Xiaomi’s wearables have been immensely popular in the markets, thanks largely to the low-cost factor. The company’s India VP and Managing Director, Manu Kumar Jain, has now announced via Twitter that its wearables have surpassed the likes of Apple Watch to become the top wearables vendor in the world. The company seems to have achieved this feat in the first quarter of 2017.
Xiaomi overtakes Apple, Fitbit to become #1 wearable device company in the world 💪 RT if u love your #MiBand. Share your fav #MiBand story☺️ pic.twitter.com/eUK1cyTV3cJune 8, 2017
While Xiaomi and Apple have the same shipment value of 3.6, Xiaomi is slightly ahead in terms of market share at 14.7% compared to Apple’s 14.6%. Fitbit, Samsung, and Garmin make up the top 5 with a market share of 12.3%, 5.5%, and 4.6% respectively.
Xiaomi’s Mi Band 2 is one of the highest selling fitness bands in India. In addition to selling it online, the company is also selling it via the Mi Home store in Bangalore. Since the first-gen Mi Band is no longer sold directly by the company, the figures quoted here take only the Mi Band 2 into account.
Apple, Fitbit or Samsung are yet to comment on these figures, although we imagine the companies will have a thing or two to say about this. If we take profit margins into account, though, companies like Apple and Samsung are leagues ahead.
One of the reasons why Xiaomi’s wearables are so cheap is because they’re almost sold at cost. This means the profit margins are incredibly low for the company.
