Xiaomi reclaimed its spot as the second-largest smartphone seller globally in August 2024, surpassing Apple and right behind Samsung. This marks its highest rank since August 2021.
According to Counterpoint Research’s data, Xiaomi’s sales volumes remained flat month-on-month (MoM), but the company’s growth outpaced much of the market, thanks to strong performances in key regions like Latin America.
After a tough 2022 and early 2023, Xiaomi has turned things around. The company faced supply chain challenges and a difficult macroeconomic landscape last year. But in 2024, it has emerged as one of the fastest-growing smartphone brands, playing a key role in the market’s recovery.
Research Director Tarun Pathak had this to say on Xiaomi’s more focused strategy, “Xiaomi has adopted a leaner product strategy this year, focusing its energies on creating one hero model per price band, rather than launching multiple devices in one segment.”
This approach has allowed Xiaomi to streamline its offerings and connect more effectively with consumers across different price ranges.
Xiaomi’s most significant strength continues to be in the entry-to-mid-tier segments, with devices priced under $200 seeing massive demand. The company’s Redmi 13 and Note 13 series, known for their affordability and 5G capabilities, have been especially popular. These models have helped Xiaomi grow in key markets like India, Latin America, Southeast Asia, and the Middle East and Africa.
Despite industry-wide seasonal declines, Xiaomi saw gains in August, driven by promotions in Latin America. This contrasts with Apple’s usual dip in sales during the same period, just before the annual launch of a new iPhone. While Apple’s upcoming iPhone 16 series will likely boost its sales, Xiaomi’s August victory is seen as a reflection of the increasing competition in the global smartphone market.
Samsung, however, still holds the top spot.
As global competition heats up and technology becomes more accessible, Xiaomi’s well-executed strategy proves it’s a brand to watch.
