Apple Inc. (AAPL  ) has retained the top spot in global wearable shipments during the June 2023 quarter despite a slight decline in its growth rate.

What Happened: Global technology analyst firm Canalys has reported that Apple has retained the top spot in global wearable shipments during the June quarter despite a downturn in its shipments compared to the last year.

This is impressive, especially considering that the top five list is dominated by companies making affordable wearable makers, with Xiaomi, Noise, and Fire Boltt taking the second, fourth, and fifth spots, respectively.

Softer global economic conditions weighed on Apple's performance, with the company witnessing a 3% decline in wearable shipments. Xiaomi's share remained unchanged, while Huawei, Noise, and Fire Boltt reported 13%, 93%, and 86% growth, respectively.

Comfortably Ahead: Despite its rivals catching up in absolute numbers, Apple is still comfortably ahead of them, with an 18% share in global wearable shipments during the June 2023 quarter.

Xiaomi was a distant second with a share of just 11%, despite its far more affordable fitness trackers and smart bands accounting for many of its wearable sales.

Huawei was a close third with a share of 10%. Two Indian brands - Noise and Fire Boltt- comprised the top five list. However, like Xiaomi, these two brands also juggle in the affordable segment.

According to another analyst firm, IDC, the Indian wearable market had an average selling price of $25.6 at the end of the June 2023 quarter. This is a far cry from Apple's cheapest smartwatch, the Apple Watch SE, which is currently retailing for $249.

It remains to be seen if Apple retains its top position despite a challenging macroeconomic environment.