Indian true wireless stereo (TWS) earphone brands such as Boat, Boult Audio and Noise helped increase the sales of the entry-level devices even as global shipments slipped 2% on a year-over-year basis in the first half of this year, a report has said.
According to a report by Counterpoint Research, sales declined in higher-tier price segments due to increased demand for entry-level TWS devices (less than $50) and this segment saw sales increase of 15% YoY in H1 2023.
Boat leveraged online shopping events like Amazon Prime Day, Flipkart Big Saving Days, and other online promotions to meet the demand for new affordable models. Products by Boult Audio and Noise were well received due to their affordable price, satisfactory sound quality, and long battery life.
The enhanced performance of models in the $25 and below (retail price) segment also played a significant role in boosting sales, the report said.
Global TWS market to grow by end of 2023
The report said that the global TWS market’s sales volume is set to grow by 2% YoY in 2023, but revenue will decrease by 3% YoY.
“We expect the TWS market to keep growing till 2026 and the attach rate to new smartphone sales to reach 36% as the average lifespan of a TWS device before replacement reaches 1.5-1.8 years,” the report said.
Apple, Samsung, Sony market shares decline
Major global players such as Apple, Samsung and Sony saw market share declines and slower growth because of the absence of new models.
“These premium-focused brands are bringing about incremental improvements in features compared to the low-cost models of challenger brands that are trying to innovate on design, audio features, latency, battery life, and more,” it said.
According to the report, Apple AirPods 2 with the new H2 chip and support for lossless audio, optimised for the upcoming Apple Vision Pro XR headset, could drive sales in Q4 2023.