Aggressive marketing, celebrity endorsements and ‘value for money’ offerings like the Airdopes 701, Airdopes 281 Pro and Airdopes 481V2 helped the brand to maintain a dominating position in the Indian TWS market. In Q2 2021, boAt topped the charts for the fourth quarter in a row with a 37% share of the total TWS shipments. The latest entrant, Aiwa, is also exploring a similar possibility, which indicates that more brands are likely to follow this path to offer new features at low price points.” Source: India Hearables (TWS) Shipments by Model Tracker, Q2 2021 boAt has also decided to shift most of its manufacturing base to India to provide more affordable devices. Mivi is the second brand after pTron to launch a Made-in-India TWS product. For instance, Mivi launched its first Made-in-India TWS device, called DuoPods A25, during the quarter. On the domestic manufacturing front, Research Associate Anam Padha said, “Players are looking to make these devices locally to reap the benefits of the government’s PLI (Production-Linked Incentive) scheme. However, the other two months of the quarter met the pent-up demand and helped maintain the growth momentum.” Looking at the overall market dynamics, Jain added, “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. The share of the INR 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.” Low-cost offerings have provided the necessary boost to this segment.
Some of the new entrants in Q2 2021 were Lava, Aiwa and TCL. 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. More than 40 brands have entered this market since 2020. Senior Research Analyst Anshika Jain said, “We have seen a phenomenal change in India’s TWS market with the entry of new players and frequent new launches. This growth was driven by new launches in the affordable price segment along with improved features. India’s TWS market registered 68% YoY growth during the second quarter of 2021, according to the latest research from Counterpoint’s IoT Service.
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