Overall, Fitbit dropped 5% of market share from previous year, Apple dropped 3% and Xiaomi gained 1%.
The wearables market grew 16.9 percent year-on-year in the last three months of the year, reaching a quarterly record of 33.9 million thanks to the effects of the holiday season and improved device features, according to the latest study from IDC.
Ear-worn devices (hearables) surpassed one per cent of all shipments for the first time in a quarter and sensor-laden clothing accounted for more than one per cent of the entire market for the full year 2016. Adding to that, the company is making its efforts to retain its loyal investors by talking about their plans, for instance, how it plans to use Pebble which it acquired in 2016 in a bid to achieve its market ventures in the wearable industry.
It is pertinent to note that Fitbit experienced a significant decline in terms of sales, with shipments tumbling to 23% year-over-year (YoY) compared to 94% improvement for Xiaomi, 13% increase for Apple, while Garmin also experienced a decline of 4%.
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Other than this, Garmin and Samsung were able to capture 6.2 per cent and 5.6 per cent of market share in the wearable segment.
IDC noted that the company remains focused on the United States that is heavily saturated with fitness trackers.
"As the technology disappears into the background, hybrid watches and other fashion accessories with fitness tracking are starting to gain traction". 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 Watch Series 1 and Series 2 proved to be a magnificent success for the company as it was the company's best quarter ever in the wearables market. The lower entry price point and the inclusion of Global Positioning System on the Series 2 along with a completely revamped user interface have helped the company grow its presence.