Imagine Marketing, the parent company of boAt is now ranked #2 in the earwear market as per the leading market research and advisory firm International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker Q2CY2022. The brand now commands 10% market share by volume (up from 4% in Q1 CY22) on the back of strong growth rate (65% Q2CY22 over Q2CY21). The brand has a wide portfolio of well-designed, indigenized, and distinctive lifestyle-oriented products offered at attractive prices.
On the global recognition, Aman Gupta, Co-founder & CMO, boAt said, “"It was my dream to make boAt the most desirable Indian brand. It feels surreal that boAt is now the 2nd largest earwear brand globally and has surpassed Samsung, Xiaomi, and OnePlus. We are humbled and overwhelmed with the confidence and support shown by our boAtheads over the years. We will continue doing what we do best by bringing products that are well designed, innovative, and boAthead-centric."
Among the top 5 global earwear brands, Imagine Marketing is one of the fastest growing companies in 2Q22 with a positive Y-O-Y growth of +64.8%. Imagine Marketing leads the neckband category for 8 straight quarters, capturing 25% market share globally. The company is now ranked 3rd in the TWS category with 7% market share globally. The phenomenal growth is due to the reasons such as availability, affordability, better features and functionalities like ANC, innovative designs, and low-latency mode for gaming. In addition, Imagine Marketing continues to retain pole position in the overall wearables category in India for the third consecutive year (CY20, CY21, CY22 YTD) as per IDC India Monthly Wearable Device Tracker, August 2022. Watch-based wearables also tend to be the fastest-growing category for Imagine Marketing showing strong momentum with >145% growth over the last year (H12021 v/s H12022). In addition to the affordability, features such as Bluetooth calling, bigger screen sizes, and AMOLED displays are attracting both first-time users and upgraders.
The company has a strong omnichannel strategy, and its products are available across marketplaces including Amazon India, Flipkart, Myntra, Paytm, and more. The brand is available in more than 20,000 stores including Vijay Sales, Croma, Reliance Digital, and more.
Imagine Marketing (parent company of boAt) is buoyant about the festive sales season and is forecasting increased demand for its expansive product portfolio which is drawn on positive consumer sentiment, affordability, and a better feature set in its devices. Besides, during the festive period, people are also seeing boAt smartwatches and TWS devices as good options for gifting purposes.
As ‘Make in India’ continues to scale up, it is enabling the brand to launch products faster and at lower prices. Since the first quarter of the Financial Year 2022, many boAt products within the Rockerz, Bassheads, and Airdopes product ranges, as well as within the accessories (including cables and power banks) are being manufactured in India. boAt Bassheads 100, Bassheads 192, Bassheads 225, Rockerz 255 Pro, Rockerz 235v2, Airdopes 131, Airdopes 101, Airdopes 441, power banks, charging cables, and power bricks are among the current products available under boAt's "Make in India" initiative.