Despite a stock trading near the lows, the recent IDC Q1 wearables market report confirms that Fitbit (FIT) is dominant outside of China. The report shows a decline in worldwide market share from 38.7% to 29.4%. The key though is that the market leading position is only challenged by Xiaomi that relies entirely on the Chinese market. Until the Chinese vendors are able to convince European and North American consumers to buy their products, Fitbit appears in solid shape to dominate the market. Off course, plenty of threats exist with Under Armour (UA) entering the fitness tracker market and Apple (AAPL) making progress with smartwatches. Despite all the threats, Fitbit has a more dominant position than most think. The stock is suddenly appealing if the company can continue to innovate. Disclosure: No position