Federica Laricchia
Research expert covering the global consumer technology industry
Get in touch with us nowXiaomi is the third most popular smartphone vendor
Integral to the company’s operations is its smartphone business. In 2022, Xiaomi smartphones totaled over 153 million unit shipments, accounting for almost 13 percent of the global smartphone market and trailing only Apple and Samsung in terms of market share. In its home market, Xiaomi has the fifth-highest market share behind other local brands in Honor, OPPO, and Vivo. On the other hand, Xiaomi has seen great success in the Indian market, where the company is tied for third place and held a market share four percent smaller than the leader Samsung.Xiaomi on your wrist
Xiaomi has also found success in the wearables sector. Since first entering the market in July 2014 with its Mi Band, the company has overtaken the long-established market leader Fitbit, and challenged the Apple Watch for the most popular new product in the market. In 2022, the company shipped almost 35 million wearable devices, ranking third after Apple and Samsung, with Apple’s massive 143 million shipments guaranteeing the American tech giant’s position as market leader. Xiaomi also entered the extended reality (XR) market with its AR glasses and VR headset. As the importance of this market grows, the company will likely release new devices in the coming years.Xiaomi investing in new markets
Driven by the success of its smartphone and wearables products, Xiaomi has recently entered the smart home and connected device market. Xiaomi’s Mi Home app manages all their smart home products and hardware offerings, including everything from smart vacuums to smart rice cookers. In combination with its manufacture of smart home devices, the company has also heavily invested in the internet of things (IoT) and artificial intelligence (AI) spaces in order to improve existing products and eventually integrate compatible technology offerings into more aspects of consumers’ everyday lives. For instance, the company counted almost 620 million artificial intelligence of things (AIoT) devices in 2023. In this era of constant technological developments and improvements, we can expect Xiaomi to bring new and innovative devices into the global and regional smartphone and smart home industries, which will likely lead to the company acquiring greater market shares forward.
