boAt surpassed Xiaomi and Samsung becoming the second largest wearable brand

By: Insha Hashmi

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Updated on: 06-Dec-2023

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In 2023, Indian firm Xiaomi entered the global race of wearable devices, demonstrating the wearables market's quick expansion and importance alongside industry titans such as Apple, Xiaomi, Samsung, and Huawei.

The IDC Worldwide Quarterly Wearable Device Tracker Q3 2023 report affirms boAt's second-place ranking among the largest wearable device manufacturers, with a 2.6% year-over-year increase in worldwide wearable device shipments, reaching an all-time high of 148.4 million units, highlighting the company's significant impact on the global wearable technology market.

Apple topped the wearable device market in Q3 2023, gaining a 29.9% market share with 29.9 million shipments. Imagine Marketing, the parent firm of the Indian audio and wearable brand boAt, came in second with 14.3 million shipments, accounting for 9.6% of the market. Imagine Marketing, which was the fifth largest wearables brand in Q2, has made a tremendous climb.

Bryan Ma, an IDC technology industry analyst, praised India's boAt (Imagine Marketing) for its worldwide performance in the wearables market, where it ranked second in 3Q23, noting its strong influence across many categories, particularly earwear and true wireless stereo (TWS) devices.

IDC Research Manager of Mobility and Consumer Device Trackers, Jitesh Ubrani, emphasized the importance of smaller, sleeker designs in driving the wearables industry. Newer products such as Oura, Noise, boAt, and Circular are projected to outperform established brands in the smart ring market, placing pressure on established brands to focus on health tracking capabilities.

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Xiaomi, Samsung, and Huawei are the top five worldwide participants in the wearables industry, each with a unique market share, with Xiaomi having the greatest amount of transactions.

According to the International Data Corporation's Worldwide Quarterly Wearable Device Tracker report, wearable device shipments have exceeded numbers for Q3 2021 and Q3 2022, owing primarily to the rise of lower brands and rising orders in the market, featuring the industry's dynamic and expanding nature.

Aman Gupta and Sameer Mehta started BoAt in 2014, and it is a prominent Indian business recognised for its earbuds and audio goods. Its product line has extended to include smartwatches and speakers, with an emphasis on excellent audio solutions and catering to tech and lifestyle demands.