Apple led TWS market in Q3 2020, followed by Xiaomi and Samsung

In the third quarter, Apple was the market leader with its products comprising 29% and 28% of TWS and smartwatch shipments, respectively. In the hearables segment, Xiaomi grabbed the second spot with 13% market shared, followed by Samsung and JBL - 5% each - in the third and fourth spot, respectively.

TWS (true wireless stereo hearables) and smartwatches continued to drive the wearables market in 2020, with Apple leading the shipments in Q3, according to a new report published by global research firm Counterpoint Research.

Of the five distinct segments, earwear and wristwear accounted for 93% of the overall market in Q3 2020. The other three segments - bodywear, eyewear and skinwear - accounted for the remaining 7% market share in the same quarter.

"The trend around removing jacks and earphones from devices and boxes is becoming a big driver for TWS segment growth. It also helps that mobile media consumption continues to grow, making TWS the next must-have accessory," said Liz Lee, senior analyst at Counterpoint Research.

In the third quarter, Apple was the market leader with its products comprising 29% and 28% of TWS and smartwatch shipments, respectively. In the hearables segment, Xiaomi grabbed the second spot with 13% market shared, followed by Samsung and JBL - 5% each - in the third and fourth spot, respectively.

Other brands in the top ten list included- QCY (3%), JLAB (3%), Jabra (3%), Sony (2%), EDIFIER (2%) and realme (2%). Counterpoint analysts believe that realme could repeat its smartphone success to become 2021's dark horse in wearables as the company has a strong online presence.

"Our User Choices and Preferences Surveys for TWS and smartwatches show that a big portion of consumers buy wearables via online channels; vendors with a strong online pedigree should outperform," noted Ms. Lee.

According to the report, the annual TWS shipments are expected to grow 83% to 238m units while smartwatches will weather subdued category spending to increase 2% to tip the 100 million mark.

"The normalization of economies coupled with increased interest in health and fitness will help the smartwatch market grow. We expect low double-digit growth through the medium term possibly higher if average selling prices decline quickly," said senior analyst Sujeong Lim.