After a huge 45 per cent rise year on year, Xiaomi reached the top three in the global smartphone industry, data from research firm Canalys reveals.
The lead was reclaimed by Samsung, up 2 per cent to 80.2 million units. Huawei, which saw shipments decline by 23 per cent to 51.7 million units when the US Google ban began to bite, was in second place. Third, Xiaomi sold 47.1 million units in Q3 2020 and appears to be the biggest beneficiary of Huawei’s woes.
Xiaomi has not yet published any revenue or profit figures of its own, either annually or quarterly, so it is impossible to know exactly how much money the firm generates off this tremendous sales growth. The sheer number of buyers is likely to leave plenty of cash around for potential acquisitions and growth, considering the cutthroat prices of its handsets.
For a business that was just founded four years ago, this is a very impressive growth spurt. The growth of the business was largely driven by the Chinese smartphone industry ‘s boom and strong local demand, but this development is unlikely to continue indefinitely.
Xiaomi has lately sought to grow beyond its core Chinese market , selling smartphones in Singapore , Hong Kong, and also in India, most recently. Hugo Barra of Xiaomi recently revealed that the firm was expanding its data centres across the globe to reach customers outside China better.
In a note on Friday, Canalys analyst Mo Jia said, “Xiaomi executed with violence to snatch shipments from Huawei.” Huawei’s shipments slumped by a fifth in Europe, while Xiaomi’s soared 88%, he added. “Xiaomi took a high output tar risk environment.