According to a recent research, Apple and Xiaomi are leading the smart wearables market with about 18 percent market share each, in the first quarter of 2018. Both Apple and Xiaomi have shipped about 3.8 million and 3.7 million units, respectively. The leaders are followed by Fitbit, Garmin and Huawei with a market share of 11, 7 and 6 percent, respectively. Rest of the market is divided among other players. Overall, the wearables segment has grown by 35 percent year on year, to a whopping 20.1 million units shipped in the first quarter of 2018.
Based on the report from Canalys data, Apple was able to maintain its top position thanks to the success of Apple Watch Series 3 and the number of LTE-enabled Watches it was able to sell. Not just that, the Apple Watch Series 3 also managed to bring in more revenue through its data subscriptions. As a result, the smartwatch was a huge hit among operators, whose list only seems to be increasing every month. Thanks to Apple Watch Series 3, the company was able to represent 59 percent of the cellular-enabled smartwatch market.
Xiaomi, on the other hand, has been able to stay at the top because of its Mi Band, which accounts for more than 90 percent of its shipments. The company is also expected to launch a new Mi Band 3 at its upcoming event in Shenzhen on 31 May.
While fitness bands have a total market share of 57 percent in shipments, it’s the smartwatches that have dominated the revenue share. Overall, smartwatches have accounted for 80 percent of the revenue share in Q1 2018. As a result, other players in the market have also shifted their focus towards their smartwatch offerings.
Watch: Samsung Gear Sport and Fit Pro – Hands On
Garmin has started adding smart features such as Garmin Pay and music storage options on their wearables. Doing this has also made Garmin the second largest smartwatch vendor after Apple, with about 1 million shipments in the last quarter. Fitbit on the other hand is focusing on pushing its existing customers to its range of smartwatches, such as Blaze and the newly launched Versa. The company is also working on bringing in new health tracking features for women to expand its reach.