Boat first quarter profit: boat leads the neckband market with 25.7% in first quarter in India: report

New Delhi: In the midst of overcrowding audible market, local brand Boat led the neckband market with 25.7% market share in the first quarter of 2022, a new report says.

According to market research firm Counterpoint, IndiaShipments to the neck strap market decreased 13% year-over-year (year-over-year) in the first quarter of 2022, but grew 34% year-over-year in 2021.

“Half of the total neck wrap market was taken over by the top three brands in the first quarter of 2022. The boat took the top spot thanks to its significant presence in the lower price segment (Rs 1,000-Rs 2,000)”, Senior research analyst Anshika Jain said in a statement.

“The main factor that has helped Boat maintain its leadership position is its wide range of hearing aid products, coupled with strong marketing efforts,” added Jain.

OnePlus Other the real me it conquered the second and third position with market shares of 14.9% and 9.6% respectively.

“The Indian neckband market has enormous potential. We estimate that this market will continue to grow in double digits in the next period. We have also seen the entry of new players in this segment, which should drive volumes in the second half of 2022”, said research director Tarun Pathak.

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“Domestic production is also likely to increase due to increased customs duties for audible wireless products. The current penetration of domestically manufactured products is 5%,” added Pathak.

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