Xiaomi Regains Top Spot in India's Smartphone Market, Tied with Vivo
Xiaomi regains top spot in India's smartphone market, tied with Vivo. Captured 18% market share in the second quarter, shipping 6.7 million units. Modest growth of 1% in the Indian smartphone market during the same period.
However, it shares the honour with its domestic rival, Vivo. According to Canalys data, Xiaomi had an outstanding 18% market share in the second quarter, shipping 6.7 million units total. This growth is a 24% increase over the same period in 2023. Xiaomi's success can be credited to its mid-range and premium devices, which have proven popular with Indian consumers.
Despite Xiaomi's resurgence, the Indian smartphone market grew at a modest 1% in Q2. According to Canalys, this is due to low seasonal demand, harsh weather, and national elections. Vivo, with an 18% market share, also shipped 6.7 million handsets in the same period.
Sanyam Chaurasia, a senior analyst at Canalys, emphasised Xiaomi's ability to drive volumes with its mid-to-high-end product selection. The Redmi Note 13 Pro series, which includes renewed colour options, and the recently announced Xiaomi 14 Civi, which is noted for its camera quality and unusual leather style, both contributed significantly to Xiaomi's recovery.
Xiaomi has struggled in one of its core markets outside China, with dropping sales and a shrinking market share. Geopolitical concerns and greater monitoring of Chinese technology corporations following a border conflict between Chinese and Indian soldiers in 2020 have had an influence on Xiaomi's performance. Indian authorities have investigated the corporation on a variety of grounds, including taxation, customs charges, and foreign exchange compliance.
In 2022, India's federal financial crimes department discovered questionable remittance transfers made by Xiaomi's local affiliate to three overseas firms, resulting in the confiscation of money totaling over $676 million. Xiaomi has strenuously disputed the charges. The company's financials in India reflect the struggles it has faced, with a 77% decrease in profit to Rs 238.63 crore (about US$28.5 million) in the fiscal year 2022-2023. Furthermore, its income fell by 32% to Rs 26,697 crore during the same time.
Xiaomi's loss of first place in India's smartphone market to Samsung Electronics and Vivo in the fourth quarter of 2022 was a major setback. However, Xiaomi's recent revival suggests that it is determined to reclaim its top position. According to Counterpoint Research statistics, Xiaomi lost its top rank in terms of annual shipments to Samsung in 2022 for the first time since 2018.
Xiaomi regains top spot in India's smartphone market, tied with Vivo
Captured 18% market share in the second quarter, shipping 6.7 million units
Modest growth of 1% in the Indian smartphone market during the same period
Source: SCMP