Xiaomi pips Apple to become world's no. 2 smartphone brand in August

Xiaomi has overtaken Apple to become the second-largest smartphone brand globally by sales volume in August 2024, according to a report from Counterpoint Research. This shift was primarily due to a seasonal decline in iPhone sales, which often happens just before the launch of new models. Despite no significant change in its month-on-month sales, Xiaomi’s steady performance allowed it to secure the number two position, marking its return to this rank for the first time since August 2021.

Key Drivers of Xiaomi’s Growth

Strong Performance in Latin America: Xiaomi’s growth in August was fueled by promotions in Latin America, which helped offset slower sales in other key markets.

Budget Smartphones: The popularity of Xiaomi’s affordable smartphones, priced under $200 (approx. ₹17,000), contributed significantly to its global sales.

5G Devices: The Redmi 13 and Redmi Note 13 series, especially in India, Southeast Asia, and the Middle East, played a pivotal role in capturing market share.

Seasonal Impact on Apple

Apple typically experiences a decline in sales in August, leading up to the launch of new iPhone models in September. While this allowed Xiaomi to temporarily climb to the second spot, analysts expect Apple to regain its position once sales of the iPhone 16 series gain momentum.

Xiaomi’s 2024 Growth Prospects

In the first half of 2024, Xiaomi posted a remarkable 22% year-on-year growth in sales volumes, making it one of the fastest-growing smartphone brands. Although this growth is expected to moderate in the second half of the year, the company is still projected to achieve double-digit growth in 2024.

This achievement further solidifies Xiaomi’s standing in the global smartphone market, with expectations of continued competition between the Chinese tech giant and Apple.