July 27, 2024

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[THE INVESTOR] Samsung Electronics gained the No. 2 position in the global wearable market in the first quarter of this year, overtaking Fitbit for the first time, on the back of the success of its Gear S3 smartphone, latest data from Strategy Analytics showed on June 25.

Samsung captured 12.8 percent of the global market share in terms of sales, beating Fitbit’s 12.1 percent. Apple maintained its leadership with a whopping 53 percent market share.  

Samsung Gear S3

The industry tracker said Fitbit lost out to Samsung, due to slowing demand for its bands and a late entry to the emerging smartwatch market. It added the success of Gear S3 nudged the South Korean tech giant to expand its presence.

Since the launch in November, Samsung Gear S3 smartwatches have gained huge popularity by featuring a mobile payment function, longer battery life and built-in GPS capabilities for emergency calls or texts.

In terms of total product shipment, separate data by the industry tracker showed Apple again remaining at the top with 16 percent market share, followed by China‘s Xiaomi with 15.5 percent and Fitbit at 12.3 percent.

By Lee Ji-yoon and news wires (jylee@heraldcorp.com)