According to Counterpoint’s IoT Service’s newest data, India’s neckband market sales declined 13 per cent YoY in Q1 2022, but increased 34 per cent YoY in 2021. Due to users’ preference for neckbands over headphones because of their trendy design, wireless construction, and long-lasting use, the market developed fast in 2021. Neckbands are increasingly becoming popular as an alternative audio device.
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The drop in Q1 2022 is mostly due to the large amount of inventory that was put into the channel in Q4 2021 ahead of the holiday season. “Half of the overall neckband market was taken up by the top three brands in Q1 2022,” Senior Research Analyst Anshika Jain said of the battle. Because of its strong presence in the lower price class, boAt was able to take first place (Rs. 1,000- Rs. 2,000).
boAt Leads India Neckband Market Followed By OnePlus
The large selection of devices in the hearables category, along with aggressive marketing, has helped boAt maintain its dominant position. With 14.9 per cent and 9.6 percent market shares, OnePlus and realme came in second and third, respectively.
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Local players, like TWS, lead the India neckband market, with roughly 58 per cent share in Q1 2022. These companies have concentrated on providing upcoming features such as voice assistance, low-latency gaming mode, gesture music controls, and insta-charge technology at an affordable price. Furthermore, prominent companies are releasing next-generation neckbands with longer overall playback times.
New players have also entered the market, which is projecting to drive volumes in the second half of 2022. The increase in customs tax for wireless hearable items is also expecting to boost domestic manufacture. The present penetration of domestically manufactured goods is 5 per cent.”
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