Xiaomi Overtakes Apple to Become the World's Second Largest Smartphone Brand

Xiaomi Overtakes Apple to Become the World's Second Largest Smartphone BrandMarket research firm Counterpoint Research recently released a report stating that Xiaomi surpassed Apple in smartphone sales in August, becoming the second-largest smartphone brand globally, only behind Samsung. The report highlighted that Xiaomi's smartphone sales remained stable in August 2024, while Apple experienced a seasonal decline during the same period

Xiaomi Overtakes Apple to Become the World's Second Largest Smartphone Brand

Market research firm Counterpoint Research recently released a report stating that Xiaomi surpassed Apple in smartphone sales in August, becoming the second-largest smartphone brand globally, only behind Samsung. The report highlighted that Xiaomi's smartphone sales remained stable in August 2024, while Apple experienced a seasonal decline during the same period.

The report analyzes that Xiaomi, like other smartphone manufacturers, faced supply chain challenges in 2022, which persisted until the first half of 2023. However, Xiaomi successfully adjusted its product, sales, and channel strategies, leading to robust growth over the past year, registering gains almost every month compared to the previous year. Xiaomi emerged as one of the fastest-growing brands in the first half of 2024, with a 22% year-on-year increase in sales. Although growth might slow down in the second half due to the base effect, Xiaomi is expected to achieve strong double-digit growth for the entirety of 2024.

Tarun Pathak, Research Director at Counterpoint Research, indicated that Xiaomi adopted a more streamlined product strategy this year, focusing on developing one flagship model in each price range instead of launching multiple devices within the same segment. Additionally, Xiaomi has been consistently expanding into new markets and solidifying its position in existing ones while simultaneously refocusing on sales and marketing efforts.

While entry-level to mid-range devices continue to drive strong performance for Xiaomi, the company has also successfully entered the high-end market with its foldable and Ultra series devices. Xiaomi holds a particularly strong position in the low-end price segment, especially after the launch of its price-competitive 5G devices, Redmi 13 and Note 13 series. Redmi series devices have gained widespread popularity, contributing to Xiaomi's significant market share gains in all key markets, particularly India, Latin America, Southeast Asia, and the Middle East and Africa.

It is worth noting that IT Home reported on September 3rd that the top ten budget smartphone rankings for the second quarter of 2024 were dominated by Xiaomi, Samsung, and OPPO, with each company occupying three spots. The remaining slot was taken by TECNO.

Xiaomi's success underscores its dedication to product strategy, market expansion, and marketing initiatives. As the global smartphone market becomes increasingly competitive, Xiaomi's strong performance demonstrates its potential to remain a significant force in the market for years to come.