Pankaj Upadhayay is the Founder and CEO at Truke, a new age soundware brand that manufactures excellent quality state-of-the-art true wireless stereos, wireless headphones, earphones and sound accessories. We got a chance to sit with Pankaj and discuss some points about the company’s future and his vision. You can read the conversation here –
What are the upcoming products in the pipeline?
We are India’s leading audio brand that crafts high-quality wireless stereos, wireless headphones, earphones and bespoke acoustic equipment for sound professionals and music aficionados have announced a series of launches in the coming time. Having already pioneered India’s first gaming-range earbuds, We have several new products in the pipeline that will be launched in the up-and-coming future which include smartwatches, neckbands, and next-gen TWS devices.
Future expansion plans of truke – Market & product categories
We already entered the global gaming soundware segment by pioneering India’s first cutting-edge gaming-range earbuds, we are now eager to realize our future expansion targets. In the near future, we envision becoming a market leader across brand-new product categories such as smart wearables, IoT-based products, high-definition audio products, and audio accessories. While presently as a brand that relies exclusively on online channels of product dispersal, truke will soon be launching its offline distribution pathways across the country.
Market share expectations in the next 5 years
In the next five years, we anticipate increasing our present TWS market share from 4.5% to a substantial 25%-30% of the total TWS space. Moreover, we are also aiming to secure a whopping 20-25% market share in the smart wearables segment.
Consumer response on previously launched products
Frankly speaking, all our products since inception have managed to invoke a magnificent response from our consumers. truke has been listed under the country’s top 10 brands in terms of product quality and user ratings. Along with our bespoke TWS models S1, Q1, and F1+ that have taken the soundware market by storm, our recently launched gaming-dedicated BTG series has also proven to be one of the highest-selling SKUs in India.
Wearable market in India – analysis and expectation
The Indian wearables market witnessed a spectacular 144.3% year-on-year growth during the financial year 2020-21 while registering over 36.4 million shipments as the year came to a close. India was the lone nation amongst the top-20 global economies that clocked a three-digit growth in the wearables segment. As the third-largest wearables market across the globe, impressive growth has been steered mainly through a rising penchant for smart earwear and also the notable shift from regular time-pieces to smartwatches. Amongst these, the highest growth drivers were True Wireless Stereo or TWS devises that saw a tenfold increase with shipments exceeding more than 11 million units in 2020. We expect to raise our existing TWS market share from 4.5% to a significant 10% of the overall TWS segment. Furthermore, we also intend to capture a whopping 20-25% market share in the country’s smart wearables category.
We thank Pankaj for giving the input to us!