Amid the over-crowded hearables market, homegrown brand BoAt led the neckband market with a 25.7 percent market share in the first quarter of 2022, says a new report.
India's neckband market shipments declined 13 percent year-over-year (YoY) in the first quarter of 2022 but grew 34 percent YoY in 2021, according to the market research firm Counterpoint.
"Half of the total neckband market was taken over by the top three brands in Q1 2022. Boat captured the first position due to its significant presence in the lower price segment (Rs 1,000-Rs 2,000)," said Anshika Jain, Senior Research Analyst, Couterpoint.
"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," Jain added.
OnePlus and realme captured the second and third positions with 14.9 percent and 9.6 percent market shares, respectively.
Tarun Pathak, Research Director, Couterpoint stated, "India's neckband market holds tremendous potential. We estimate that this market will continue to grow in double digits in the coming period. We have also seen the entry of new players in this segment, which is expected to drive volumes in the second half of 2022.”
"Domestic manufacturing is also likely to pick up due to the increase in the customs duty for wireless hearable products. The current penetration of domestically made products stands at 5 percent," Pathak added.
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