2024年中国TWS耳机行业概览：鏖战波诡云谲的红海

Investment Rating - The report does not explicitly state an investment rating for the TWS headset industry Core Insights - The TWS headset market in China is experiencing a shift from rapid growth to a more mature phase, with a significant decline in global shipments by 16.4% in 2023, indicating market saturation [4][21] - Future growth is expected to be driven by product updates from Apple and the accelerated penetration of artificial intelligence applications, with a projected compound annual growth rate (CAGR) of 5.7% from 2024 to 2028, reaching 410 million units by 2028 [4][21] - The competitive landscape remains fragmented, with Apple holding approximately 30% of the market share, while Android manufacturers like Samsung, Xiaomi, and boAT are engaged in intense competition [5][22] Summary by Sections Industry Chain Development - The TWS headset consists of multiple precision components, including main control chips, power management chips, storage chips, batteries, and printed circuit boards (PCB/FPC), with the main control chip, battery, and PCB/FPC accounting for about 15% of the total cost each [4][14] - The main control chip faces high technical barriers due to the need for integration of various functions, including audio encoding/decoding, Wi-Fi/Bluetooth connectivity, and low-power technology [4][14] Market Size - From 2018 to 2022, the global TWS headset market saw rapid growth, with shipments reaching 350 million units in 2022, and 110 million units in China [4][21] - The market is now entering a replacement phase, with new demand weakening and a focus on existing product upgrades [4][21] Competitive Landscape - Since 2022, the global TWS headset market concentration ratio (CR5) has remained around 50%, with Apple consistently accounting for about 30% of total shipments [5][22] - Key competitors in the Android ecosystem include Samsung, Xiaomi, and boAT, with market shares fluctuating between 2% to 4% for other players like Edifier, Huawei, and OPPO [5][22] Supply Chain Overview - The TWS headset supply chain includes upstream component suppliers, midstream manufacturers, and downstream brand vendors, with significant capital and R&D investments required in key areas like main control chips and batteries [4][12] - Major ODM manufacturers include Luxshare Precision and GoerTek, which primarily serve Apple and other leading brands [19][20] Future Outlook - The report anticipates that the TWS headset market will see moderate growth driven by new product launches from Apple and advancements in AI technology, with a focus on product differentiation as the market matures [21][22]