According to new research from Counterpoint Technology Market Research's IoT Service, shipments of TWS (True Wireless Stereo earbuds) in India doubled year-on-year in the third quarter. The growth was driven by holiday season inventory, multiple new product launches, discount campaigns and promotions to meet strong pent-up demand. "The top five TWS brands in India - boAt, Noise, Mivi, OnePlus and Boult Audio - accounted for nearly 70% of total shipments. onePlus returned to the top five with two recently launched products - Nord Buds and Nord Buds CE - at affordable prices. The Indian brand had the fastest year-on-year growth in shipments in Q3 2022 at 143%," said Anshika Jain, senior research analyst. "Launching multiple devices based on customer demand, effective marketing strategies and active participation in sales activities have been their key growth drivers. In addition, strong growth was achieved in the third quarter due to festive sales and focus on local manufacturing. People are also using these devices for gifting as well as corporate gifts during festive seasons such as Raksha Bandhan."
On the distribution channel front, Liz Lee, associate director of research, said it remains challenging for brands to strengthen their presence in the offline channel as a huge 79 per cent share still comes from the online market. "In addition, the TWS online segment has a large share on Flipkart, which accounts for more than half of total online shipments. Major players Mivi and Boult Audio have recently entered the offline segment and plan to expand aggressively offline. Truke, an online-centric brand, also plans to enter the offline market in the near future. We may see brands that exist in both online and offline markets exploring and partnering with large retail chains to increase their offline presence," Lee said.
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