New Delhi: With a 41% market share in the smart wearables device market, Chinese electronics company Xiaomi dominates the segment in India, according to a market report by International Data Corporation (IDC). Xiaomi’s Mi band 3 fitness tracker, which was launched in India at the end of September, has quickly become India’s largest selling smart wearable product, the report said.
“The newly launched Mi band 3 became the most shipped wearable product ever in the history of wearables in India," the IDC report said. In the third quarter of 2018, Xiaomi maintained its leadership in the market for the 5th consecutive quarter with a 41% market share.
“Although their shipments witnessed a decline of 20% quarter-over-quarter, but it saw a healthy growth of 77% in this quarter when compared to the same time a year ago," it said.
IDC’s ‘Quarterly Wearables Device Tracker’ saw two successive quarters of double-digit growth and shipped 102,000 units in the quarter, making it the first quarter to cross the 100,000 units shipment mark in the country.
In the list of top five wearable companies, GOQii holds the second position with 19% market share and remains the leading player in the commercial segment, as two-thirds of its shipments are billed to enterprises under the corporate wellness program.
Fastrack’s Reflex 2.0 helped maintain Titan retain the third spot in the wearables market.
Samsung returned to among the top five wearable companies in India by replacing Fitbit. Samsung bundled Gear Sport and Galaxy Watch with the launch of Samsung Note 9, and later, offered them at a discounted price which helped the brand to acquire a strong momentum in this quarter.
Fossil was able to capture the fifth position in the quarter with the help of Q Explorist Gen 3.
The overall India wearables market saw a 17% year-over-year (YoY) growth in the third quarter of the year as vendors shipped a total of 897,000 units in the country, the report said. However, the overall shipments declined 11% from the previous quarter largely because of the double-digit decline in the basic wearables.
“It is too early to say that the India wearables market has started moving towards the smart wearables. However, vendors have started analyzing the big pricing gaps between the basic and smart wearables," said Jaipal Singh, Associate Research Manager, Client Devices , IDC India.