Under the care of former Google executive Hugo Barra, the once little-known Chinese manufacturer Xiaomi has made a name for themselves in the past 2 years. Successful phone releases, millions upon millions of devices sold and last year releasing the simple yet very impressive Mi Band, which IDC today says has helped it to claim second place in the wearables market.
IDC says that Xiaomi shipped an impressive 2.8 million devices in the last quarter, accounting for just shy of 25% of wearables shipped. It’s important to note that Xiaomi represents a very cheap option, with deals on the Mi Band ranging from AU$22 and up if you keep your eyes open on the bargain websites.
IDC points to “price erosion” driving the growth in the top 5 vendors, with 40% of devices sold coming in under $100. This either validates or confirms Xiaomi’s model (depending on how you look at it), wanting to take on the big guns with a decent quality product at a red hot price.
It’s up to Xiaomi to work out how best to deliver profit within that model, though – these figures are based on units shipped, not revenue or profit.
Do you own one of the 2.8 million devices shipped by Xiaomi last quarter? Share your experience with the Mi Band with us.