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BoAt surpasses 50 million 'Made in India' products despite market slowdown
Industry News- Aug 19,24
BoAt retains its position as the market leader with a 26.7% share, even though its shipments fell by 9.8% year-over-year.
BoAt, India's prominent audio and wearable brand, has announced it has exceeded 50 million 'Made in India' products, a significant milestone amid a challenging period for the wearables market marked by declining sales and limited product innovations.
The company currently produces 70-75% of its audio and smart wearable products domestically through a joint venture with Dixon Technologies. This collaboration has enabled BoAt to streamline its supply chain, reduce lead times, improve product quality, and lessen reliance on foreign manufacturing.
“Reaching the 50 million mark in Made in India products is a testament to our dedication to the 'Make in India' initiative and our trust in Indian manufacturing capabilities,” said Sameer Mehta, Co-founder and CEO, BoAt.
Despite this achievement, India's wearable device market saw a decline for the first time ever, with a 10% year-over-year drop to 29.5 million units in Q2 2024. The first half of the year also experienced a 4.7% decline, with 55.1 million units shipped, according to the International Data Corporation (IDC).
BoAt retains its position as the market leader with a 26.7% share, even though its shipments fell by 9.8% year-over-year. Analysts attribute the market downturn to a lack of innovation in new models and cautious inventory management by vendors, who are focusing on clearing old stock before the festive season.
To address these challenges, BoAt is investing in local research and development through BoAt Labs, its dedicated innovation center in India. The company has formed strategic partnerships with global tech leaders such as Google Inc, Qualcomm, Dolby, CEVA, and Mimi Hearing Technologies. This local focus on design and engineering aims to produce products tailored to the unique needs of the Indian market.
BoAt is also adjusting its strategy in the wearables segment by focusing on higher-end devices and advanced technology, moving away from entry-level products. “In wearables, we are reassessing our strategy and concentrating on more mature products in terms of hardware and algorithms,” Mehta explained in an interview with Business Standard.
Approximately 75-80% of BoAt’s revenues are derived from audio products. The average selling price (ASP) for wearables dropped to $18.8 in Q2, a 10.3% decrease from $21. Analysts predict that upcoming model launches during the festive season may help stabilise the market, though annual smartwatch shipments are expected to decline by 10% in 2024.
(Business Standard)
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