Delhi-based boAt Lifestyle has become the fifth biggest wearables brand in the world, the first Indian company to do so.
According to the International Data Corporation's (IDC's) latest market report, boAt had grabbed 2.6 percent wearable shipment in the September quarter, to grab the fifth position with Google-owned Fitbit. Huawei, Xiaomi, and Samsung are other leading brands in the global top five.
TWS earbuds shipments see massive 723% YoY growth in Q3 2020, boAt leads the way: Report
The Indian firm has recently signed Indian cricketers including KL Rahul and Shikhar Dhawan as their brand ambassador. As per IDC, boAt led the entire earwear category in India with a 32.4 percent market share. In the truly Wireless Stereo (TWS) section too, boAt's market share is 26.1 percent.
"Indian vendors were among the first to realise the opportunity in wireless earwear category and launched products at right price points," LiveMint quoted IDC India's Associate Research Manager Jaipal Singh as saying.
However, boAt's presence still remains limited to Indian market. The Indian firm lacks the global presence and supply chain in comparison to Apple, Samsung, and Huawei.
"Right now there is a huge demand for wearbales due to the COVID-19 pandemic. Also many are migrating from wired to wireless earwears. For the next two years there will be a market for all brands to grow. As the market matures, companies with more R&D and marketing muscle will dominate," Singh added.
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