The global TWS (true wireless earbuds) market is expected to see a growth of 33 percent year on year in 2021, reaching a sizeable 310 million units. This follows after the massive 78 percent year on year growth that the market saw back in 2020.
According to a Counterpoint Research report, the TWS market saw shipments that slightly crossed expectations back in 2020, reaching 233 million units. Although, the performance was mainly driven by low to mid range segments. Back in 2020, the coronavirus pandemic had impacted the TWS market in China last year, but the situation has improved, with production capacities running at full capacity as well. Furthermore, the market demand for the product online has been higher than other electronic devices.
Notably, the sales were also backed by the work from home and online education making consumers more likely to purchase electronic gadgets and more. Thus, the proportion of low to mid range TWS earbuds saw better sales during this time. While vaccines across the globe has helped ease the impact of COVID-19, the pent up demand for high end TWS is not expected to explode until late Q3 2021, as per the report.
According to Senior Research Analyst Liz Lee, “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. At that point, the market focus will gradually shift to the mid- to high-price segment as vaccinations help consumer sentiment improve.”
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