In 2021, the global TWS (true wireless earbuds) industry is projected to expand by 33% year on year, hitting a market value of 310 million devices. This comes as the industry saw a huge 78 percent year-over-year increase in 2020.
Growth Of TWS In WorldWide Market In 2021
According to a survey by Counterpoint Research, TWS exports marginally exceeded estimates in 2020, reaching 233 million units. The low to mid-range segments, however, were the key drivers of the results.
The coronavirus pandemic had an effect on the TWS industry in China last year, but the situation has changed, and production capacity is now at maximum capacity. Furthermore, the product’s online demand has been stronger than that of other mobile products.
Notably, work from home and online education boosted revenue, making shoppers more likely to buy mobile devices and other products. As a result, sales of TWS earbuds in the low to mid-range increased during this period.
Although vaccinations have helped mitigate the effects of COVID-19 around the world, the study predicts that demand for high-end TWS will not peak until late Q3 2021.
“Most awaited is a new product from Apple, the first in two years,” says Senior Research Analyst Liz Lee. From Q4 2021 to the following year, we expect it to be one of the most important drivers of TWS business development.
Apple will retain its solid market leadership thanks to its devoted customer base, but its market share will eventually decline as competition heats up. As customer confidence improves as a result of vaccines, the demand emphasis will increasingly change to the mid-to high-price segment.”
When it comes to TWS. Now there is a huge market and plenty of contenders like Apple, Redmi, Realme, JBL, Bose, and Sony are into creating more TWS earphones.
With that, the TWS industry is expected to grow even further in the near future and many new contenders will also be coming into the industry. We always cover the latest techy stuff, so stay tuned to the tech story to get updated on new techy related stuff in the future.