Chinese tech giant Xiaomi overtook Apple to become the world’s second-largest smartphone brand by sales volume in August 2024, according to the latest data from Counterpoint Research.
This marks the first time in three years that the Chinese tech giant has claimed the No. 2 spot.
Xiaomi’s rise comes despite flat month-over-month (MoM) sales in August, while Apple experienced its usual seasonal decline ahead of the September launch of the iPhone 16 series. Analysts attribute
Xiaomi’s success to strong momentum built over the past year, driven by its revised product and sales strategy, as well as competitive pricing in key markets.
After a challenging 2022, Xiaomi rebounded in early 2024, recording 22% year-over-year (YoY) growth in the first half of the year. Despite facing economic headwinds and supply chain issues in 2023, Xiaomi implemented strategic changes that have paid off.
The company simplified its product lineup, focusing on one flagship device per price category, and expanded into new markets, all while maintaining a solid presence in entry-to-mid-tier smartphone segments.
“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,” said Tarun Pathak, Research Director at Counterpoint. “This, along with its push into premium segments and newer markets, has been a key driver of their growth.”
Xiaomi’s affordable 5G smartphones, particularly the Redmi 13 and Note 13 series, have been major contributors to the brand’s success, especially in fast-growing markets like India, Latin America, Southeast Asia, and Africa.
The devices, priced under USD 200, have struck a chord with consumers looking for budget-friendly 5G options.