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Insights Tag： Dizo

Q1 2022: boAt Leads India Neckband Market Followed by OnePlus

  • boAt led the market with a 25.7% share, while OnePlus and realme took the second and third spots respectively.
  • The INR 1,000-INR 2,000 price band captured 70% share.
  • OnePlus’ Bullets Wireless Z Bass Edition was the best-selling device in Q1 2022, followed by the boAt Rokerz 255 series and realme Buds Wireless 2 Neo.
  • More than three-fourths of the total neckband models were sold online with Flipkart dominating the channels.

New Delhi, Beijing, Hong Kong, Seoul, London, San Jose, Buenos Aires – May 27, 2022

India’s neckband market shipments declined 13% YoY in Q1 2022 but grew 34% YoY in 2021, according to the latest research from Counterpoint’s IoT Service. The market showed tremendous growth in 2021 primarily due to the user preference for neckbands over headphones for their stylish look, wireless design and long-duration usage. Consumers are also opting for neckbands as an alternative audio device. The decline in Q1 2022 is primarily due to the high inventory which was pushed into the channel in Q4 2021 ahead of the festive season.

Commenting on the competition, Senior Research Analyst Anshika Jain said, “Half of the total neckband market was taken over by the top three brands in Q1 2022. boAt captured the first position due to its significant presence in the lower price segment (INR 1,000-INR 2,000). The primary factor that has helped boAt to maintain its leadership position is its wide range of products in hearables, along with strong marketing efforts. OnePlus and realme captured the second and third positions with 14.9% and 9.6% market shares, respectively.

India Hearables (Neckband) Market Share of Top 5 brands, Q1 2022

Source: India Hearables (Neckband) Shipments, Model Tracker, Q1 2022

Talking about the overall market, Jain said, “The popularity of neckband devices is increasing as users are upgrading from a wired ecosystem and also want an alternative hearable device. Like TWS, the India neckband market is dominated by local players, which captured around 58% share in Q1 2022. These players have focused on providing the emerging features at affordable prices, like voice assistance, gaming mode for low latency, gesture music controls and insta-charge technology. Besides, next-gen neckbands from top brands are coming up with increased total playback time, primarily focusing on the budget segment (INR 1,000-INR 2,000).”

Looking at the forecast, Research Director Tarun Pathak said, “India’s neckband market holds tremendous potential. We estimate that this market will continue to grow in double digits in the coming period. We have also seen the entry of new players in this segment, which is expected to drive volumes in the second half of 2022. Domestic manufacturing is also likely to pick up due to the increase in the customs duty for wireless hearable products. The current penetration of domestically made products stands at 5%.”

Market Summary

  • boAt shipments grew 4% YoY in Q1 2022. The brand had a wide range of products for the budget segment. The boAt Rockerz 255 Pro Plus was the best-selling model for the brand.
  • OnePlus maintained its second position driven by the success of the Bullets Wireless Z Bass Edition. The brand also introduced the Bullets Wireless Z2 model in the lower price tier in Q1 2022.
  • realme captured the third position with ~10% market share. The Buds Wireless 2 Neo was its best-selling model in Q1 2022.
  • Zebronics entered the Top 5 list for the first time thanks to its multiple budget-friendly neckband devices launched in the market. More than half of the total shipments for the brand were driven by just two models – Zeb-Lark and Zeb-Symphony.
  • Boult Audio registered 6x growth YoY in Q1 2022 with the Curve being the best-selling device for the brand. The brand has launched several affordable models on online as well as offline platforms.
  • Xiaomi maintained a position in the Top 10 list with the Redmi SonicBass being the major volume driver. Around 67% of its shipments came from the online channel.
  • Noise grew 8x QoQ due to the popularity of its Nerve and Flair models in the budget segment. The brand also launched the Noise Combat model in Q1 2022. It has a gaming mode.
  • Other emerging brands in the market include OPPO, Ptron, Hitage, Ubon and Dizo.

According to a recent consumer study by Counterpoint, 15% of TWS users prefer to plan for other forms of wireless earphones, like neckbands, as their next purchase. India’s neckband market is approximately 1.3x of TWS market. Going forward, competition can be expected between the neckband and TWS segments as some users are preferring neckbands because of convenience during workouts. However, we will continue to see more innovation happening in the TWS category.

 

Background:

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Anshika Jain

anshika@counterpointresearch.com

Tarun Pathak

tarun@counterpointresearch.com

Counterpoint Research

press(at)counterpointresearch.com


 

 

India Smartwatch Market Sees Record 274% Growth in 2021; Local Brand Noise Remains Leader

  • Domestic brands captured over 75% of the total market shipments.
  • Noise led the market in 2021 with a 27% share, while boAt captured the top spot in Q4 2021.
  • Around 80 brands are present in India’s smartwatch market. Over 10 brands entered the market in 2021.
  • 78% of the shipment came from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – February 9, 2021

India’s smartwatch market saw record growth of over 274% YoY in 2021 shipments, according to the latest research from Counterpoint’s IoT Service. Further, with QoQ growth of over 8%, Q4 2021 became the market’s biggest ever quarter.

Commenting on the market trends, Senior Research Analyst Anshika Jain said, “The smartwatch market is showing tremendous growth, which is attributed to increased health awareness, affordable prices, growth of new entrants, discount schemes and numerous launches of feature-packed products throughout the year. More than 86% of the total shipments were driven by the under-INR 5,000 price band, compared to 59% in the previous year. Many of the features which were earlier present in the INR 3,000 – INR 5,000 price band smartwatches are now found in the INR 2,000 – INR 3,000 segment, like SPO2, blood pressure monitoring, voice assistance and larger display. Even features which were earlier prominent in premium smartwatches, like ECG and Bluetooth calling, can be seen in smartwatches priced under INR 5,000.”

India Smartwatch Market Share of Top 5 Brands, 2021 vs 2020

India Smartwatch Market Share of Top 5 Brands, 2021 vs 2020

Source: India Smartwatch Shipments Model Tracker, 2021

 

Commenting on domestic manufacturing, Jain said, “Although only 1% of the total smartwatches shipped were domestically assembled, this number is likely to jump many times due to duty structure changes and government push.”

Commenting on market trends, Research Associate Harshit Rastogi said, “Indian players led the market by capturing over 75% share. The top three brands captured two-thirds of the total smartwatch market in 2021, compared to just half in 2020. The market saw over 10 new entrants in 2021, intensifying the competition. The market is estimated to grow by around 50% in 2022 considering the high demand and brands’ dedicated efforts to bring additional capabilities to their devices.”

India Smartwatch Market Share of Top 5 Brands, Q4 2021 vs Q4 2020

India Smartwatch Market Share of Top 5 Brands, Q4 2021 vs Q4 2020

Source: India Smartwatch Shipments Model Tracker, Q4 2021

 

Market Summary:

  • Noise led the market in 2021 with a 27% share and over 278% YoY growth. Portfolio expansion towards lower price points, emphasis on community building, designing products according to preferences backed by a strong consumer database, and new alliances and partnerships helped the brand become the market leader. Four out of the top 10 models in 2021 were from Noise. The ColorFit Pro 2 remained the brand’s most popular smartwatch.
  • boAt captured the second spot in 2021 with a 26% share. It was at the first position in Q4 2021. boAt completed a year in the smartwatch market in Q4 2021. It has launched over 10 models so far. Its Storm was the best-selling smartwatch in 2021.
  • Fire Boltt was one of the key new entrants in the smartwatch market. It quickly managed to capture the third position with more than 20 models across price bands. It has a presence in more than 600 cities, major large retail formats, and online The brand also entered the Middle East in 2021.
  • realme grew 23% YoY in 2021 to take the fourth position driven by a well-balanced portfolio and strong online partnerships. The Watch S contributed to around 30% of its total sales.
  • Amazfit registered 65% YoY growth and captured the fifth position in the smartwatch market. It led the market in the INR 10,000 – INR 15,000 price band with over one-third of the total shipments. The brand refreshed its portfolio in Q4 2021 with the launch of three new devices – GTR 3, GTR 3 Pro and GTS 3.
  • Samsung grew more than 2x in 2021 driven by its most popular model, the Galaxy Watch Active 2. The newly introduced Galaxy Watch 4 series contributed to over 16% of its total shipments.
  • Apple remained flat in 2021 with the Watch SE contributing around 44% of its total volume. The refreshed line-up of Series 7 saw a great start with shipments crossing 100,000 units in Q4 2021.
  • Dizo entered the smartwatch market in Q3 2021. With successful launches in the budget segment, the brand managed to capture a position in the top 10 The Watch 2 model drove most of its volume.
  • India’s smartwatch market is mostly online driven, with 78% of the shipment coming from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.

 

Note: boAt’s share includes Tagg’s share

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)counterpointresearch.com

 

 

India Smartwatch Market Records Highest Ever Shipments in Q3 2021; Local Brands Take 75% Share

  • Noise maintained its lead for the fifth consecutive quarter.
  • boAt Storm remained the most popular model.
  • Fire-Boltt registered tremendous QoQ growth of 394%.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – November 9, 2021

India’s smartwatch market registered its highest ever shipments in Q3 2021 to have a record QoQ growth of 159%, according to the latest research from Counterpoint’s IoT service. In YoY terms, the growth was 293%. The top three brands contributed to almost two-thirds of the total market. The growth can be attributed to promotions across various platforms along with new launches, which contributed to around 28% of the total market in terms of shipments.

Commenting on the market growth, Senior Research Analyst Anshika Jain said, “Q3 is crucial for the smartwatch players as this is the time when they witness the highest growth. To meet the anticipated surge in demand during the festive sale, the brands push increased shipments into the channel. Besides, they come up with multiple launches and big discount schemes throughout the quarter. The market remained competitive in Q3 2021 with Noise and Boat together capturing almost 50% of it. Fire-Boltt, Apple and realme emerged as the fastest growing brands during the quarter.”

On the growth of local brands, Jain said, “Domestic brands have grown rapidly. They captured around 75% of the Indian smartwatch market in Q3 2021, compared to 38% in Q3 2020. This is the highest contribution from the Indian players so far. The strategy of celebrity endorsements, introductory pricing schemes, discount offers, affordable and feature-rich devices and increasing the frequency of new launches has worked well for the Indian brands.”

Commenting on pricing, Research Associate Harshit Rastogi said, “We are seeing a steep decline in the average selling price of a smartwatch. It has almost halved from the level a year back. More than 90% of the market now falls under INR 10,000 with INR 2,500-INR 3,000 being the most competitive segment and contributing to around 40% of the overall market. With new launches coming at even lower prices, the market under INR 2,000 is expected to witness higher growth in the coming months.”

India Smartwatch Market Share of Top 5 Brands, Q3 2021 vs Q3 2020

India Smartwatch Market Share of Top 5 Brands, Q3 2021 vs Q3 2020

Source: India Smartwatch Shipments Model Tracker, Q3 2021

Market Summary:

  • Noise grew 231% YoY and 141% QoQ in Q3 2021, capturing 25% of the market. Noise has a well-balanced portfolio with multiple models. Its newly launched devices had a 43% share in its total shipments during the quarter.
  • boAt grew 132% QoQ with 24% market share. Its boAt Storm remained the best-selling model in the market and alone had a 17% share in the overall smartwatch market. It led the market in the most competitive price band of INR 2,500-INR 3,000.
  • Fire-Boltt had a tremendous quarter with 394% QoQ growth. It was the fastest growing smartwatch player in this quarter. Fire-Boltt had seven new launches in Q3 2021, which helped it gain the third spot in the market with a 17% share. It led the market in the INR 2,000 and below segment. It also roped in cricketer Virat Kohli as its brand ambassador just before the festive sales in October.
  • realme made a comeback with the refreshed Watch 2 line-up. The brand registered 267% QoQ growth in Q3 2021, taking the fourth spot in the market with a 7% share. The Watch 2 series contributed to more than 70% of realme’s shipments in the quarter.
  • Amazfit grew 54% QoQ and more than four times in YoY terms. It topped the market in the INR 5,000-INR 10,000 price segment. Amazfit hosted its Brand Day Sales in September and introduced the premium Zepp Z model in the Indian market. The GTS 2 Mini was its most popular model during the quarter.
  • Samsung grew 153% QoQ and 40% YoY in Q3 2021. It introduced the Galaxy Watch 4 series with Wear OS during the quarter. The Galaxy Watch Active 2 remains popular and contributed to more than half of Samsung’s shipments in Q3 2021.
  • Apple had a great quarter with 289% QoQ growth. Its major contribution came from the SE series launched last year. Even the Series 3 contribution remained high. It led the market in the INR 20,000 and above price band.
  • OnePlus remained stable and continued to lead in the INR 10,000-INR 15,000 price band with its OnePlus Watch.
  • Dizo entered the smartwatch market during the quarter with three models. The brand had a good start and is close to making a mark in the Top 10 list.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)counterpointresearch.com

India TWS Shipments Reach Record 8 mn in Q3 2021; boAt Continues to Dominate while Apple Bounces Back

  • boAt set the record of being the leader for the fifth consecutive quarter with 171% YoY growth.
  • The top five brands reached their highest ever shipments in a single quarter.
  • Apple led the premium segment (>INR 5,000) with a 63% share while Nothing managed to take the third spot in the segment in the first quarter of its launch.
  • Local brands continued to record the highest penetration with a 63% share.
  • The average selling price (ASP) was down 22% YoY.

New Delhi, Beijing, Hong Kong, Seoul, London, San Jose, Buenos Aires – November 2, 2021

India’s TWS market posted 55% YoY growth in Q3 2021 to reach the highest shipments ever at around 8 million, according to the latest research from Counterpoint’s IoT service. Brands pushed high amounts of inventory into the retail channels ahead of the festive season. Along with this, new entrants, discount offers, sales events and brands expanding into the low-price segments with feature-rich TWS offerings were the major success factors for the TWS growth in India during the quarter.

Commenting on the overall market, Senior Research Analyst Anshika Jain said, “The Indian TWS market witnessed highest ever shipments in a single quarter in Q3 2021 driven by the strong festive planning, new launches and multiple sales events on major e-commerce platforms as well as brands’ own websites. We also saw the maximum number of new launches in Q3 2021 with a major emphasis on the low- to mid-price segments (less than INR 2,999). In this quarter, brands like realme and 1MORE followed the partner brand/sub-brand strategy with the launch of Dizo and Omthing respectively to expand their reach and enhance competitiveness.”

“In terms of features, there was an increased emphasis on Active Noise Cancellation (ANC) and gaming. Key players such as Truke and Ptron came up with their first ever gaming TWS earbuds. Besides, prominent brands introduced various new models in the premium segment as well for tech enthusiasts. For instance, the OnePlus Buds Pro, Samsung Galaxy Buds 2, Nothing Ear 1 and JBL Pro Plus were presented as new alternatives, which further increased the ASP of the premium segment by 20% QoQ, apart from Apple’s huge shipments contribution,” she added.

Talking about domestic manufacturing, Research Associate Anam Padha said, “Domestic manufacturing is gaining more significance as more brands continue to partner ODMs to bring made-in-India devices and enhance their production capabilities. Noise partnered with Optiemus, promising to offer multiple locally made devices in the coming quarters. Similarly, realme announced a partnership with Khy Electronics. Another Indian brand, Ambrane, set up a unit to locally manufacture audio devices. Ptron also elevated the progress of its domestic manufacturing capabilities this quarter and expects to double its TWS revenue by next year.”

“With domestic manufacturing on the rise, the quarter saw boAt offering its first made-in-India TWS model Airdopes 101 while Ptron launched its second locally produced TWS model Bassbuds Ultima, equipped with ANC,” she added.

India Hearables (TWS) Market Share of Top 5 Brands, Q3 2021

Source: India Hearables (TWS) Shipments by Model Tracker, Q3 2021

Market Summary:

  • boAt captured a 35.8% share in the overall India TWS market in Q3 2021. This also represents its highest shipments volume since its inception. Apart from its strong integrated marketing strategy and keeping up with the trends of multiple launches and value-for-money offerings, it also actively participated in multiple sales events, like the much-awaited Amazon Great Freedom Sale and Amazon Prime Day Sale. It even hosted a ‘boAthead Days’ sales event on its e-brand store. Above all, its model Airdopes 131 was the bestseller for the second time and reached 1 million units for the first time.
  • realme rose to the second spot with an 8.1% share driven by the success of its mid-range ANC device Buds Air 2 and latest release Buds Q2 Neo in the low-price segment. In addition, realme stood number one in the mid-price segment of INR 3,000-INR 4,999. The Chinese brand also hosted a ‘realme Fan Festival’ event on its e-commerce website to provide the latest devices at a more affordable price point.
  • Noise had a 7.7% share and moved one step up to grab the third spot driven by multiple offerings in the low-price segment. Like boAt, it also launched new devices during the Amazon Prime Day Sale and offered multiple discounts. It added newer TWS devices such as the Buds VS102, Buds VS103 and Buds VS303 to its low-range VS series during the quarter.
  • Apple saw record shipments, taking the fourth spot with a 7.6% share in the Indian TWS market. Its model Airpods (Gen 2) performed well this quarter. Inventory for the festive season, Apple Days sales event and Back to School program accelerated its growth. Moreover, additional inventory on account of Apple’s plan to bundle free Airpods with the iPhone 12 series in the fourth quarter helped the brand achieve 67% YoY growth.
  • Boult Audio, an Indian brand, took the fifth spot for the first time ever. It held a 5.3% share with 147% YoY growth. Its portfolio covers the entry-level to mid-range segments. It derived this substantial demand by not only offering multiple new launches at a low price point but also putting its models on discounts during Amazon’s Great Freedom Festival.

Other Emerging and Fastest-growing Brands in Q3 2021:

  • Dizo: Among the new entrants in Q3 2021, Dizo was the fastest growing brand. It introduced four new models in the TWS market within the first quarter of its launch. The major highlight of the brand was its introductory pricing and focus on features like ANC and ‘transparency’ mode at an affordable price point.
  • Nothing: Nothing broke into the top three brands in the premium TWS segment in its debut quarter by capturing a 7% share in the segment. Competitive pricing and differentiated design helped the brand gain good mindshare among consumers.
  • Truke: Truke was another fast-growing brand, with its shipments tripling YoY. The online-centric brand plays in the entry-level and low-price segments. Truke also launched its first ever gaming series TWS earbuds in Q3 2021.
  • OPPO grew 63% YoY and had its TWS products spread across all price tiers. Its latest release in the low-price band, the Enco Buds, drove decent volumes for the brand.
  • OnePlus added one more SKU to its TWS portfolio. However, the OnePlus Buds Pro mainly caters to the premium segment. OnePlus also offered discounts on its existing models during the Amazon Freedom Sale and at Amazon Rakhi Store.
  • Samsung also launched a new model, the Galaxy Buds 2, and pushed its sales by offering it free with the purchase of new Samsung phones Galaxy Z Flip3 and Z Fold3. Its existing models also performed well, which helped the brand take the second spot in the premium segment (>INR 5,000).

 

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

 

Analyst Contacts:

Anshika Jain

Anam Padha

Counterpoint Research
press(at)counterpointresearch.com

 

 

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