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Page 13 of 111

The report goes on to say that it expects Apple to retain it s dominance in the TWS market for the next several years, even as the market it self continues to grow. While Strategy Analytics credit s Apple with creating the TWS category, that isn't technically true, but there's no doubt that Apple brought it into the public consciousness with a product aimed at the mass market . Not surprisingly, since Apple's AirPods are sold on the higher- end of the price spectrum, Apple did even better in terms of its revenue share, gobbling up 71 percent of the revenue from truly wireless headphone sales, which also grew over 200 percent in 2019. This also suggests that most consumers aren't extremely price conscious when shopping for truly wireless earbuds, and will buy the best they can afford. With wholesale revenues of TWS headsets expected to grow to $100 billion by 2024, this means that AirPods alone could easily become a $75 billion business for Apple. A report earlier this month claimed that AirPods made as much money as Spotify, Twitter, Snap, and Shopify combined, and while that number has been disputed, there's no doubt that Apple made billions of dollars on the sales of AirPods alone, and there's still a ton of room for AirPods to grow even further, and analysts predict it will make up a substantial portion of Apple's non-iPhone revenue going forward, especially since the real limiting factor right now seems to be the ability of Apple's supply chain to actually keep up with consumer demand for its wireless earbuds, which has showed no signs of dying down this year any more than it did back in 2017.

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