India's neckband shipments rise 71% in Q2: Counterpoint
This growth was driven by a greater preference for these devices due to their look and comfort, and the availability of improved features at an affordable price, the firm said
NEW DELHI:India’s neckband market shipments grew 71% on-year and 52% on-quarter in April-June 2022, according to research from Counterpoint.
This growth was driven by a greater preference for these devices due to their look and comfort, and the availability of improved features at an affordable price, the firm said.
Boat led the market with a 36.4% share, while Oneplus and Realme took the second and third spots, respectively.
“India’s neckband market witnessed remarkable growth in Q2 2022 with most of the new launches coming from the affordable price segment (less than ₹2,000 or $25). Many of the top original equipment makers are focusing on the ₹1,000- ₹2,000 (or $13-$25) price band by adding features like voice assistance, low latency for gaming, noise cancellation, and music control through gestures," senior research analyst Anshika Jain said.
Brands are pushing neckbands with long battery life which is also attracting consumers as other wireless hearables have limited operating hours, the firm found.
The shipment share of the neckbands with 30+ hours of playtime increased to 40% in Q2 2022 from 17% in Q1 2022. Some of the most demanded features like active noise cancellation, insta-charge and dual pairing technology are moving into lower price bands to attract cost-conscious customers.
Local production increased over 2.5 times on-quarter with an 8% share in the total shipment volume, compared to 5% in Q1 2022.
"Boat manufactured more than two-thirds of the domestic volume in Q2 2022 followed by homegrown brands Mivi and Noise. In the second half of 2022, we expect more brands to introduce ‘Make in India’ devices," Jain said.
Among other trends, Ubon entered the top-five club for the first time in the Indian neckband market driven by multiple affordable neckband. Oppo grew 74% on-quarter due to the popularity of its newly launched Enco M32 in the budget segment. Strong online and offline presence helped the brand enter the top five in Q2 2022.
Noise grew 50% sequentially with its popular models Nerve and Flair capturing half of its total portfolio while Xiaomi maintained a position in the top 10 list with the Redmi SonicBass being its major volume driver. Other emerging brands in the market included TECNO, Mivi, Ptron and Dizo, the firm noted.
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