Info-tech

Global TWS market expected to grow 33% YoY in 2021: Report

Our Bureau Mumbai | Updated on May 07, 2021

More consumers purchase tech gadgets, accessories to improve their work/study-from-home experiences

The global TWS (True Wireless Stereo Headset) market is expected to grow 33 per cent year-over-year in 2021, reaching 310 million units, according to the Counterpoint Global Hearables (TWS) Market Forecast, 2021-23.

As per data from the Counterpoint Global Hearables (TWS) Market Tracker for Q4 2020, the global TWS market grew 78 per cent YoY in 2020.

“Covid-19 impacted TWS production in China early last year, but the situation has improved since then and the production capacity is now at full-utilization levels. In terms of consumer demand, the impact has been limited, as the market has a relatively higher portion of online sales than other tech devices,” Counterpoint said in an official release.

“Besides, more consumers were willing to purchase tech gadgets and accessories to improve their work/study-from-home experiences,” it said.

However, as per the report, low- to mid-end model sales are likely to grow faster than expected.

Chart toppers

As for the top players, Apple continued to top the charts with a 31 per cent market share in 2020. As per Counterpoint’s prediction, Apple is likely to remain a leader in the market this year as well , selling around 84 million units, but still lose share by 4 per cent.

Apple was followed by Xiaomi, Samsung and JBL with 9 per cent, 7 per cent and 4 per cent market share, respectively.

Senior Research Analyst Liz Lee said, “Most anticipated is a new release from Apple, its first in two years. We expect it to be one of the biggest drivers of TWS market growth from Q4 2021 to the next year. Apple will maintain strong market leadership based on its loyal customer base, although its share will inevitably fall with the intensifying competition.”

Lee added, “At that point, the market focus will gradually shift to the mid- to high-price segment as vaccinations help consumer sentiment improve. Then, most premium brands will add advanced features and various functions to their new models and create high value addition in the long term. Meanwhile, low- to mid-priced brands will further enhance price competitiveness to compete for market share.”

Published on May 07, 2021

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