Readers may or may not already know that the second-most shipped wearable in the world right now is the Xiaomi Mi Band.

Just behind Fitbit is the Mi Band that has grown considerably in popularity since its launch last fall in China. According to a report at Tech2, it has since spread to Hong Kong, India, Indonesia, Malaysia, Singapore, and Taiwan and just reached the U.S. and several European countries this past Monday.

Analysis from market research firm IDC (News - Alert) shows that the Mi Band has now reached a status of second place in the fight for wearable dominance, and in fact, it's not even a true Xiaomi product. Global news service Quartz notes that Huami Technologies manufactures the watch in addition to other Xiaomi-branded products.

That is no matter, though, because despite the true underpinnings of the hardware, the brand is seeing huge numbers across multiple continents and countries. The Mi Band has shipped more than one million units at the time of this printing and captured 24.6 percent of the overall wearables market share in the first quarter of 2015. That is a marked improvement over the zero percent it captured in Q1 2014 since it was not then a company. The fact that it now challenges Fitbit (34.2 percent market share in Q1 2015) is one heck of an exit from the gate.

The wearables market, overall, is also seeing a huge increase in shipped units. A total of 11.4 million wearables shipped in Q1 2015 which represents an increase of 200 percent over the 3.8 million shipped in the same quarter last year. IDC notes that the market crushed the post-holiday decline to demonstrate a pronounced user interest in all manner of such devices.

Clearly, the expectation for Xiaomi is that it will continue to grow since it has reached its newest markets in the U.S. and EU. Competitor Apple (News - Alert) also has a lot on its shoulders with the release of the Apple Watch that could prove tough competition even if its market share does not yet rival the top two competitors. There is a lot of room for growth in less than a year's time; just ask Xiaomi.