi have made the perfect balance in earning both value and volume market share of the TWS opportunity in 2020, compared to Apple.