Despite the gloomy smartphone market, wearable device sector saw healthy growth.
Smart wearable manufacturer Huami Corporation (HMI: NYSE) announced its total shipments surpassing 100 million. Despite the gloomy smartphone market, wearable device sector saw a healthy growth.
The number was disclosed at Huami's conference releasing the new smartwatch Amazfit GTS on August 27. In 2019 Q2, Huami smart wearables reached shipments of 8.3 million with a year-over-year growth rate of 53.7%.
Partnered with Xiaomi (1810: HKEx), Huami designs and manufactures smart bands, smartwatches and associated accessories "Xiaomi Wearable Products". As of August 2019, the company has shipped over 100 million smart consumer devices including smartwatches, bands, scales, etc.
Smart wearables are gaining momentum and the competition is heating up. According to data from market research firm IDC, the global wearable devices reached total shipments of 49.6 million in 2019 Q1, up 55.2% year-over-year. As global smartphone industry seeing continuous declining, smartphone players such as Huawei, Xiaomi, OPPO and vivo are all moving to smart wearable industry.
IDC releases that Apple currently dominated the wearable market with a market share of 26%, followed by Xiaomi's 13%, Huawei's 10%, Samsung of 9% and Fitbit, known for its smart band, consisting 6%. Xiaomi ranked the second, providing much cheaper bands and smartwatches than those of Apple, and many of which are produced by Huami. In the future, the company aims to be entering a relationship with Xiaomi that is similar to "JD.com and Tencent", according to Huang Wang, CEO of Huami.
On August 19, Huami announced its unaudited financial performance for 2019 June quarter, achieving revenues of CNY 1,038.7 million (USD 151.3 million).