Mi Band 3 fitness tracker is a flagship product of the Chinese manufacturer Xiaomi. Riding on its success, Xiaomi has managed to hold on to its lead in the nation’s wearables market with a 41 percent market share in the third quarter of 2018. The report published by the International Data Corp (IDC) said on Thursday states that GOQii continues to hold the second position with a hefty 47 percent year-over-year growth and 19 percent market share in Q3 in 2018
Xiaomi and GOQii are closely trailed by Titan, Samsung, and Fossil in terms of market share.
IDC’s “Quarterly Wearables Tracker” report also suggested an 11 percent decline in the overall wearables shipments from the previous quarter primarily because of the significant decrease in the number of users of basic wearables
Jaipal Singh, Associate Research Manager, Client Devices, IDC India inferred that it is still in its early days to state the India wearables market has started moving towards the smart wearables. Owing to the recent trends, vendors have started analysing the significant pricing gaps between the necessary and smart wearables.
The general India wearables market witnessed a significant 17 percent year-over-year (YoY) growth in the third quarter of the year as a total of 897,000 units were shipped by vendors across various states in the country.
The smart wearables, those wearables that have the ability to run third-party applications on their own, experienced double-digit growth in the two successive quarters and shipped 102,000 units in Q3 2018, making it the first quarter to exceed the 100,000 units shipment mark in the country market.
Vendors are still trying to detect the best prices for smartwatches since the product has established itself as a vanity product in the Indian market.
Mr.Singh of IDC believes that the kid segment went unexplored by the vendors since the sale in this segment can drive the total volume. Kids are more comfortable with new technology and products that make them prime takers of this fancy product.
The shipments of Xiaomi recorded a downswing of 20 percent quarter-over-quarter, but healthy growth of 77 percent is recorded in this quarter when compared to the same time a year ago.
The IDC report for 3rd quarter 2018 announces Mi band 3 becoming the most shipped wearable product ever in the history of wearables in India.