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- boAt grew 128% YoY to mark its 9 successive quarters of lead, whereas Noise stood second for the fourth consecutive quarter.
- OnePlus bounced again strongly within the top-five rankings with a 6% share in Q3 2022.
- Almost 4 in 5 TWS shipped in India had been from an Indian model.
- Domestic manufacturing noticed a report 288% quarterly progress this 12 months, contributing to 34% of the whole shipments.
- Online channel maintained 79% of the amount with Flipkart within the lead.
New Delhi, Beijing, Hong Kong, Seoul, London, San Jose, Buenos Aires – November 16, 2022
India’s TWS (True Wireless Stereo earbuds) shipments doubled YoY in Q3 2022, based on the most recent analysis from Counterpoint’s IoT Service. The progress was primarily pushed by festive season stock to fulfill the robust pent-up demand, a number of new launches, low cost occasions and promotions.
Commenting on model efficiency, Senior Research Analyst Anshika Jain mentioned, “The top five TWS brands in India – boAt, Noise, Mivi, OnePlus and Boult Audio – accounted for almost 70% of the total shipments. OnePlus made a comeback in the top five driven by two recent launches – Nord Buds and Nord Buds CE – at an affordable price point. Indian brands showed the fastest YoY growth of 143% to reach their highest shipments ever in Q3 2022. Launching multiple devices according to customer needs, effective marketing tactics and aggressive participation in sales events have been their major growth drivers. Moreover, strong growth was observed in Q3 due to festive season sales and a focus on local manufacturing. People also use these devices for gifting purposes during festivals like Raksha Bandhan and for corporate gifts.”
On best-selling fashions, Jain mentioned, “The top 10 TWS models captured 41% of the total TWS shipments. These models mostly catered to the low-mid price segment (INR 1,000-INR 3,000). Top player boAt captured seven spots in the top-10 best-selling model rankings. With a 9% share, the Airdopes 131 remained the top model for the sixth successive quarter. OnePlus took two spots with its recently launched models Nord Buds and Nord Buds CE grabbing a 2% share each. Noise took one spot with its best-performing buds VS102 model, which had a 3% share in Q3 2022.”
On distribution channels, Associate Research Director Liz Lee mentioned, “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. In addition, the TWS online segment has a strong footprint on Flipkart, which has more than half of the total online shipment share. Key players Mivi and Boult Audio have recently stepped into the offline space and plan to go aggressive on their expansion offline. Online-centric brand Truke has also aimed to enter the offline market in the immediate quarter. We may witness brands existing in both online and offline marketplaces exploring and partnering with big retail chain companies to increase their offline presence.”
Summary
Dominant Indian manufacturers misplaced a small share to Chinese and world manufacturers in Q3 2022.
- Indian manufacturers grew 143% YoY in Q3 2022 pushed by boAt, Noise, Mivi, Boult Audio and Ptron. All the brand new entrants in Q3 2022 had been native manufacturers, specifically Mobatree, 5 Elements, Duffer and Lyne (a U&I sub-brand). Besides, Indian manufacturers had excessive penetration within the low-price section (<INR 2,000 or <$50), with a cumulative share of 95%.
- Chinese manufacturers noticed an elevated share of 13% in Q3 2022. OnePlus drove this progress by providing a feature-rich machine, the Nord Buds CE, on the lowest worth level in its complete TWS portfolio. The good efficiency of the Nord Buds mannequin additionally contributed to its progress. realme and OPPO additionally provided a number of new superior TWS gadgets that additional supported the expansion of Chinese manufacturers.
- Global manufacturers, which principally cater to the premium section (>INR 5,000), strengthened their progress with Apple launching its much-awaited new mannequin, the Airpods Pro (2nd Gen). Global manufacturers noticed 91% QoQ and 9% YoY progress in Q3 2022, which was pushed by Samsung, JBL and Apple.
Background
Counterpoint Technology Market Research is a worldwide analysis agency specializing in merchandise within the TMT (expertise, media and telecom) trade. It providers main expertise and monetary companies with a mixture of month-to-month reviews, custom-made tasks and detailed analyses of the cellular and expertise markets. Its key analysts are seasoned specialists within the high-tech trade.
Analyst Contacts:
Anshika Jain
Liz Lee
Counterpoint Research
press(at)counterpointresearch.com
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