boAt becomes fifth-largest global wearable device company by shipment: IDC report
It’s not often that you see an Indian company on the list of top global wearable brands. boAt has made it the list of top five global wearables, according to an IDC report. It tied for the fifth spot with Fitbit.
The report added that boAt focuses solely on the Indian market (a rapidly growing market for wearables), and primarily sells hearables.
Post-lockdown in India, the company has benefitted from a strong marketing campaign and tie-ins with local cricket teams. While ambitions remain strong for the company, it lacks the global presence and supply chain of its many competitors.
“The consumer wants audio to be part of their lifestyle, especially after COVID-19. Audio has become part of their lifestyle; they use headphones to study, watch videos and exercise, enjoy home cinema, and work with video calls,” Aman Gupta, Co-founder of boAT, told YourStory.
According to IDC, the global wearables market grew 35.1 percent year-over-year during the third quarter of 2020 (3Q20), with total shipments reaching 125 million units in its Worldwide Quarterly Wearable Device Tracker.
This growth was largely driven by new products launched by Apple and Samsung.
According to IDC, the consumer spend on electronics increased during recent months as spending on travel, dining out, and other leisure activities decreased. This shift in spending was another catalyst for the wearables market.
"Many countries began easing restrictions and opening up their economies during the third quarter, which helped bolster outdoor activity as well as demand for wearables," said Jitesh Ubrani, Research Manager for IDC Mobile Device Trackers, adding, "Meanwhile, a broader range of price points from numerous vendors meant that there was something for everyone."
The top five
● Apple was the most popular because of its Airpods and Apple Watches, which were available at multiple price points.
● Xiaomi was in second place with 17 million units shipped, 12.8 million of which were basic wristbands.
● Huawei ranked third with unit shipments totalling 13.7 million and growth was mainly in China.
● Samsung's hearable shipments reached 8.4 million during the third quarter, along with 2.6 million smartwatches.
● Fitbit and boAt tied for fifth place, each holding 2.6 percent of the wearables market.
Edited by Kanishk Singh