According to the latest research from Counterpoint, India's True Wireless Stereo (TWS) headset market shipments are expected to grow 14% year-on-year in 2024. The growth in shipments is driven by seasonal sales activities, affordable products, expansion of various applications, and wider channel availability. Shipments indicate that it is slowly maturing. Factors contributing to this modest growth include a decrease in new product launches and a deceleration in first-time user growth. Commenting on the TWS market dynamics in 2024, Anshika Jain, Senior Research Analyst, said, “TWS devices in India have seen significant advancements in sound quality, design innovations, and gaming devices across various price ranges, which will help the market reach over $1.3 billion in 2024. The budget segment INR 1,500-INR 2,000 ($17-23) performed well, registering the highest year-on-year growth of 52% in 2024, with prominent OEMs such as HP, Poco, vivo, and IQOO also entering this price segment for the first time while expanding their product portfolio by $10 billion. With a wide range of products available in this price segment, these brands have added premium features such as ANC, transparency mode, and better ergonomics to the devices to compete in this segment. In addition, manufacturers are also focusing on improving battery efficiency and adopting fast-changing technologies to meet consumer demand for longer battery life. We can expect the emergence of AI-based TWS earbuds for personalized sound profiles and noise cancellation, making the devices more user-friendly and useful.” Jain added: "From the brand source point of view, Indian and global brands have lost some share to Chinese brands this year. Chinese brands account for 16% market share in 2024, a year-on-year increase of 33%, mainly due to the outstanding performance of OnePlus Nord Buds 2R and Buds 3. Realme and Xiaomi supported the growth of Chinese brands. Global brands such as JBL, CMF and Apple accounted for 6% market share, which is the lowest ever." |
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