Imagine Marketing (boAt) Becomes 2nd Biggest Wearable Brand Globally

Imagine Marketing, the parent company of boAt, is now ranked #2 in the overall wearable market as per the leading market research and advisory firm International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker Q3CY2022. The brand now commands 8.5% market share on a volume basis (~1% jump in market share v/s Q2CY22). Among the top 5 global wearable brands, Imagine Marketing (boAt) is one of the fastest growing companies in 3Q22 and has the highest Y-o-Y growth rate (19.5% vs. Q3 CY21). The brand has a wide portfolio of well-designed, indigenized, and distinctive lifestyle-oriented products including TWS, smartwatches, headphones and more offered at attractive prices.

On the global recognition, Aman Gupta, Co-founder & CMO, boAt said, "It was Sameer & my dream to make boAt the most desirable Indian brand. It feels surreal that boAt is now second only to Apple and has surpassed Samsung, Huawei, and Xiaomi globally in the overall wearable category. We are humbly proud & as a committed brand we will always keep the India flag flying high by offering ingenious products that are superior in quality and are boAthead centric."

Imagine Marketing continues to retain #2 position in the earwear market with 11.2% market share by volume (up from 10.3% in Q2CY22); The company is now #2 in TWS (9.2% market share) vs. #3 in Q2CY22. The phenomenal growth is due to the reasons such as availability, affordability, better features and functionalities like ANC, innovative designs, and low-latency mode for gaming. Also, the company is now ranked #1 in neckbands for the 9^th consecutive quarter (22% market share).

Watch-based wearables also tend to be the fastest-growing category for Imagine Marketing showing strong momentum. Besides affordability, features such as Bluetooth calling, bigger screen sizes, and AMOLED displays are attracting both first-time users and upgraders. The company is now ranked #6 position in the smartwatch market with 5.2% market share (up from 4.1% in Q2CY22) on the back of exponential growth (~140% growth v/s Q3CY21).

boAt has a strong omnichannel strategy, and its products are available across marketplaces including Amazon India, Flipkart, Myntra, Paytm, and more. The brand is available in more than 20,000 stores including Vijay Sales, Croma, Reliance Digital, and more.

As 'Make in India' continues to scale up, it is enabling the brand to launch products faster and at lower prices. Since the first quarter of the Financial Year 2022, many boAt products within the Rockerz, Bassheads, and Airdopes product ranges, as well as within the accessories (including cables and power banks) are being manufactured in India. boAt Bassheads 100, Bassheads 192, Bassheads 225, Rockerz 255 Pro, Rockerz 235v2, Airdopes 131, Airdopes 101, Airdopes 441, power banks, charging cables, and power bricks are among the current products available under boAt's "Make in India" initiative.

Note to the editor

Definitions as per IDC India

• Wearable – Wearable computing devices include any wearable device designed for the human body with a microprocessor. "Wearable computing" implies that the device operates in a hands-free fashion, and the user can readily put it on and take it off. This precludes implanted objects that are permanently affixed to the user. Moreover, we include only those devices that are designed to be worn and used on the body and exclude those that can be used when removed from the body
• Earwear – This includes any pieces that hang on or plug into the ear. The device must operate wirelessly and provide stereo sound while also including at least one of the following features:

o   Track health/fitness

o   Modify audio, and not just noise reduction

o   Provide language translation on the device

o   Enable smart assistants at the touch of a button or through hot word detection even if the assistant is running on another device such as a smartphone