Xiaomi has been gaining a lot of popularity in the electronic goods market lately. And while it has achieved some success with its smartphones in several markets especially in China and India, the company is now claiming to be the top wearables company in the world.
Well, Xiaomi's India VP and Managing Director, Manu Kumar Jain, has now announced via Twitter that its wearables have surpassed the likes of Apple and Fitbit to become the top wearables vendor in the world. Jain in his tweet has further mentioned that Xiaomi has reached this milestone in Q1 2017.
Besides we are assuming that Xiaomi has managed to become number one because the company's wearables are quite cheap and they are almost sold at cost. Alternatively, Apple and Fitbit's products are quite costly. Against such setting, it is likely that Xiaomi has reached the number one spot.
As per the Q1 2017 shipment volumes report, Xiaomi and Apple more or less have the same shipment value of 3.6. But Xiaomi is ahead considering the market share which is at 14.7 percent while Apple has 14.6 percent share. As for Fitbit, Samsung, and Garmin they are in the top 5 spot with a market share of 12.3, 5.5, and 4.6 percents respectively.
Apple, Fitbit or Samsung haven't commented publicly about this. But if you consider the profit margins Apple and Samsung should be on top above everyone else. And notably, Xiaomi's profit margin is low in comparison as the company sells its wearables at a lower cost. In any case, Xiaomi has a lot of Mi fans in India. Going by some earlier reports Mi Band 2 is one of the highest selling fitness bands in India.
And it might be worth mentioning that Xiaomi is also reportedly working on a new fitness band presumably the Mi Band 3 which will be the successor to the popular Mi Band 2.