Homegrown brands dominate the truly wireless earbud segment as shipments double in India

• The TWS earbuds shipments in India have doubled in Q3 2022.
• Indian companies have reported a 79% market share in the TWS segment.
• Domestic manufacturing has increased to an all-time high of 34% of total shipments.

The True Wireless Stereo (TWS) earbuds industry in India has received a huge boost as the shipments in Q3 2022 have doubled year-on-year. An early festive season, new launches, and discounts, among other factors, have boosted the numbers.

According to a report by Counterpoint Research, Indian companies reported a strong quarter with a 143% year-on-year growth in Q3 2022. On the other hand, Chinese companies reported an increase of just 13%, with OnePlus taking the lead. Premium brands like Apple, Samsung, and JBL reported a 9% growth.

Indian companies dominate the TWS segment

Indian companies have continued to dominate the TWS segment in Q2, with boAt occupying the top spot. Of the top five companies, four spots are occupied by Indian companies – boAt, Noise, Mivi, and Boult Audio.

While boAt, Noise, and Mivi occupied the top three spots, Boult Audio occupied the fifth spot. pTron, which occupied the fifth position in Q2 2022 has been pushed out with the entry of OnePlus.

While boAt retained the top position in the TWS segment, its market share has come down from 46% in Q2 to 42% in Q3, as per Anshika Jain, senior research analyst, at Counterpoint. Noise increased in market share from 8% to 9% during the same period. Mivi continues to command a 6% market share.

Four out of five TWS are from Indian companies

The Counterpoint report has revealed that Indian companies command a 79% market share, meaning nearly four out of five TWS sold in the country are from Indian companies.

OnePlus enters the top five

OnePlus has entered the top five list this quarter, making it the only non-Indian company on the list. The company occupied the fourth position, driven by its two recent launches, the Nord Buds, and Nord Buds CE. Both earbuds were launched with an affordable price tag, with the Nord Buds CE being offered as the most affordable TWS option from the company.

boAt dominates the top 10 list

boAt has occupied seven spots in the list of most sold TWS devices, leaving two spots for OnePlus and one spot for Noise. The boAt Airdopes has become the most sold device for the sixth consecutive quarter with a market share of 9%.

“We have continued to be leaders for nine successive quarters in our core personal audio and the earwear category. We will stay committed to strengthening category leadership within audio by enhancing R&D and design capabilities and supporting the building of a local manufacturing ecosystem under the Make-in-India initiative,” said Vivek Gambhir, chief executive officer, boAt in a comment to Business Insider India.

Indian companies virtually own the affordable segment

According to Counterpoint, the domination of Indian companies is much higher in the budget segment, with domestic companies commanding a 95% market share in the below ₹2,000 segment.

Domestic manufacturing gets a boost

Domestic manufacturing has greatly boosted in Q3, with a 288% quarterly growth. With this, the domestic production of TWS devices has reached an all-time high of 34% of all shipments.

E-commerce is the preferred medium

E-commerce platforms such as Amazon and Flipkart remain the go-to option for customers, as 79% of devices sold in Q3 were in the online market. Flipkart has emerged as the leader among online platforms, with more than 50% of the online market share.

“It is still challenging for brands to strengthen their presence in offline channels, as a huge share of 79% still comes from the online market,” said Liz Lee, associate research director, Counterpoint.

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