The segment that came out victorious even with the pandemic conditions was the true wireless stereo (TWS). The reason behind this could be the increased need for TWS as offices now work from home and even leisure is restricted to indoors making it an essential accessory during the pandemic. Even people are now working out from their homes and will demand TWS sets. To prove this, the growth rate of last year is compared to this year concerning the third quartile only and the results were shocking.
It was seen that the market grew by 723% compared to the same duration last year. It turned out to be the highest-ever growth in a single quarter. No wonder all brands wanted to enter the TWS market and increase their sales which were otherwise affected due to the market conditions and change in the consumer buying behaviour.
The brand that came on the top was India-based brand BoAt audio that acquired 18% of the market share. Then came Xiaomi that was also catching up and acquired 16% of the share. Others weren’t that far behind like Realme having the share of 12% and JBL with 8%. Apple gathered its place with the top 5 brands even though it didn’t do that exceptionally with its TWS this year, but last year’s sales got the company to the top 5 with a 6% market share.
The best-selling earphones in Q3 this year were Xiaomi’s Redmi Earbuds 2C that came with its pocket-friendly price of INR 999 and the second best was BoAt’s Air pod 441 that came with 25 hours of battery life and USB-C charging. While a company like Apple chose to not include earbuds in their box it served as a great market for other brands providing a better opportunity and growth.