Chinese tech company Xiaomi can add the title of being the world’s second largest wearable vendor to its growing list of accolades. According to the International Data Corporation, an American market research firm Xiaomi currently has 24.6% of the first quarter market, having shipped 2.8 million units. This is behind Fitbit, who have 34.2% of the market and shipped 3.9 million units, but well ahead of Garmin, who at third place only sold .7 million units and had 6.1% of the market. This news comes in shortly after the opening of Xiaomi’s Mi store, which will be selling only a limited selection of Xiaomi’s products, to the US.
But as with everything Xiaomi does, the amazing thing is that it has managed to do so much with so little. Xiaomi, who came into existence about 4 years ago, has been selling their only wearable device, the Mi Band, at the incredibly cheap price of about $15 for less than one year. Compare this to Fitbit, who has numerous products, the most economical of which begins at about $50. This price difference makes the Mi Band attractive to all those who cannot afford a product by one of the more well known competitors. Although the Mi Band cannot complete with some of the higher end wearable products in terms of features and specs, it gets the job done of tracking steps and tracking sleep just as well as any of the competitors. You add to this the fact that the product can go an incredible thirty days on a single charge, and one of the hidden virtues of the product becomes clear; it seems to be a very good introductory products for those who are on the fence about fitness wearables and are not sure they want to commit the money to get something better.
Xiaomi continues to grow as a company rapidly as a company, boasting that they will soon become the largest cell phone manufacturer in the world. The statement seems less like bravado everyday.