For the first time, Chinese technology giant Xiaomi Corp has leapfrogged Apple Inc to be the world's largest wearable product manufacturer, a new report said.

The Beijing-based Xiaomi has outcompeted rivals with affordable products in the second quarter of this year by shipping 3.7 million wearable devices, up 23 percent year-on-year.

This gave it a 17 percent share of the global wearable devices market, according to consultancy Strategy Analytics.