Xiaomi has become the world’s second-largest seller of wearable devices in terms of shipments, registering sales of an estimated 2.8 million MiBands during Q1 2015.
FitBit, one of the pioneering brands in the fitness tracker market, is the only company to have sold more wearables than Xiaomi, with sales topping off at 3.9 million units, according to IDC.
The overall wearable market grew to 11.4 million units during Q1 2015, a growth of over 200% when compared to the 3.8 million units sold globally during Q1 2014.
Xiaomi is a fairly new entrant in the wearable/fitness tracker market, proving how volatile the market still is. Further, over the past one year, the wearable market has seen a massive price erosion.
Over 40% of all wearables sold in Q1 2015 were priced below $100 and brands like Xiaomi have a lot to do with that. Further, IDC reports that demand from emerging markets is on the rise, pushing down costs of devices even further.
Garmin (0.7mn), Samsung (0.6mn) and Jawbone (0.5mn) made up the other companies in the top 5 largest wearable sellers globally. Sony and Pebble narrowly missed out on making it into the top 5.
The biggest threat for leaders of the wearable market is Apple, which launched its long awaited smartwatch in April this year. Though the company’s device is high-end, it’s bound to become the standard every other wearable is compared against.
Different manufacturers are trying different things at this point of time. FitBit is predominantly targeting fitness oriented buyers, Garmin offers users GPS for more accurate tracking, Samsung is building devices like the Galaxy Gear that act as extensions of smartphones.
It proves that no one yet has arrived at the definitive answer to what a great wearable device should be like, and the same has been said about the Apple Watch as well.