Wearable technology is becoming more and more popular. Apple, Xiaomi, Samsung, and Huawei are competing for the number one position. In the worldwide competition for wearable technology, an Indian company BoAt becomes the second-largest and become a powerful force in 2023.
The reason for BoAt becomes the second-largest is that it has focused on the Indian market, where it has become a market leader by offering a wide variety of reasonably priced wearables.
The parent firm of the Indian wearable and audio brand boAt, Imagine Marketing, ranked second in Q3 2023. It 14.3 million shipments, accounting for 9.6% of the market. This shows a notable 19.4% annual growth over the previous calendar year.
Shipments of wearable devices during the same period last year showed a surge in volume as well as exceeding the total amount sold during that time. The growth is attributed to emerging market segments and small brands. IDC’s quarterly report.
In Q3 2023, the international wearable device market grew modestly, according to a recent analysis from IDC. With 148.4 million units shipped in the third quarter, shipments hit a record high and increased 2.6% year over year.
The fact that this increased trend surpasses the shipments from Q3 2022 (144.6 million) and Q3 2021 (142.1 million). Which given the outbreak, were driven by a shopping frenzy, makes it especially remarkable.
Apple maintained its lead as the leading wearable device provider. With 29.9 million devices shipped in Q32023 and accounting for 20.2% of the market.