August 2024 saw Xiaomi overtake Apple as the second-largest smartphone brand in the globe, mostly due to the latter’s low-cost model and excellent performance in Latin America. Even though its monthly sales were unchanged, Xiaomi’s seasonal decrease enabled it to secure the second position. With a 22% YoY gain in sales volumes, the brand was among the fastest-growing in H1 2024.
According to preliminary data from Counterpoint Research’s Smartphone 360 Monthly Tracker, Xiaomi surpassed Apple in terms of seasonal decline in smartphone sell-through volumes during the same period, taking the #2 spot globally for the first time since August 2021.
Reportedly this was achieved even though Xiaomi’s sales volumes remained flat month over month. As the worldwide industry continues to rebound, Xiaomi has emerged as one of the fastest-growing smartphone brands in 2024.
Fast growth allowed Xiaomi to overtake Apple in August; seasonal declines at Apple also played a role. New iPhones usually come out in September, making August Apple’s lowest month. When sales pick up in the upcoming months, the iPhone 16 series should help Apple reclaim the #2 or perhaps #1 position.
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With growth driven by discounts in Latin America offsetting seasonal decreases in its main regions, Xiaomi surpassed the market in August. However, the Chinese tech giant faced a difficult financial and geopolitical situation in 2023, much like the rest of the smartphone industry, following its supply issues in 2022.
After a lacklustre 2022 and H1 2023, Xiaomi changed its sales, channel, and product strategy effectively, and is now starting to see results. It is said to have grown YoY almost every month and has had tremendous growth over the last year.
Furthermore, the report says the last several quarters have witnessed an economic improvement in most of Xiaomi’s major markets, which has been especially helpful for demand in lower price ranges.
With the introduction of its competitively priced 5G handsets, the Redmi 13 and Note 13 series, Xiaomi has become even more formidable in the sub-$200 pricing range.
It is said to have gained market share in all of its major markets, particularly in India, Latin America, Southeast Asia, the Middle East, and Africa.
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Commenting on Xiaomi’s strategy, Research Director Tarun Pathak said, “Xiaomi has adopted a leaner product strategy this year, focusing its energies to create one hero model per price band, rather than launching multiple devices in one segment. Besides, it has also re-energized its sales and marketing focus while continuing expansion into newer markets and consolidating its position in existing markets. While entry-to-mid-tier devices continue to show strong performance for Xiaomi, it has also made inroads into the premium segment with foldable and ‘ultra’ devices.”
