Here's what $6 billion Fitbit really needs to worry about (FIT)

Fitbit finally went public on Thursday, opening up nearly 50% on its first day of trading. It is now worth about $6 billion.

With $745.4 million in sales last year, Fitbit is the clear leader in the wearable market. In the first quarter of 2015 alone, it shipped roughly 3.9 million devices, which accounted for an industry-leading 34.2% of the market.

But Fitbit needs to be wary of the competition coming from China's Xiaomi. As seen in the chart below, by BI Intelligence, Fitbit has lost nearly 10 percentage points of the market share in the first quarter of 2015 compared to a year ago. Meanwhile, Xiaomi's share jumped to 25% of the market in the first three months of this year.

Although most of Xiaomi's Mi Band sales are estimated to have come from the Chinese market, Xiaomi has made it clear that it wants to expand globally. Just last month, it launched a new online store that made its wearables available in the US and UK.

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