The TWS (True Wireless Stereo) market landscape has seen some interesting shifts in the first half of 2023. According to Counterpoint’s TWS Hearables Market Tracker, the global TWS market has displayed resilience, despite challenging economic conditions and fluctuations in consumer demand for IT devices.
A standout trend has been the rise of affordable TWS earbuds, those priced under $50. In H1 2023, these cheaper earbuds enjoyed a whopping 15% growth in sales compared to the previous year. People in emerging markets, in particular, found these budget-friendly options very appealing.
On the flip side, big-name brands like Apple, Samsung, and Sony saw a drop in their TWS sales. The main reason? They didn’t release many new models. Consumers were looking for new features and value for money, which the affordable options delivered.
This shift wasn’t the same everywhere. Developed markets like North America and Europe, where TWS earbuds were already popular, saw a decrease in demand. But in places like India, the Middle East, Africa, and Latin America, there was a strong demand. In India, local brands like boAt, Boult Audio, and Noise did well with their budget-friendly models.
Even Chinese brands got in on the action. A Chinese brand called ZhengQibing saw an incredible 141% increase in sales in H1 2023 by offering earbuds with cool features for less than $20.
Meanwhile, major global players like Apple, Samsung, and Sony saw fewer people buying their earbuds because they didn’t come up with many new ideas, or affordable models. On the other hand, newer brands focused on making earbuds that looked good, had great sound, low delay, and long battery life, which attracted people looking for a good deal.
Looking ahead, the TWS market is expected to grow by 2% in terms of how many earbuds are sold in 2023. But the money made from selling them is predicted to drop by 3%. This growth in TWS earbuds is likely to continue until 2026, with about 36% of new smartphones getting bundled with earbuds.
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(Source)
