California- and Mumbai-based fitness technology startup GOQii, which was founded by Vishal Gondal, the former CEO & Founder of Indiagames, has grabbed top spot in the wearable segment for the second quarter of CY 2016 with 16.1 per cent market share, beating China’s Xiaomi, said the latest release from International Data Corporation (IDC).
Xiaomi toppled one positions down to number two with 10.3 per cent market share in Q2 2016. Apart from competitors launching products with display in the same price band, the consumers also delayed their purchase as the market awaits the launch of MI Band 2, said IDC.
Other than GOQii and Xiomi, American wearable firm Fitbit maintained its position at third position with 6.7 percent market share. The brand however increased its market share both in terms of units as well as value. The brand now holds almost a quarter share in terms of value leading by over 15 per cent to its closest competitor.
Apart from other key vendors and whitebox players, Intex holds a significant chunk in ‘others’ category and was one of the major drivers of the market.
GOQii managed to grabbed number one position due to its unique selling point of the vendor that provides access to a personal trainer who reviews the data collected from the wearable band and communicates via mobile app to guide them towards their health and fitness goals. GOQii has created an ecosystem including partnership with diagnostic centers and doctors. Unlike other brands, GOQii has relatively higher share in commercial as compared to consumer segment, said IDC.
The wearable market in India observed a robust growth of 41.9 per cent in Q2 2016 over the first quarter of 2016. As per IDC Worldwide Quarterly Wearable Device Tracker, the total shipment in Q2 2016 clocked over 567,000 units of which the basic wearables, defined as wearables which can’t run third party applications, contributed nearly 94 per cent.
Going ahead IDC sees no drop in growth rate in India’s wearable. “With festive season round the corner, most of the ecommerce companies are betting big on wearable devices. Considering the wide range of price points, wearable devices are expected to be first choice for gifting purpose. Bundling with mobile phones during festive season might give further push to the demand,” says Pranav Tripathi, Senior Research Manager, IDC