Xiaomi Corp's 79 yuan ($13) fitness band has propelled the Chinese company to the top rungs of the global wearables market and made it the second-largest player, an industry report said on Thursday.

It was another unlikely success for the five-year-old smartphone vendor, considering that Xiaomi only launched the first-generation wearable product less than a year ago with basic features - not exactly the formula that market leaders like Fitbit Inc or Jawbone Inc would follow.

Xiaomi shipped 2.8 million Mi Bands during the January-March period, accounting for roughly one quarter of the total shipments of wearables.