The competitive dynamics in the global wearable band market has changed in the second quarter, according to a new report from Canalys.
Apple Toppled: China's Xiaomi Corp XIACF overtook Apple Inc AAPL to become the top wearable band vendor in the second quarter, thanks to the launch of the Mi Smart Band 6, Canalys said.
The company shipped 8 million bands in the second quarter, up 2.6% year-over-year. This gave the company 19.6% of the market.
The strong performance comes despite India, one of Xiaomi's strongest markets, was not on the initial global launch list.
"Xiaomi made a wise move to hasten the release of the Mi Band 6, which is a more compelling device than its predecessor," said Canalys analyst Cynthia Chen.
In comparison, Apple shipped 7.9 million wearable bands and took 19.3% of the overall market.
Huawei and Alphabet Inc. GOOGGOOGL-owned Fitbit took the third and fourth position, respectively, with 7.3% and 6.1% market share.
Global wearable band shipments rose 5.6% year-over-year to 40.9 million units, the report said.
A Canalys report released in mid-July showed Xiaomi overtook Apple in smartphone shipments in the quarter to take the second spot.
Related Link: Why Apple Is A 'Top Tech Name' To Own Right Now
Apple Maintains Sizeable Lead In Wristwatch Market: Apple continued to lead the global wristwatch market, with a commanding 31.1% market share in the second quarter, Canalys said.
Apple shipped 7.9 million wristwatches, the report added.
Huawei was a distant second with a 9% market share and Garmin followed with a 7.6% share.
Recent vendor movements included Samsung joining forces with Google to develop Wear OS 3 and the launch of Samsung's Galaxy Watch4 series with new biosensors and a 5nm chipset. Among the other challengers are Oppo and Huami (Zepp), which are developing in-house components and solutions for their watches, Canalys said.
At last check Tuesday afternoon, Apple shares were up 1.255% at $156.69.
Photo: Courtesy of Apple
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.