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Fitbit Loses Market Share in the Global Wearables Market

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Sep. 12 2018, Updated 4:50 p.m. ET

Fitbit’s market share drops to 9.5% in Q2

In the table below, you can see that Fitbit’s (FIT) shipments in the second quarter fell 21.7% year-over-year to 2.7 million devices. Fitbit shipments declined compared to the overall 5.5% growth in the wearables market. Fitbit was once the leader of the global wearables market.

However, it has lost market share to Apple and China’s (FXI) Xiaomi over the last two years. We can see that Apple’s shipments rose 38.4% and accounted for 17% of the global market.

The other top players include Xiaomi, Huawei, and Garmin (GRMN), which account for 15.1%, 6.5%, and 5.3% of the global wearables market, respectively. Huawei managed to double its shipments and market share in Q2.

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Apple dominates the smartwatch space as well

According to Counterpoint Research, Apple dominates the global smartwatch space with a significant share of 41%. Fitbit’s share in the smartwatch segment has increased from 8% in Q2 2017 to 21% in Q2 2018.

The top two smartwatch manufacturers account for ~60% of the total market. In terms of the top-selling smartwatch devices, the Apple Watch Series 1 topped the list, followed by the Fitbit Versa, Amazfit Bip, Apple Watch Series 3, and Fitbit Ionic.

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