Despite the COVID-19 pandemic that brought a great impact to smartphone sales, we saw expressive results coming from the wearables segment. The range that comprises smartwatches, smart bands, true wireless earphones, and other products is trending as ever this year. We saw the arrival of many companies like Realme while other companies, like Xiaomi, further established their presence in this segment. Despite the efforts of Realme and Xiaomi in India, the market’s crown of top TWS maker has been take by boAT. Counterpoint published its IoT service market research which revealed a growth of 723% YoY during Q3 2020.
Counterpoint Research shows that the hearable segment, once again, brought positive results amidst the economic slowdown. The range of products is reaching awesome numbers recently, and in Q3 2020 the Indian market saw the highest ever shipments growth.
boAT is the unexpected leader of the Indian market
As aforementioned, the Indian electronics manufacturer boAT has become the No.1 brand with an 18% share of the market. Well, 18% isn’t much, so you can understand how competitive this segment is in India. The Indian maker expanded its portfolio with new devices for multiple price segments. The boAT Airdopes 441 model is ranked the second-best-selling in Q3 2020. The earbud’s success is associated with its affordable pricing and an impressive combo of features. To summarize them, the hearables come with water resistance, high-quality sound, USB Type-C charging, and up to 25 hours of battery life.
Interestingly, Xiaomi has kept its second spot in Q3 2020 with a 16% share of the market. The company’s Redmi Earbuds 2C was the top-selling model in the initial quarter of launch thanks to the promotional price of INR 999. Realme lost influence during Q3 reaching the third spot with a 12% market share. It’s easy to understand the reason, the company didn’t launch any product during the quarter under review. Despite this, the Realme Air Neo and Buds Q still got positive results. Moreover, they’ve been present in the top 5 list of best-selling TWS products.
In the fourth position, we have JBL a very expressive brand in the market of audio products. The company managed an 8% share in Q3 2020, but this is lower compared to the 15% market share of Q2 2020. Of course, the company seems to be suffering from the availability of cheaper options offering high-quality audio from competitors. Last but not least, Apple is the fifth company with 6% of the market share. The AirPods Pro 2nd gen made its way to the top 5 as well.
We are curious to see the results of Q4 2020. Will boAT keep its place in the lead of the Indian market? We’ll know in two months.