China's Xiaomi Corporation earned 24.6 percent of the wearables market in Quarter 1 (Q1) of 2015, selling 2.8 million tech gadgets. The sales figures are quite amazing considering that it launched its first smart watch, the $15 Mi Band, in the second half of 2014.
Xiaomi wearables have taken a big bite out of the wearables industry. It has reduced the market share of companies such as the leading brand Fitbit, as well as Samsung, Jawbone, and Garmin, according to a International Data Corporation (IDC) industry report.
Interestingly, the Xiaomi smartwatch maker and Fitbit both specialize in wearable gadgets for health-conscious consumers. Fitbit earned 34.2 percent of the tech sector's market share during Q1, according to WCCFTech.
The Q1 sales figures show the eighth quarter in a row of solid growth in the wearables business. Vendors sold a total of 11.4 million wearable devices during Q1.
The $15 price tag of the Xiaomi smartwatch certainly helped the Chinese tech company to boost its sales. Xiaomi is also already a big player in China's smartphone industry.
Still, the big question mark is whether Xiaomi Corp can maintain its current sales level. IDC stated that within time Apple Watch will likely become the wearables market leader, according to :Engadget. That will happen "fairly or not."
Cupertino will unlikely become the wearables technology king soon. However, its influence on the tech industry could make it a major player.
The Xiaomi wearable line will continue to penetrate the emerging market. It recently announced that a contact lens payment device is in the works.