Chinese electronics company Xiaomi has announced that it has sold more than 1 million Mi Band units, the inexpensive fitness and health band for Chinese customers.

The $13 (RMB 79) fitness band has been a favorite among Chinese consumers, similar to Xiaomi's smartphones and other gadgets. At the price of a smartphone case, it is a very cheap way to record various health and fitness stats.

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It has only taken Xiaomi three months to sell 1 million units, with the largest recorded sales day on Singles Day, when the company sold 108,000 units.

Compared to the U.S. wearables market, 3.3 million fitness bands were sold between 2013 and 2014. FitBit managed to hold 67 percent of market in that year, accounting for just over 2 million unit sales.

Xiaomi looks to easily surpass FitBit this year with the Mi Band, a much cheaper product. At the current rate, Xiaomi should be able to sell at least 3 million units by the end of the fiscal year for the Mi Band.

It could get even bigger for Xiaomi soon - currently the Mi Band is only available in Mainland China, but will be available in Taiwan and Hong Kong this month.

Xiaomi has not said if the Mi Band will be available in other Asian countries by the end of 2015. The company does have plans to bridge into new markets like Brazil by the end of 2015.

2014 has been an excellent year for Xiaomi, with 20 million smartphone sales - putting the company at the top of the Chinese sales. Xiaomi is currently the fourth largest smartphone manufacturer, behind Samsung, Apple and Lenovo & Motorola.

The company expects even better results in 2015 with the expansion to new markets and the next generation of smartphones coming to Mainland China, alongside the ever growing appetite for smartphones in China.

TagsMi Band, wearable, fitness