Remote work doubles category size of true wireless audio devices: techARC report

Moving to ‘essentials’ accessory list, brands like Xiaomi, Apple, OnePlus and boAt shipped TWS devices worth over Rs 2,400 crore in 2020.

As per techARC’s latest TWS (True Wireless Stereo) India report, the total shipments during last year (2020) were 8.4 million units, amounting to Rs 2,432 crore ($335 million).

Commenting on the growth of this accessory category, Faisal Kawoosa, founder an chief analyst, techARC, said, “With remote working growing substantially due to work-from-home practice, TWS has become an essential accessory for smartphone users. At the same time, the ecosystem has aligned to enhance the experience to near-real audio.”

“COVID-19 has had a positive impact on this product category, almost doubling its size. Our expectations for 2020 was in the range of 4.5-5 million units,” added Kawoosa.

In terms of market leaders by units shipped, Xiaomi led the TWS category, with 14.7 per cent market share, followed by boAt (13.9 per cent) and Realme (13.6 per cent). Among the leaders, boAt has carved out its space without roots in the smartphone industry, unlike its competition.

However, with major smartphone OEMs now in this segment with an aggressive outlook, boAt will have to defend its position in 2021. At the same time, there are too many players in the product category, as 77 brands shipped a TWS during 2020. This high number is not sustainable and will head towards consolidation. Many insignificant brands will make a quiet exist after testing waters and attempting to ride on the wave that resulted due to work-from-home.

However, coming to market shares based on value, Apple got close to 35 per cent of the total revenues, followed by OnePlus and Xiaomi. Considering Apple TWS has substantially high average selling price, OnePlus and Xiaomi have been able to make a balance in earning both the value and volume market share of the TWS opportunity in 2020.