Xiaomi has emerged as the world's second largest smartphone seller, overtaking Apple

It is reported that in August 2024, Xiaomi overtook Apple to become the second largest smartphone manufacturer in the world, second only to Samsung.

Here's What We Know

According to a Counterpoint Research report, Xiaomi's growth was driven by strong sales in Latin America, where promotions helped offset declining sales in other markets. Xiaomi's budget smartphones priced under $200, as well as its popular Redmi 13 and 5G-enabled Redmi Note 13 series, contributed to the company's success in India, Southeast Asia, the Middle East and Latin America.

The seasonal drop in iPhone sales before the launch of new models in September also played a role in Xiaomi's success. Apple is expected to regain its position in the coming weeks or months with the release of the iPhone 16 series. Xiaomi posted 22 per cent year-on-year sales growth in the first half of 2024, and despite a possible slowdown in the second half of the year, double-digit year-on-year growth is forecast.

Source: Counterpoint