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The wearables market has soared in the 2015 third quarter, with Fitbit, Apple and Xiaomi leading the charge, according to the International Data Corporation (IDC).The IDC has found that total shipment volumes for the quarter came to 21 million units, up 197.6 per cent year-on-year.
However, there has been little sign of product cannibalisation, and while smartwatches have drawn increased attention to the market, this has not affected interest in fitness trackers, with shipment volumes for both product categories increasing sequentially and year-on-year.
“The early stages of the wearables market have led to tight competition among the leading vendors, and Chinese vendors have seized upon market momentum to grab market share,” Ramon Llamas, IDC wearables team research manager, commented.
“China has quickly emerged as the fastest growing wearables market, attracting companies eager to compete on price and feature sets.
“In addition, multiple vendors have experimented with a broad range of products and applications. The challenge, however, is whether these vendors can expand their presence, as few have extended beyond the country’s borders and into other markets.”
Fitbit’s Fitbit Charge and Fitbit Surge models helped it maintain its leadership in the market, with its corporate wellness strategy posting fast growth during the quarter, with North American retailer Target ordering 335,000 fitness trackers for its employees.
Apple, meanwhile, posted a slight increase from the previous quarter, which was mostly the result of additional markets and channels coming on line, with end-user attention moving toward its entry-level and least expensive Sport line.
Xiaomi’s Mi Band recorded more than 97 per cent of its volumes shipped into China, while volumes outside of China remain limited.
Garmin’s focus on citizen athletes, with wearables for running, golf, swimming, hiking and aquatics, saw it come in as the number four vendor worldwide. The IDC states that “with a deep and broad product portfolio and multiple price points, Garmin has been well-positioned to cover numerous market segments”, addressing the rising fitness tracker category with its Vivo sub-brand of bands and watches.
Market-leader Fitbit captured a 22.2 per cent share of the market, shipping 4.7 million units, up 101.7 per cent year-on-year.
Apple, in second place, captured 18.6 per cent of the market, shipping 3.9 million units (no year-on-year), with Xiaomi in third place claiming a 17.4 per cent market share, shipping 3.7 million units, up 815.4 per cent year-on-year. Garmin, in fourth place, captured a 4.1 per cent market share, shipping 0.9 million units, up 72.5 per cent year-on-year.
