In a significant breakthrough for the Indian tech industry, boAt, a Make in India brand, has achieved a remarkable milestone, securing the second position in the global wearable devices market. According to the IDC Worldwide Quarterly Wearable Device Tracker Q3 2023 report, boAt emerged as the second-largest wearable maker after Apple, overtaking giants like Xiaomi and Samsung.
The report unveils a burgeoning trend in the adoption of wearable technology worldwide. While established players like Apple, Xiaomi, Samsung, and Huawei have traditionally dominated this space, 2023 witnessed the meteoric rise of an Indian brand, reshaping the dynamics of the wearable device market.
The IDC report confirms boAt’s ascent to the second spot in terms of the volume of units shipped, signaling a significant 2.6% growth in worldwide shipments of wearable devices, reaching an unprecedented high of 148.4 million units in Q3 of 2023.
Apple maintained its stronghold with 29.9 million shipments, capturing a 29.9% market share in the same quarter. Surprisingly, Imagine Marketing, the parent company of boAt, seized the second position with a 9.6% market share, recording 14.3 million shipments. This remarkable leap positions boAt ahead of its competitors, a monumental shift from being the 5th largest wearable brand globally in Q2 of the previous year.
Bryan Ma, a technology industry analyst at IDC, highlighted boAt’s achievement, specifying that the brand’s concentration on earwear and True Wireless Stereo (TWS) devices played a pivotal role in its ascent.
Jitesh Ubrani, the research manager of mobility and consumer device trackers at IDC, emphasized the evolving landscape of wearables, citing the advent of sleeker designs and the emergence of new form factors such as smart rings from brands like Oura, Noise, Circular, and boAt. This innovation surge not only propels newer brands but also urges established players to elevate their health tracking capabilities.
The competitive landscape saw Xiaomi securing the third position, shipping 11.6 million units and holding a 7.8% market share, followed by Samsung and Huawei with 10.7 million and 8.5 million shipments, respectively.
The IDC report also underlined a significant milestone, surpassing the shipment volumes of Q3 2021 and Q3 2022, attributing this growth surge to the rise of smaller brands and the evolution of emerging wearable categories.
Established in 2014 by Aman Gupta and Sameer Mehta, boAt has etched its name among Indian consumers with its range of earphones, audio products, smartwatches, and speakers. The brand’s meteoric rise in the global wearables market underscores India’s growing prowess in the technology domain, setting the stage for further innovation and market disruption.
The triumph of boAt not only symbolizes a remarkable achievement for an Indian brand but also signifies the burgeoning potential of the Indian tech industry on the global stage. As boAt paves the way for innovation and disruption, it beckons a new era in the wearable technology landscape, solidifying India’s position as a formidable player in the global tech market.
