If you are living in the West and you have heard the name of a wearable device, your mind would immediately go to the companies such as Apple and Fitbit among others. While it is true that these companies are some of the best and have the highest number of sales of wearable devices, the scenario becomes different globally. Apple’s Watch Series has been dominating the markets in the US followed by Fitbit but the global markets are dominated by sales in Asian countries such as China and India. The company that absolutely dominates sales in Asian countries is Xiaomi which is a Chinese manufacturer which is a price-conscious brand.
Talking about the wearable market, it is now revealed as per analysis from Canalys that Xiaomi has driven the growth of wearable bands in the market. Since we are talking about wearable bands, Xiaomi has a fitness band series named Mi Band series which is massively popular. TechCrunch’s report reveals that Wearable band shipments grew 65%, year over year for Q3. Despite the fact that Xiaomi doesn’t even operate in the US markets, the company is currently holding a 27% share in the entire wearable band market.
In order to understand why Apple and Fitbit are not on top of this list, we have to understand that Xiaomi is a brand known for keeping prices of its products under check. This means that they drive the global sales of wearable bands while they might not make the profits that companies such as Apple and Fitbit might make from their sales. However, Xiaomi believes in global market share and dominance in the industry which is why they have said that the company only keeps a 5% profit margin on its products. Other than Xiaomi, Huawei’s growth in the markets year over year was also spectacular as the company recorded 243% growth compared to last year in 2019.
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