Xiaomi Takes the Crown: Leading Global Wearables Market in Q1 2023

Xiaomi Reigns Supreme in Wearables

Xiaomi has taken the top spot in the global wearables market for the first quarter of 2023, according to market research firm Canalys. This impressive feat comes as the overall wearable market continues to grow, shipping a total of 46.6 million devices between January and March – a 13% increase year-over-year.

Xiaomi’s Winning Strategy

Xiaomi’s success can be attributed to several factors, including the release of updated versions of its popular Smart Band and Watch series, as well as the introduction of more affordable offerings in the Redmi series. The Redmi Band 5, in particular, proved to be a major hit with consumers during the quarter.

The company saw a remarkable 44% year-on-year growth in shipments, securing an impressive 19% market share with 8.7 million units shipped.

Apple and Huawei Close Behind

Apple maintained its strong second-place position with 7.6 million shipments and a 16% market share, while Huawei secured the third spot with 7.1 million shipments and a 15% share. Huawei’s success is largely driven by the popularity of its Watch GT and Watch Fit series.

Samsung and Garmin Round Out the Top Five

Samsung came in fourth place with 4.9 million shipments, capturing an 11% market share thanks to strong growth in emerging markets. Garmin rounded out the top five with 1.8 million shipments, earning a 4% share.

What Influences Wearable Purchases?

Canalys also conducted research in Europe to understand what factors drive consumer decisions when buying smartwatches. The results revealed that price and battery life are the most important factors for consumers, followed by health tracking features, brand reputation, and design. Interestingly, sport-specific features ranked lower in importance.

Looking Ahead: Subscriptions and Ecosystem Integration

Canalys predicts that the wearables market will see increasing competition in the areas of ecosystem integration and post-purchase services. Subscription-based models are expected to play a crucial role in engaging users and boosting brand revenue.