Despite shipping only 26.8 million units of its products in 2021, much less than Apple (161.8 million units) and Xiaomi (54.4 million units), boAt saw a massive 163.4 percent YoY growth last year.

When comparing the company's growth rate in 2020 to last year, there is a substantial difference. In 2020, boAt's year-over-year growth rate was only 2.3 percent. According to the research, boAt's high-value, low-cost strategy has proven to be tremendously successful in India for the company's wearable and hearable products.

The total shipments for wearables in 2021 reached 533.6 million units. The wearables market expanded in 2021, owing to the growth of hearables, which represented two-thirds of the overall wearables market.
According to boAT, India's wearables market would expand more than 10 times to $2-4 billion by 2025, up from $200 million in 2018.

BoAt had a revenue of Rs 1,553 crore and a net profit of Rs 118 crore in the first half of FY22. On the back of Rs 1,500 crore in revenue, the company had a net profit of Rs 78 crore in the fiscal year ending March 31, 2021.

Sale of Wireless earphones and headphones (62.66%), Sale of Wireless speakers (19.67%), Sale of Wired earphones and headphones (11.38%), Others- cables, chargers, etc (6.29%) make up boAt's revenue segment.
In India, BoAt has a market share of 37% for personal audio products and 28% for audio ear-wears. Because of its tremendous popularity in India, Imagine Marketing, the parent company of Boat, was able to secure a seat among the top 5 worldwide wearables firms among industry giants like Apple, Xiaomi, and Samsung.

Co-fonded by Sameer Ashok Mehta and Aman Gupta BoAt is an Indian consumer electronics company that sells earphones, headphones, portable chargers, and premium tough cables. BoAt promotes its products through a mix of influencer marketing and brand collaborations with sports teams and public events. BoAt refers to its brand influencers as "BoAtheads." Rashmika Mandanna was recently announced as boAt's first female brand ambassador.

In January, Boat's parent company, Imagine Marketing, submitted a draught red herring prospectus with Sebi, seeking to fund Rs 2,000 crore from the public markets. It is currently pending regulatory approval.
As the sector continues to develop into new regions throughout the world, worldwide wearables and audio device shipments are likely to rise