According to research firm Canalys, Chinese smartphone maker Xiaomi became the second-largest company in the industry in the second quarter of 2021 (based on sales), surpassing Apple.
Xiaomi's sales increased significantly during this period, giving it a 17% share, allowing it to overtake Apple, which had a 14% share. However, the Chinese company fell behind Samsung (19%), which maintains the first place, having the largest market share.
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Xiaomi . is rapidly expanding its overseas business,” said Canalys Research Manager Ben Stanton, highlighting that smartphone shipments increased by 300% in Latin America and 50% in Western Europe
The Chinese smartphone maker saw an 83% year-on-year increase in smartphone sales, while Samsung saw a 15% increase and Apple just 1%.
Stanton noted, however, that Xiaomi phones fall into the mass-market smartphone category, with their average price being 75% cheaper than Apple smartphones.
However, the company is now said to be trying to enter the market for more expensive, higher-end phones. Earlier this year, it launched the Mi 11 Ultra, a premium smartphone, priced at 5,999 yuan ($928). It also launched the Mi Mix Fold, its first foldable phone, priced at 9,999 yuan.
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This price range creates serious competition with Apple and Samsung. But there is also competition from domestic rivals, such as Oppo and Vivo, which are also trying to enter the high-end market.
“All suppliers are struggling to secure component supplies amid global shortages, but Xiaomi is already trying to achieve the next goal: displacing Samsung to become the world’s largest supplier,” Stanton said.
See also: Samsung found a new way to make foldable phones more affordable
Xiaomi has apparently benefited from Huawei 's troubles over the past two years. Huawei was once the world's largest smartphone maker, but US sanctions have hit the Chinese company hard, depriving it of hardware and software, causing its sales to plummet. Xiaomi appears to be the company that has benefited the most from this decline.
While smartphones are still Xiaomi's top revenue-generating products, the company is trying to enter new business areas. In March, for example, it announced plans to launch an electric vehicle business.
Source: CNBC
