The Chinese market for wearable devices reached 27.15 million units shipped in the third quarter of 2019, up 45.2% from 20.97 million units in the same time period last year, according to a report from market research firm International Data Corporation (IDC). The report predicts the market to reach 200 million units in 2023.
Why it matters: The report highlights the fast growth of China’s wearable devices market, and the fact that Chinese companies are the biggest players in this field.
Details: Xiaomi is leading the market, with a quarter of all shipments, but Huawei saw the biggest increase in shipments. The Shenzhen-based telecoms giant saw its shipments almost double in the last year, doubling its market share from 10.7% in the third quarter of 2018 to 20.7% in the third quarter of 2019.
- The market saw some consolidation in the time period , as the total share of the top five companies grew from 59.8% to 70.2% in that time period.
- BBK Electronics, the parent company of Oppo, is the only company in the top five that saw its market share decrease, from 9.8% to 7.7%.
Context: Xiaomi overtook Apple as China’s largest seller of wearable devices in 2018.