In the past several years, Pebble, Apple, Huawei, and numerous other businesses have invested millions of dollars in smartwatch technology. The smartwatch is arguably the most recognizable product in the wearables market today. It is a device that has practically come to represent wearable technology and is a promising tech but, with plenty of space for development.
Evolution of Smart wearables
The market for smartwatches, which also includes fitness trackers and digital watches, is expected to expand significantly as a result of the growing demand, especially among millennials, for advanced wearable devices. These technological Smartwatches, which frequently have step counters, sleep monitors, and heart rate monitors, are used as health monitors and are fueling market expansion. The Asia-Pacific region is predicted to experience the most growth in the sports watch segment, which is expected to hold a significant market share. Usually paired with compatible smartphones, these devices act as information gateways.
What does the Market say about Wearables?
According to shipping volume, the smartwatch market is predicted to increase at a compound annual growth rate (CAGR) of 27.78% from 171.38 million units in 2024 to 583.81 million units by 2029. The demand for aesthetically pleasing technological products to better suit customer requirements, such as time schedules and numerous functionalities in one device, has been driving the global need for smartwatches due to the rising rates of urbanization. In addition, a large portion of the millennial generation has started utilizing smartwatches as a result of rising tracking costs and expectations for luxury throughout ordinary work hours.
Is Boat ahead of the innovation curve?
Boat introduces Storm Call 3, the first smartwatch in India to provide turn-by-turn navigation at an affordable price point. This smartwatch is powered by Mappls MapmyIndia, which keeps all the capabilities of its predecessors while making sure it stays reasonably priced. MapmyIndia is a prominent provider of location-based Internet of Things (IoT), geospatial software, and deep-tech digital mapping services in India. Storm Call 3 also includes the QR Tray, which makes it easier to obtain important information on your wristwatch.
Save all of your QR codes on your watch with Crest to make sure you always have them handy for daily use or travel.BoAt has also included support for downloadable watch faces to the Storm Call 3, which can be customized using DIY Watch Face Studio, to allow customers to personalize their smartwatch experience.
Previously, Boat introduced the Xtend Sport smartwatch in June 2022, which is an improved model of the Boat Xtend. Lately, the company has launched a lot of products. The company’s current goal is to dominate the budget wisely, having previously dominated the budget audio market. These developments and additions will take advantage of the sports industry’s researched market.
Boat’s dedication to product development and innovation is a key component of its success. Investors must keep a careful eye on the business’s capacity to launch innovative products, remain ahead of market trends, and preserve a competitive edge. The share price may rise in response to the introduction of new products, indicating investor confidence in the business’s ability to grow. Moreover, a business that follows market trends is more likely to get favorable attention from investors, which will affect the Boat Share Price. To add to the credibility Boat holds, it has taken advantage of India’s growing e-commerce market strategically. The company’s reach has increased due to its solid online presence and strategic collaborations with leading e-commerce platforms. A strong e-commerce strategy can boost sales and help the Boat Share Price rise, which is why investors frequently see it favorably.
How is the Boat for investing?
Boat is a well-known audio and wearables business in India, having been founded in 2016 by Aman Gupta and Mehta. According to Gupta, 70% of boAt’s audio products were produced in India as of 2023. boat company revenue from operations increased by 18% to INR 3,376.7 Cr in the fiscal year that concluded on March 31, 2023, while its sales exceeded INR 3,000 Cr.
With support from Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Navi Technologies, and Fireside Ventures, the business has raised cumlatively $177 million in funding. Bollywood actor Ranveer Singh has also invested an undisclosed amount in boAt. With a market share of 25.6%, boAt is the D2C with the remarkable growth, up by 102.4 percent from the previous year.
Nevertheless, other companies compete with the boAt to take the remaining portion of the Indian market, such as Noise, Fire-Boltt, OnePlus, Ubon, etc. This makes it evident that boAt has been outperforming its rivals in terms of performance. Given its advantage over rivals and its early launch of Storm Call 3, the company has a bright future ahead of it.
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