The market for true wireless earphones is rising as more and more companies are entering this TWS space. As per the latest Counterpoint report, the TWS market has witnessed a year-on-year (YoY) growth of 656% in Q2 2020. The report also reveals that realme, followed by Mi and JBL, is leading the market.
Shilpi Jain, a Research Analyst on the market growth, said that the entry of players like Xiaomi and OPPO, and the launch of more affordable devices pushed the ASP (Average Selling Price) to the lower side, making it possible to reach a broader section of the population.
Smartphone manufacturer realme has gained the first position in the market courtesy to the recently launched realme Buds Air and realme Buds Q. The company has also managed to capture three sports in the top five models in terms of shipments.
Whereas, Xiaomi secured the second position in the Indian TWS market. Xiaomi entered the TWS segment in India in Q2 2020 with the launch of Mi True Wireless 2 and Redmi Earbuds S. The Redmi Earbuds S has turned out to be the top-selling TWS in the initial quarter after the launch.
JBL captures the third position with a 15% increase in the market share in Q2, 2020. The success witnessed by the JBL can be attributed to the three new devices launched by the JBL and the strong demand for its C100TWS model, as per the Counterpoint report.
Boat and PTron have taken the fourth and fifth spots, respectively.
Liz Lee, Senior Research Analyst, on the IoT strategy of smartphone OEMs, said, “The huge growth potential of the TWS segment made many OEMs enter it with affordable offerings to cater to the masses. After realme, Xiaomi, OPPO, vivo, Sony, and OnePlus have entered this segment. We might see more OEMs joining and increasing the competition in this category.”