Wearables Market Soars in Q3 as Chinese Vendors Challenge the Market Leaders
December 3, 2015 | IDCEstimated reading time: 3 minutes
A quarter after Apple debuted as the number two wearables vendor worldwide, Chinese vendor Xiaomi finished the third quarter of 2015 (3Q15) as a strong contender for this position. Similarly, newcomer XTC beat out Samsung as the world's number five wearables vendor. According to the International Data Corporation (IDC ) Worldwide Quarterly Wearable Device Tracker , total shipment volume for the quarter came to 21.0 million units, up 197.6% from the 7.1 million units shipped in 3Q14.
"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," noted Ramon Llamas , Research Manager for IDC's Wearables team. "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."
While there has been clear growth in the wearable market, there has been little sign of product cannibalization. Smart watches have drawn increased attention to the market from the likes of Apple, Motorola, Pebble, and Samsung, but this has not dampened interest in fitness trackers. By the end of 3Q15, shipment volumes for both product categories increased sequentially and year over year, showing that, for now, the categories can co-exist and grow. This also provides end users with choice in terms of feature sets and functionalities, ranging from simple fitness tracking to smartphone-like experiences.
"The bifurcation doesn't just exist in features, but also in price," said Jitesh Ubrani , Senior Research Analyst for IDC Mobile Device Trackers. "The average smart watch or band came in at just over \$400 and the average basic watch/band at \$94. This leaves a lot of room for new players like Fossil and niche players like Pebble as they have an opportunity to address this space."
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