boAt top true wireless brand in India in Q2, OnePlus, Realme, and Noise among top five, reveals Counterpoint

boAt top true wireless brand in India in Q2, OnePlus, Realme, and Noise among top five, reveals Counterpoint

boAt enjoys the largest market share in the TWS market in India. boAt witnessed a 426% year-on-year growth to capture 37% of the Indian TWS market with their affordable offerings and improved features.

HIGHLIGHTS

  • boAt has the largest market share followed by OnePlus and Realme.
  • OnePlus has a market share of 12% while Realme has a 10% share of the market in India.
  • The Production Linked Incentive (PLI) scheme has encouraged companies to manufacture their products in India.

boAt, the homegrown True Wireless Stereo (TWS) brand has the largest market share in the TWS market in India. The TWS market in India experienced a huge 68% year-on-year growth in the second quarter of 2021 according to the latest research from Counterpoint’s IoT Service which states that the growth was driven by new launches in the affordable price segment along with improved features.

boAt witnessed the steepest 426% year-on-year growth and enjoys a 37% market share of the total shipments. The second and third spot respectively was taken by OnePlus and Realme. Both the brands have a market share of 12% and 10%, respectively. The popularity of Buds Z has also helped OnePlus capture the second spot in the growing market.

Realme maintained its position in the top 5 brands owing to affordable launches. Another homegrown brand, Noise, grew by 117% over the same period to enter the top five sellers in the TWS market in India with an 8% share.

Some of the factors that worked in favour of boAt included aggressive marketing techniques, celebrity endorsements, and it’s stacking of the inventory of Airdopes 131 during the Flipkart Big Savings Day sale.

Anam Padha, a research associate at Counterpoint said, “Players (companies) are looking to make these devices locally to reap the benefits of the government’s PLI (Production-Linked Incentive) scheme.” While pTron and boAt already have set up a made-in-India TWS line, Mivi is also likely to follow soon. Aiwa is another brand that is likely to follow along in the same footsteps.

“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. Some of the new entrants in Q2 2021 were Lava, Aiwa, and TCL. Low-cost offerings have provided the necessary boost to this segment,” said Senior Research Analyst Anshika Jain.

She further added, “The share of 1,000-INR 2,000 price band grew to 60% of the overall shipments in Q2 2021 compared to 25% in the same quarter last year.”

As per the analysts, because of the Rs 1,000 to Rs 2,000 price point in TWS offerings, the market has grown by 60% of the overall shipments in Q2 2021 compared to 25% in the same quarter last year.

Though the market’s growth slowed in April due to Covid-19 restrictions, including on e-commerce platforms the pent-up demand helped drive momentum in the next two months (May & June), Jain said.