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. Other leading brands in the top five worldwide include Huawei, Xiaomi, and Samsung.
As their brand ambassador, the Indian business has recently signed Indian cricketers, including KL Rahul and Shikhar Dhawan. BoAt led the entire segment of earwear in India with a 32.4 percent market share, as per IDC. BoAt’s market share is also 26.1 percent in the genuine Wireless Stereo (TWS) section.
“Indian vendors were among the first to realise the opportunity in wireless earwear category and launched products at right price points,”
BoAt’s presence, however still remains restricted to the Indian market. Compared to Apple, Samsung, and Huawei, the Indian firm lacks a global footprint and supply chain.
“Right now there is a huge demand for wearables due to the COVID-19 pandemic. Also many are migrating from wired to wireless ear wears. 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,” added Singh.
Founded in 2016, boAT clocked a revenue of Rs 500 crore, a 108.8 percent increase from FY 2019. The co-founders are now setting their sights on building out of India a global audio business. The boAt is present in 5,000 retail outlets, sponsored by 20 distributors.
A consumer-first approach is behind the growth of boAt, which has made the start-up one of India’s most sought-after young brands. Nearly 80% of its revenues come from e-commerce sites like Amazon and Flipkart. BoAt was able to learn what other brands did not want to learn, by paying attention to millions of online customer reviews, that Indians loved a product that could be part of their lifestyle.
BoAt currently has many influencers, including cricketers such as K L Rahul and Rishabh Pant, icons of fashion, singers, and actors. The company believes the lifestyle segment is only going to expand as young Indians are eating a lot more.