boAt, the Indian brand, continues to dominate the Indian TWS (True Wireless Stereo) market, maintaining its position for 12 consecutive quarters. According to the Counterpoint Research report on the Global TWS Hearables Market Analysis for Q2 2023, the Indian TWS market experienced a remarkable 34% year-over-year growth in shipments, influencing global growth trends. Here’s an overview of the Indian and Chinese brand market shares in the Indian TWS market during Q2 2023:
1. boAt: boAt, an Indian brand, retained its top spot in the market with an impressive YoY growth of 17%. It secured a substantial market share of 40.1% in Q2 2023. This success can be attributed to its affordable TWS models, increased local manufacturing, and exclusive online sales. Furthermore, boAt boasts six products in the list of top 10 bestsellers.
2. Boult Audio: Another Indian brand, Boult Audio, claimed the second position in the market. The Counterpoint report noted that it achieved double-digit YoY growth and a market share of 9.6%.
3. OnePlus: In a significant development, OnePlus, a Chinese brand, reached the third spot in the Indian TWS market for the first time. It reported an astonishing 228% growth in shipments compared to Q2 2022. The OnePlus Nord lineup of TWS earbuds played a crucial role in this achievement, contributing to over 80% of the brand’s shipments. Among Chinese brands, OnePlus was the sole representative in the top 5, securing an 8.4% market share.
4. Noise and Mivi: These Indian brands held the fourth and fifth positions with market shares of 7.1% and 4.9% in Q2 2023, respectively.
5. Realme: Realme occupied the sixth spot with a 54% YoY growth compared to Q2 2022. The Techlife Buds T100, one of its products, was among the top 10 best-selling products for the second consecutive year.
This data highlights the strong presence of Indian brands in the Indian TWS market, accounting for 75% of total shipments during Q2 2023, while Chinese brands claimed a 17% market share, the highest in the past seven quarters. Furthermore, the Indian TWS market constitutes 15% of the global market, with boAt holding a 6% share, ranking third in the global TWS market.
These statistics underscore the continued growth and competition in the Indian TWS market, with both Indian and Chinese brands vying for a larger share of this rapidly expanding segment.
