(CBN - Global) May 18 -- Xiaomi Corp.'s share of the wearable devices market has surged almost 42 percent over the past year, exceeding Fitbit Inc.'s [NYSE:FIT] growth rate of 25.4 percent, according to a report from International Data Corporation for the first quarter.
San Francisco-based Fitbit led the market with a 24.5 percent share, while Beijing-based Xiaomi surpassed Apple Inc. to take the No.2 slot with a 9 percent share in the three months ended March 31. The market for wearable devices is developing rapidly, and the industry's annual growth rate has reached 67 percent.
Fitbit sold 4.8 million fitness trackers in the first quarter. Xiaomi trailed closely with 3.7 million shipments.
Apple and Chinese manufacturer Guangdong BBK Electronic Industrial Ltd. had zero market share in the same period last year but managed to ship 1.5 million and 700,000 units respectively during the first quarter, earning them market shares of 7.5 percent and 3.6 percent respectively. BBK tied with Samsung.
Apple is still the biggest player when it comes to smart watches. Its market share is 46 percent. Samsung follows on the heels of Apple with the second-largest market share, except that its portion fell from 29.8 percent last year to 20.9 percent this year, though its product shipments gained 40.5 percent.