Xiaomi has officially overtaken Apple, becoming the second-largest smartphone brand globally in August 2024. According to Counterpoint Research‘s Smartphone 360 Monthly Tracker, Xiaomi’s global sell-through volumes stayed steady, whereas Apple saw a seasonal dip in August, which is typically a slow month for the company due to its upcoming product launches in September.
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Xiaomi’s success is attributed to strong demand in markets such as India, Latin America, Southeast Asia and the Middle East. In these regions, the company’s entry-level and mid-tier smartphones, the Redmi 13 and Note 13 series, performed well.
Xiaomi adopted a new product strategy in 2024 by streamlining its offerings. Unlike in previous years, where multiple devices were released within the same price category, Xiaomi now focuses on one hero device per price band.
The introduction of flagship products such as foldable smartphones and premium ultra devices, alongside popular mid-range models catered to a wide consumer base. This helped Xiaomi maintain a presence in both budget-friendly and premium smartphone markets.
Xiaomi’s lower-priced models those under $200, gained massive popularity in markets like India and Latin America. The company’s affordable 5G-enabled devices such as the Redmi 13 and Note 13 series were instrumental in its success.
Xiaomi’s promotional activities in Latin America helped offset seasonal declines seen in other regions allowing the company to maintain steady growth in August 2024.
Apple typically sees a decline in sales during August due to consumers delaying purchases in anticipation of new iPhone launches in September. This year was no different with the upcoming iPhone 16 series playing a major role in Apple’s lower sell-through volumes.
August is traditionally a slow month for Apple, as consumers hold off on purchases ahead of the annual iPhone launch in September. The anticipation of the iPhone 16 series launch contributed to a dip in Apple’s sell-through volumes in August.
This seasonal pattern happens nearly every year, where Apple experiences a drop in sales in the late summer months, only to recover quickly once new products hit the market in September.
Apple’s latest iPhone 16 series is expected to boost its sales and reclaim its spot from Xiaomi in the months following the launch.
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One of the main reasons Xiaomi overtakes Apple is its leaner product strategy. In 2024, Xiaomi shifted from launching numerous devices in each price category to focusing on one hero model per segment.
Xiaomi has expanded into premium categories with foldable and ultra devices, which have helped boost its global market share. This focus on higher-end products complements its already strong presence in the budget and mid-tier smartphone markets.
Xiaomi’s restructuring of its phone lineup in 2024 led to fewer devices in each segment allowing the company to focus more energy and resources on refining these models improving their quality and marketing them more aggressively.
Xiaomi struggled with supply chain issues and economic downturns across various markets, causing a slowdown in sales and production in 2022. However, by the first half of 2023, Xiaomi had begun its recovery, implementing new sales and channel strategies that allowed it to overcome these difficulties.
The company capitalized on economic recoveries in markets like India, Latin America, Southeast Asia and the Middle East, where budget smartphones particularly its Redmi lineup, have been extremely popular.
In India, Xiaomi continues to be a dominant player due to its affordable, feature-rich devices that cater to price-sensitive consumers.
In Latin America and Southeast Asia, Xiaomi’s Redmi 13 and Note 13 series gained traction, offering 5G technology at affordable price points.
One of Xiaomi’s strategies has been to dominate the lower price bands in the <$200 category. The introduction of price-competitive 5G devices like the Redmi 13 and Note 13 series has allowed the company to cater to price-sensitive markets while offering advanced features like 5G connectivity.
The Redmi 13C was one of the best-selling smartphones globally in Q2 2024.
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