India’s neckband market declines 9% in 2022, boAt leads
Indias neckband market shipments declined 9 per cent (on-year) in 2022 primarily due to seasonality and rising competition between hearable types, a report said on Wednesday.
New Delhi, March 22,2023: Indias neckband market shipments declined 9 per cent (on-year) in 2022 primarily due to seasonality and rising competition between hearable types, a report said on Wednesday.
Homegrown boAt led the market with a 27 per cent share, while OnePlus and realme took the second and third spots, respectively.
Indian consumers now prefer Truly Wireless Stereo (TWS) devices over neckbands, especially due to their sleek design, features and affordable prices.
However, the demand for neckbands is still strong in the Indian market as many consumers use neckbands as a secondary device that is affordable, ideal for longer usage and suitable for applications like running, workout and travelling, according to Counterpoint Research.
“Indian neckbands are expanding towards the low-price tier of Rs 1,000, which reached its highest ever share of 32 per cent in 2022, up from 20 per cent in 2021,” said senior research analyst Anshika Jain.
Over 80 brands entered the neckband market in 2022, reflecting the growth potential of this market.
“In 2022, the homegrown brands captured seven spots in the list of top 10 brands with boAt taking the top spot,” said Jain.
OnePlus took the top spot in Q4 2022 for the very first time with a 20.2 per cent share.
In 2022, domestic manufacturing contributed 13 per cent of total shipments, up from just 2 per cent in 2021.
“With boAt, Mivi and Boult Audio ramping up their local manufacturing capabilities, these brands together accounted for over 75 per cdent of the total domestic shipment volume in 2022,” said research analyst Akshay RS.
realme took the third spot in the top five neckband brands’ rankings with a 7 per cent market share.
According to a recent consumer study by Counterpoint, 15 per cent of TWS users prefer to plan for other forms of wireless earphones, like neckbands, as their next purchase.