The Indian accurate wireless stereo (TWS), or hearables, industry has been witnessing an exponential development in players in the last one and a half years with more than 40 corporations getting into the fray. The industry for wireless hearing aides grew considerably aided by an array of very affordable goods targeting gaming, workplace and on the net education segments.
“We have seen a phenomenal change in India’s TWS market with the entry of new players and frequent new launches.
More than 40 brands have entered this market since 2020. In the next quarter, we will see the entry of more brands (like Nothing Ear, Dizo and Micromax) across price tiers to grab a larger share of this untapped market,” senior analyst at Counterpoint Research Anshika Jain mentioned.
Some of the new entrants in Q2 2021 had been Lava, Aiwa and TCL. Low-expense offerings have supplied the important increase to this segment. The share of the Rs 1,000-2,000 cost band grew to 60% of the all round shipments in Q2 2021 compared to 25% in the identical quarter last year, she added.
The industry analysis agency noted that initiatives like the Production-Linked Incentive (PLI) scheme will support additional expand this segment.
“Players are looking to make these devices locally to reap the benefits of the government’s PLI scheme. For instance, Mivi launched its first Made-in-India TWS device, DuoPods A25, during the quarter. Mivi is the second brand after pTron to launch a Made-in-India TWS product,” Counterpoint Research associate, Anam Padha mentioned.
Another brand, boAt also decided to shift most of its manufacturing base to India to provide more very affordable devices. The most recent entrant, Aiwa, is also exploring a related possibility, which indicates that more brands are most likely to adhere to this path to give new features at low cost points, Padha added.
During April-June 2021, India’s TWS industry grew 68% Y-o-Y driven by new launches in the very affordable cost segment along with enhanced features. boAt topped the charts for the fourth quarter in a row with a 37% share of the total shipments. It was followed by OnePlus, realme, noise and pTron.
“The market’s growth saw some resistance during April due to COVID-19 restrictions, including on e-commerce giants in some parts of the country. However, the other two months of the quarter met the pent-up demand and helped maintain the growth momentum,” Jain mentioned.