As per the recent report from the International Data Corporation (IDC), The Global Quarterly Wearable Device Tracker reveals a significant shift as boAt, an Indian brand, secured the second position in global wearable device shipments by volume. Shipments of wearable devices went up to a record-breaking 148.4 million units during this quarter, reflecting a 2.6% year-over-year growth.
This positive trend in Q3 2023 is significant, surpassing the shipment figures of Q3 2021 (142.1 million) and Q3 2022 (144.6 million), the previous quarters were influenced by pandemic-related spending surges.
During Q3 2023, Apple secured a substantial 29.9% market share with 29.9 million shipments, claiming the top spot securing a 20.2% market share, the company experienced a 26.7% year-over-year growth decline.
In Q3 2023, Imagine Marketing, the parent company of boAt, emerged as the second-largest player, commanding a 9.6% market share through 14.3 million shipments. Notably, Imagine Marketing India had previously earned recognition as the 5th largest global wearables brand in Q2 of the previous year.
boAt's success can be credited to its strategic focus on the Indian market, where it has positioned itself as a market leader by offering a diverse range of affordable wearable devices. The recent introduction of the "Smart Ring" priced at Rs. 8,999, equipped with essential health and fitness features, reflects the company's commitment to expanding its portfolio and meeting the rising demand for smart rings.
Bryan Ma, a technology industry analyst at IDC, highlighted boAt's significant achievement, stating, "India’s boAt (Imagine Marketing) moved up to #2 in global wearables in 3Q23. Note that this is an aggregate of all wearables, including earwear/TWS where boAt is concentrated."
Jitesh Ubrani, the research manager of mobility and consumer device trackers at IDC, noted that the primary catalyst for the growth in wearables is the rise of smaller and more streamlined designs. He mentioned, “Smart rings from newer brands such as Oura, Noise, boAt, Circular, and others are expected to jumpstart the new form factor in the coming quarters while also putting pressure on the incumbent brands to innovate on health tracking,” as stated in a press release.
Securing the third position, Xiaomi shipped 11.6 million units, claiming a 7.8% market share. Notably, Xiaomi exhibited the highest year-over-year growth among the top five vendors, registering a substantial 36.0% increase. Samsung and Huawei maintained their positions in the top five with 10.7 million and 8.5 million units shipped, respectively. Samsung's market share remained steady at 7.2%, while Huawei experienced a slight decline to 5.9%.International Data Corporation (
International Data Corporation (IDC) provided insights in its worldwide quarterly wearable device tracker report. The report revealed a notable increase in total volume during Q3 2023, surpassing the previous quarters of 2021 (142.1 million) and 2022 (144.6 million) with a substantial growth. IDC attributes this rise in growth primarily to the increased presence of smaller brands and the emergence of new categories in the wearable device market.
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