The latest report from market analysis firm Canalys shows that the Chinese smartphone maker Xiaomi surpassed Apple to become the world’s second-largest manufacturer in the second quarter of 2021.
According to statistics from Canalys, Xiaomi accounted for 17% of smartphone shipments globally in the last quarter, ahead of Apple (14%) and only behind Samsung Electronics (19%).
Canalys head of research Ben Stanton said Xiaomi is growing its business in overseas markets rapidly. He noted that the number of smartphones exported by this company to Latin America increased by 300% and 50% in Western Europe compared to the same period last year.
Overall, Xiaomi’s phone shipments grew by 83% year on year, outpacing Samsung Electronics’ 15% and Apple’s 1%.
However, Mr. Stanton noted that Xiaomi’s phones are still geared to meet the needs of the majority of “average” consumers with the average selling price of the Chinese company’s devices being 75% cheaper than the average price. Apple products.
Xiaomi is currently looking to enter the premium market segment. Earlier this year, Xiaomi launched the Mi 11 Ultra, a premium smartphone that starts at 5,999 yuan ($928). Xiaomi also launched its first foldable phone, the Mi Mix Fold, for 9,999 yuan.
That price makes Xiaomi can step up and compete with Apple and Samsung in the high-end segment. However, domestic rivals Oppo and Vivo are also trying to break into this segment.
According to Mr. Stanton, it will be an uphill battle for Xiaomi, as Oppo and Vivo have the same goal. Both companies are willing to spend big on network marketing to build their brands in a way that Xiaomi cannot.
But observers point out that while smartphones still make up the majority of Xiaomi’s revenue, the Chinese company is also looking to break into new areas of business. In March of this year, Xiaomi announced plans to launch the electric vehicle business and invest 10 billion USD over the next 10 years.