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TWS (true wireless stereo) shipments in India for the year 2020 reached 8.4 million units amounting to Rs 2,432 crore, a new report by technology analytics, research and consulting firm techARC revealed on Friday.

In terms of market leaders by units shipped, Xiaomi led the TWS category with 14.7 per cent market share followed by boAt (13.9 per cent) and Realme (13.6 per cent).

"With the remote working growing substantially due to work-from-home practice, TWS has become an essential accessory for smartphone users. At the same time, the ecosystem has aligned to enhance the experience to near-real audio," Faisal Kawoosa, Founder & Chief Analyst, techARC said in a statement.

"Covid-19 has had a positive impact on this product category almost doubling its size. Our expectations for 2020 was in the range of 4.5-5 million units," added Faisal.

Among the leaders, boAt has carved out its space without roots in the smartphone industry unlike its competition. However, with major smartphone OEMs now in this segment with an aggressive outlook, boAt will have to defend its position in 2021.

At the same time, there are too many players in the product category as 77 brands shipped a TWS during 2020. This high number is not sustainable and will head towards consolidation and many insignificant brands will make a quiet exist after testing waters and attempting to ride on the wave that resulted due to work-from-home.

However, when coming to market shares based on revenue in INR, Apple got close to 35 per cent of the total market revenues followed by OnePlus and Xiaomi.

Considering Apple TWS has substantially high average selling price, OnePlus and Xiaomi has been able to make a perfect balance in earning both the value and volume market share of the TWS opportunity in 2020.