India's true wireless stereo market grows at 14%: Boult Audio fastest growing brand
India’s True Wireless Stereo (TWS) market recorded a 14% year-on-year (YoY) growth in shipments in 2024, according to the latest research from Counterpoint’s Consumer IoT service. While the market continued expanding, this marks the slowest growth rate recorded, indicating that the segment is gradually reaching maturity.
According to the report, the growth was driven by seasonal sales events, affordable product offerings, and increased usage across diverse applications. Additionally, broader availability through multiple sales channels contributed to demand. However, fewer new product launches and a slowdown in first-time TWS users tempered the market’s momentum.
TOP PLAYERS
The chart below showcases the market share of the top five TWS brands in India for 2023 and 2024, along with their respective YoY shipment growth percentages. Brand Performance in 2024
boAt's market leadership under pressure
Despite retaining its position as the market leader, boAt's market share fell from 39.4% in 2023 to 32.9% in 2024, reflecting a 4% decline in YoY shipments. This suggests that while boAt remains dominant, its grip on the market is weakening as competitors gain traction.
Boult Audio’s rapid rise
Boult Audio emerged as the fastest-growing brand, registering a 52% surge in shipments. Its market share rose from 9.7% in 2023 to 12.9% in 2024, indicating a significant increase in popularity and successful consumer engagement.
Noise and OnePlus gain market share
Both Noise and OnePlus demonstrated strong growth, with Noise recording a 37% increase in shipments, raising its market share from 8.1% to 9.7%. Meanwhile, OnePlus saw a 25% YoY growth, increasing its share from 5.6% to 6.2%.
realme's strong performance
realme recorded the highest shipment growth at 55% YoY, expanding its market share from 3.8% to 5.1%, reinforcing its steadily growing presence in India’s TWS market.
Offline sales gain momentum
According to Anshika Jain, senior research analyst at Counterpoint, online platforms accounted for nearly 75% of TWS sales in 2024. However, offline sales grew at a faster rate of 42% YoY, as brands shift focus to physical retail expansion, particularly in Tier II and Tier III cities. To attract customers, large-format retail (LFR) stores are offering festive season promotions, including bundling offers, cash discounts, bank deals, and free gifts. Additionally, the rise of quick commerce and fast delivery options is further shaping consumer buying behaviour.
Budget TWS segment soars 52% YoY
The budget TWS segment (INR 1,500–INR 2,000 or $17–$23) was the fastest-growing category, recording an impressive 52% YoY growth. Several new brands, including HP, Poco, vivo, and iQOO, entered this price segment for the first time, while Xiaomi expanded its portfolio. To stay competitive, brands have introduced premium features such as Active Noise Cancellation (ANC), transparency mode, and improved ergonomics at affordable price points. With growing competition, technological advancements, and offline retail expansion, India’s TWS market is evolving rapidly, setting the stage for further innovation and premium product offerings in 2025.