According to the leading market research and advisory firm International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker Q2CY2022, Imagine Marketing, the parent company of boAt, is ranked fifth in the world. Furthermore, according to IDC India Monthly Wearable Device Tracker, August 2022, Imagine Marketing continues to lead the overall wearables category in India for the third consecutive year (CY20, CY21, CY22 YTD). The brand has a diverse portfolio of well-designed, indigenous, and distinctive lifestyle-oriented products that are reasonably priced.
In July 2022, Imagine Marketing will have a 40%+ market share in the TWS category. The phenomenal growth can be attributed to factors such as availability, affordability, improved features and functionalities such as ANC, innovative designs, and low-latency gaming modes. Watch-based wearables are also the fastest-growing category for Imagine Marketing, with >145% growth over the last year (H12021 v/s H12022). Aside from the low price, features like Bluetooth calling, larger screen sizes, and AMOLED displays are enticing to both first-time users and upgraders.
Imagine Marketing (parent company of boAt) is optimistic about the holiday season and expects increased demand for its diverse product portfolio, which is based on positive consumer sentiment, affordability, and a more robust feature set in its devices. Furthermore, during the holiday season, people are seeing boAt smartwatches and TWS devices as good gifting options. As ‘Make in India’ expands, the brand can launch products more quickly and at a lower cost. Under its Make in India strategy, the company intends to produce 6 million units in H1FY23.
“Design, innovation, and customer centricity are core to our business,” said Aman Gupta, Co-founder & CMO, boAt. Our brand’s success can be attributed to our agility, rapid innovation cycle, and constant listening to our boAtheads. We are humbled and overwhelmed by the trust and support that customers have shown us over the years. It is a source of pride for all Indians because it validates the growing global acceptance of home-grown brands. We intend to become a global lifestyle brand with the help of our government. “We at boAt understand the needs of millennials and will continue to do what we do best to serve the boAthead community.”
Many boAt products in the Rockerz, Bassheads, and Airdopes product lines, as well as accessories (including cables and power banks), have been manufactured in India since the first quarter of the Fiscal Year 2022. Among the current products available under boAt’s “Make in India” initiative are the Bassheads 100, 192, 225, Rockerz 255 Pro, Rockerz 235v2, Airdopes 131, 101, 441, power banks, charging cables, and power bricks.