Will boAt Continue To Lead India’s Wearables Market?
The Year-of-Year (YoY) growth of India’s wearable market last year was 46.9 percent, and boAt, also known as Imagine Marketing, took the top spot. According to the data of the International Data Corporation(IDC), the demand for wearable items like smart watches, neckbands, and earbuds is likely to double in 2023. There are various D2C companies in the market, like OnePlus, Noise, and Realme, that give tough competition to boAt in making a long-lasting presence in front of new and existing customers.
Between this, boAt, a D2c startup led by Aman Gupta and Sameer Mehta, remains the people’s favorite and secured 32.6% of the market share in Q3 2023. The most demanded segment of their products is headphones. Now, the question is, will boAt continue to lead India’s wearable market in the coming years? Read the post to know the reason behind boAt’s dominance in the market.
Demand For India’s Wearables Market In 2022
The recent report of IDC shows that the most demanded wearables category in 2022 was smartwatches. In Q3, this category surpassed over 12 million shipments in a quarter. The smartwatch’s share was 96%, with an annual share of over 187%. During this time, various other brands than boAt also performed well. However, the market share of wristbands saw a decline of 80% in YoY shipments. The segment of the earwear category accounted for 67% in the last quarter of 2022.
Imagine Marketing(boAt) accounts for 32.1% of the total wearable market share, with the most in-demand category of earwear devices. The company is currently focusing on expanding its portfolio in the smartphone watches segment. Its high shipments for wave calls and Xtend is 19.2 percent. Other brands like Noise(13.2%), Fire-Bolt(8.9%), OnePlus(8.1%), and Realme(4.2%). Here are the details of market share by India’s top wearable brands:
|Top Wearable Brands||Q3-2022 Market Share||Q3-2021 Market Share||YoY change in Market Share|
Why Does boAt Continue To Dominate India’s Wearable Market?
From the above data, it is clear that boAt contributed the largest market share in the last Q3 of 2022. Imagine Marketing, the parent company of boAt, offers stylish and affordable wearable items and has larger market shares than its competitors. One of the biggest reasons behind it is the company’s innovative way of solving the need for gadgets. Imagine Marketing (boAt) targets a large segment of the Indian consumer market, with the majority of youth who want stylish and long-lasting wearable items at affordable prices. Here are the reasons why boAt continues to lead India’s wearable market:
- Imagine Marketing has 8.5% of the overall market share in India’s Billion dollars wearable market. In the last year, boAt market shares jumped -1% and commanded 19.5% growth in the last quarter.
- The company is planning to expand its portfolio in the smartwatch segments. According to the reports, boAt will soon bring advanced wearable items at affordable prices.
- Imagine Marketing is well-known for its exceptional marketing that uses the omnichannel strategy. Their products are available in various marketplaces like Myntra, Flipkart, Amazon, etc.
Imagine Marketing(boAt) Unlisted Shares
Apart from dominance in India’s wearable market, boAt unlisted shares also perform well and give its investors high returns. Imagine Marketing Pvt Limited, a parent company of boAt, is a D2C startup founded in 2014 by Aman Gupta and Sameer Ashok Mehra. It provides affordable and durable audio products like headphones, portable speakers, and many more.
Since it is an unlisted company, you can easily buy or sell unlisted shares of boAt with the help of trading platforms. You can use India’s best online platform to buy unlisted shares like Stockify to check updated prices. In FY2022, boAt had a sales revenue of Rs 2873 crore with a positive growth percentage. The current boAt unlisted share price is Rs 820 on Stockify.
Buy boAt Unlisted Shares With Stockify
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Whether you are a beginner or an experienced investor, our platform is designed to make the buying process simple and secure. Once you sign up with your platform, you will receive expert support in completing the KYC verification and DEMAT account opening process. So, what are you waiting for? Start investing in unlisted shares of India’s most-demanding wearable brands with Stockify now!