Xiaomi is Apple’s Biggest Challenger in Key Markets in the TWS Earbuds Battle

There are a number of small vendors in the TWS segment, including many offering AirPod copycat products at much lower price points; many of these copycat products of are shoddy quality, commensurate with their extremely low price-points.

Apple remains the volume leader in Bluetooth True Wireless Stereo (TWS) headsets.  AirPods Shipments grew 21% YoY in 1Q 2021. Overall TWS headsets grew 60% YoY in Q1 2021.  But Xiaomi is coming on strong in key markets in Asia and elsewhere. Apple leads in half of the six main global regions, while Xiaomi leads in the other three. TWS Earbuds

Strategy Analytics expects the TWS earbuds segment to continue its rapid growth through 2021.  Apple will maintain its lead in the segment even as its share declines from its peak in 2017 as more vendors enter the market and the addressable market grows.

There are a number of small vendors in the TWS segment, including many offering AirPod copycat products at much lower price points; many of these copycat products of are shoddy quality, commensurate with their extremely low price-points.

Strategy Analytics predicts a shakeout will occur within the next two years, particularly in the low-end of the market, as vendors competing in low-cost / low-margin parts of the TWS market are forced out.

But Apple and Xiaomi, along with other top-5 TWS vendors like Samsung and Realme, are in it for the long haul.

Xiaomi posts record results as 2021 Q1 revenue and profit hit historical high levels

In the first quarter of 2021, Xiaomi’s total revenue and adjusted net profit far-exceeded market expectation. Total revenue for the period amounted to RMB76.9 billion, representing an increase of 54.7% year-over-year while adjusted net profit for the period came in at RMB6.1 billion, an increase of 163.8% year-over-year.

Xiaomi Corporationsaid, “During the first quarter of 2021, both our total revenue and adjusted net profit reached record highs in the quarter, demonstrating the robustness of our business model and the strong execution of our strategies. The strong growth of smartphone shipments drove a continued expansion of our global user base. Our AIoT platform has continued to scale in tandem across the world. Besides the solid growth in our existing business lines, we are also continuing to explore new opportunities and broadening our business horizon. In March 2021, we unveiled our new branding identity and also announced our official foray into the smart electric vehicle business, setting the course for an exciting journey that will ensure a bright future for the company in the coming decade.”

Global smartphone shipments maintained top three position as Xiaomi continued to enhance its competitiveness in the premium smartphone market

In the first quarter of 2021, Xiaomi’s smartphone business continued to grow significantly. Revenue from smartphone sales grew by 69.8% to RMB51.5 billion year-over-year. Global smartphone shipments in the period reached 49.4 million units and the gross profit margin for the smartphone business was 12.9%. According to Canalys, the Group maintained 3rd position in terms of smartphone shipments globally during the quarter, registering a market share of 14.1%

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