Business
Apple Remains Market Leader In Wearable Devices; Indian boAt Overtakes Chinese Xiaomi, Huawei To Reach Second Spot
The logo of boAt. (Picture via boAt website)
The realm of wearable devices is experiencing swift evolution, with industry giants like Apple, Xiaomi, Samsung, and Huawei vying for the top position. However, a significant shift occurred in 2023 when an Indian brand emerged as a major contender in the global race of wearable devices, Indian Express reported.
As per the IDC Worldwide Quarterly Wearable Device Tracker Q3 2023 report, boAt secured the second spot among the largest wearable device manufacturers by volume (number of units shipped). The report reveals that global shipments of wearable devices witnessed a 2.6 per cent growth year-over-year in Q3 2023.
In the third quarter of 2023, Apple dominated with 2.99 crore shipments, securing a 29.9 per cent market share. Imagine Marketing, the parent company of the Indian audio and wearable brand boAt, claimed the second position with 1.43 crore shipments, capturing 9.6 per cent of the market. Notably, boAt was recognised as the fifth largest wearables brand globally during Q2 the previous year.
Jitesh Ubrani, research manager of mobility and consumer device trackers at IDC, attributed the surge in wearables to the emergence of smaller and sleeker designs. Ubrani stated, “Smart rings from newer brands such as Oura, Noise, boAT, Circular, and others are expected to jumpstart the new form factor in the coming quarters while also putting pressure on the incumbent brands to innovate on health tracking.”
In the rankings, Xiaomi secured the third position with 1.16 crore shipments and a 7.8 per cent market share, followed by Samsung in the fourth spot with 1.07 crore shipments and a 7.2 per cent market share. Huawei concluded at the fifth spot with 85 lakh shipments and a 5.7 per cent market share.
The IDC report highlighted that the total volume of wearable device shipments surpassed those in Q3 2021 (14.21 crore) and Q3 2022 (14.46 crore). IDC attributes this growth spurt to the increased presence of smaller brands and emerging categories in the market.
Established in 2014 by Aman Gupta and Sameer Mehta, boAt has gained immense popularity among Indian consumers. While renowned for its earphones and audio products, the brand has expanded its product range to include smartwatches and speakers.
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