Boat leads India's neckband market

Indian wearables and hearables brand Boat led the Indian neckband market with a market share of 25.7% in the first quarter of 2022, at a time when neckband shipments declined by 13% year-on-year.

Boat was followed by wearables and hearables brands OnePlus, which captured a 14.9% market share and Realme, which had a 9.6% market share, according to market research firm Counterpoint, Indo-Asian News Service reported. Neckband market shipments in India rose by 34% year-on-year in the first quarter of 2021 then dropped by 13% year-on-year in the first quarter of 2022.

“Half of the total neckband market was taken over by the top three brands in Q1 2022,” said senior research analyst at Counterpoint Anshika Jain, Indo-Asian News Service reported. “Boat captured the first position due to its significant presence in the lower price segment (Rs 1,000-Rs 2,000). The primary factor that has helped Boat to maintain its leadership position is its wide range of products in hearables, along with strong marketing efforts.”

The neckband market in India is expected to continue to grow in double digits in the coming few years, according to Counterpoint. New businesses are entering the segment and this should boost sales in the second half of the 2022 calendar year. Indian businesses will also benefit from higher customs duties levied on wireless hearable products being imported from abroad.

Boat leads India's neckband market

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