"With the entrance of multiple new vendors with strengths in different industries, the wearables market is expected to maintain a positive outlook, though much of this growth is coming from vendor push rather than consumer demand", Jitesh Ubrani, Senior Research Analyst for IDC Mobile Device Trackers, said in a statemnet.
Shipping 5.2 million smart wearable gadgets in Q4 2016, Xiaomi was ranked the second largest wearable maker in the world with a market share of 15.2 percent, according to research firm IDC.
Smart wearables, which are able to run third-party apps, are evolving as well, and again, the focus is on fitness and health applications, Llamas continued. With 2016 seeing a staggering 102.4 million wearable devices being shipped, it is no longer a tall tale but a proven conclusion.
Improving shipments of ear-worn devices, referred to in the report as "hearables", and clothing with sensors woven in, while still relatively tiny, showed promise that the market is becoming about more than just wrist-worn devices, according to IDC.
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Xiaomi followed as 4Q unit shipments surged higher, almost doubling to 5.2 million units for a 15.2% market share.
Garmin, another major player in the wearable market had a slight fall by 4 per cent but is still holding a strong hold of the market and has 6.2 per cent market share in the last quarter of 2016. "This presents an opportunity to sell multiple wearables to a single consumer under the guise of 'fashion'".
Xiaomi's relentless growth helped to close the gap between it and the top vendor. The company has registered year-over-year growth of 96.2 per cent majorly because of the low-priced wearables it offers, but still, according to IDC, it lacks the expertise and brand recognition to expand beyond its native borders in China. Apple saw a steady increase of 13 percent, from 4.1 million to 4.6 million, following the launch of the Apple Watch Series 2. Fitbit shipped an estimated 6.5 million fitness trackers in the quarter, down from 8.4 million in the year-ago quarter.