boAt's sales in FY20 were 292%, 305% and 424% higher than its homegrown new-age competitors Noise, Portronics and Ambrane, respectively. The acquisitions of Read Gear (2020), DEFY (2021), Misfit (2021) and Tagg (2021) also helped diversify its offering across personal care and gaming accessories. A higher market share and vibrant digital reach are expected to create a sustainable profit margin for the company in the future. As of 2020, the GNI per capita income was $6,107, a 45% rise from $4,189 in 2010. With the increase in income, the demand for branded products across all categories is poised to grow. In the audio and wearables market, the share of branded products is estimated to grow from 61% (by value) in 2020 to 75% in 2025, indicating sustainable demand for the product lines offered by boAt.
