In the world, the size of the wearables market is increasing at a rapid pace. There are many big players like Apple, Samsung, Huwaei, and Xiaomi ruling the market, but the Indian startup led by Aman Gupta just overtook Xiaomi to # the 2nd position in terms of a company with the highest volume of wearables sold in Q3 of 2023.
This was as per the IDC report published on 16th Feb 2024.
BoAt is sailing through
BoAt, an Indian audio and wearable brand, has been making significant strides in the wearables market. Led by Aman Gupta, the shark from Shark Tank India, BoAt has changed the way Indians look at wearables.
In the third quarter of 2023, it achieved a major milestone by surpassing Xiaomi and securing the second position as the most popular wearable brand.
Their growth in global shipments stood at a 2.6% year-over-year increase during Q3 2023, underscoring their overall expansion of the wearables market.
In fact, the parent company of BoAt, Imagine Marketing, also secured the second spot with an impressive 1.43 crore shipment, making up 9.6% of the market share.
This remarkable growth highlights BoAt's significant impact on the competitive landscape of the wearable technology industry.
About IDC and its reports
IDC or International Data Corporation is a company that is known for creating reports on market intelligence, advisory services, technology, telecom, and consumer goods sectors.
In one of its quarterly reports on the smartphone industry, it shared that the Indian smartphone industry grew by 1% YoY in 2023. This growth led to a sale of over 146 Million Units,
Despite vendors trying to lower prices and offer deals, there were still too many unsold phones across stores because people weren't buying as much.
In 2023, the average price for a smartphone went up to $255, which is 14% more than the previous year. This is the third year in a row that prices have gone up a lot, making it tough for the smartphone market to bounce back.
The reason for the higher prices is that more people are choosing to buy expensive phones (over $600), making up 10% of sales in 2023, up from 6% in 2022. Also, a lot more people are buying phones with 5G, making up 55% of all phones sold.
Mobile Industry in India
The mobile industry in India has witnessed robust growth in r=the recent years. This was given the situations like the increased smartphone adoption, and affordable data rates.
The key players in the market have tried a lot to stay up and trending. The following performance stats highlight their state:
Apple: In Q3 2023, Apple led the market with 2.99 crore shipments, securing a substantial 29.9% market share. The brand had a stellar year, shipping 9 million units despite the highest ASP of US$940, driven by local manufacturing and the popularity of previous-generation iPhone models.
Samsung: Samsung faced a 5% shipment decline year-on-year but demonstrated its commitment to innovation by reportedly working on a smart ring, showcasing its dedication to technological advancements.
Xiaomi: Xiaomi and Samsung held market shares of 7.8% and 7.2%, respectively, with 11.6 million and 10.7 million units of shipments. Xiaomi faced increased competition, impacting its market share.
vivo's Growth: vivo (excluding iQOO) achieved growth in both shipments (8%) and ASPs (9%), securing the second position and standing out as the only brand among the top five to register growth.
Realme's Resilience: Despite early challenges, Realme maintained its third position, driven by its strategy of launching affordable devices and adapting to market dynamics.
The Growth Of Indian Companies
The growth of Indian private companies like BoAt has left a huge mark in the global consumer goods sector. They understood that Indians typically love goods that give the same premium feel at affordable rates.This is what BoAt constantly exploits in all its newly launched products. It has seen stellar growth and has huge potential in the future as well.
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