The budget audio segment has been thriving in India, thanks to various brands offering products that cater to the demands of the consumers. And the latest report from Counterpoint confirms those trends.
The research firm says there has been a growth of 34 per cent in the shipment of neckband earphones in the country last year. The numbers have dropped in the early part of 2022, but with the markets opening up, the rest of the year is likely to be better.
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The budget audio market offers neckband earphones, true wireless earbuds (TWS) and wireless headphones. This segment has products within the range of Rs 3,000 that has become the sweet spot for buyers. And at these prices, you have the likes of boAt, OnePlus and Realme taking over the reins, with others on the sideline.
Counterpoint states that boAt is the leader of this pack with a market share of 25.7 per cent in Q1 2022. The company has a wide range of neckband earphones across this price bracket, which has helped it gain maximum traction.
“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 (Rs 1,000-Rs 2,000),” said, Anshika Jain, Senior Research Analyst at Counterpoint Research.
OnePlus and Realme come second and third on the list with 14.9 per cent and 9.6 per cent market shares, respectively in the neckband market.
Compared to the TWS earbuds, the big advantage of the neckband version is that you get longer battery life, even though it is not as convenient as the TWS earbuds. You have a ring lying over your neck wrapped around the earbuds on both sides. The controls are placed on the band, and the battery is packed inside the holding unit.
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The research firm claims once the blip of Q1 2022 is over, more domestic brands will have a say in the demand for neckband earphones later this year. Add to that, the increasing customs duty on imports means the industry will see more companies setting up their manufacturing base in the country. Because of all these changes, the product could become even more appealing to buyers in the near future.
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