Oh boy! This shouldn’t come as a surprise. After displacing the likes of Apple, Samsung and other home-based OEMs in mobile segment, Xiaomi is named the king of wearables too. Folks, it isn’t Fitbit, Jawbone or Apple Watch but Xiaomi Mi Band, which is the fastest-growing wearable.
Though, Fitbit tops the list that reveals market shares, shipments and year-over-year growth but keeping in mind that the Chinese maker didn’t even start shipping its debut wearable by the last quarter of 2014. It is #achievementunlocked.
Xiaomi Mi Band Uproots:
Also, the number of sold devices is just 2.8 million and yet it still managed to grab market share and shrunk the established players like Pebble, Motorola and LG to the ‘other’ category! In fact Xiaomi Mi Band isn’t available for sale globally. Though the company has shown aspirations of going global in countries like India, it is still asking for pre-orders.
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Such data is enough to startle you from your deep slumber and you are forced to take notice. It is to be noted that only Samsung from the mainstream category is able to make some space along with Xiaomi, Garmin, and Jawbone here.
The rest, well, has been pushed to oblivion or ‘others’ as of now. Sony was pushed to fifth position and despite an array of wearable devices such as Samsung Gear S, Samsung Gear Fit and Gear 2 Neo; Samsung was at the fourth place. The limited connectivity (capable to connect to only high-end Samsung smartphones) of Samsung wearables had hurt their scope.
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The report was made public by International Data Corporation (IDC) and it estimated that in the first quarter of this year, Chinese OEM has successfully grabbed 24.6 percent of the wearable market. IDC doesn’t tell how Xiaomi managed to perform so well and outrun established players but certainly the budget price of $15 played a big role to attract fence-sitters and people who weren’t interested in wearables in the first place.
However, will it survive the test of time is the real question as slowly the market is witnessing the growth of budget-friendly and quality fitness bands, Micromax YuFit fitness band being the latest.
Xiaomi Mi Band Pricing:
Jitesh Ubrani, Senior Research Analyst, Worldwide Mobile Device Trackers acknowledges the price factor. According to him, “We now see over 40% of the devices priced under $100, and that’s one reason why the top 5 vendors have been able to grow their dominance from two-thirds of the market in the first quarter of last year to three quarters this quarter.
Despite this price erosion, Apple’s entrance with a product priced at the high end of the spectrum will test consumers’ willingness to pay a premium for a brand or product that is the center of attention.”
Jawbone’s predictive data engine and reliability on data made its no-display fitness bands such as Jawbone UP Move, UP2 and UP4 likeable whereas for Fitbit it is the years of experience, data and study that played crucial role. With Fitbit, you can find fitness bands catered for everybody’s unique need, be it a causal runner or professional athlete.
Apple Watch’s conspicuous absence bugs but analysts at IDC believe that it is temporary and Apple’s debut wrist companion will set the benchmark for the rest of them. While the sales figures won’t be astounding for it but mere the presence of the status symbol Apple Watch could be a big problem for players like Jawbone, Pebble and Fitness to deal with.