Apple, Huawei and Xiaomi Lead the Wearable Market in China and Globally
In contrast with the double-digit shipment growth of smart wearables globally during the second quarter of 2020, the Chinese wearable market failed to continue the growth with a 4.9% year-over-year decline.
According to IDC's classification, wearable products are comprised of hearables, watches, wristbands and others.
In China, the total shipments in the second quarter of smart wearables reached 26.58 million units with Huawei taking 29.2% of the total. The sales volume of Huawei is driven by the Watch GT 2 and the TWS product Freebuds 3. Xiaomi (01810:HK) follows Huawei and accounts for 21.3% of the total shipments. The company did not lavishly release new wearable products, except for the Mi Band 5 – thus it presents a 9.1% shipment decline year-on-year. Apple (AAPL:NASDAQ), which is the global number one wearable shipper, ranks third in the Chinese market, taking around 19% of the market. Though new releases, AirPods and Apple Watch are still favored by the consumers. The fourth and fifth goes to BBK Electronics' Imoo and Qihu 360 (601360:SH).
Globally, during the second quarter, the wearable market grew into 86.2 million shipments, presenting a 14.1% year-on-year growth. Unlike the Chinese market, Apple took an apparent lead with over 30% of the total market, while Huawei and Xiaomi are in a close race with 12.6% and 11.8% respectively. Notably, Huawei delivered the most significant year-on-year growth at 58%, which was mostly boosted by its surging sales in China.