Wang Gang | China Visual Group | Getty Images
Xiaomi had a 17% share of global smartphone shipments, ahead of Apple’s 14% and Samsung’s 19% behind.
“Xiaomi is rapidly expanding its overseas business,” Ben Stanton, director of research at Canalys, said in a press release, noting that shipments increased 300% year-over-year in Latin America and 50% in Western Europe.
The Chinese smartphone maker saw year-over-year growth in smartphone shipments of 83% compared to 15% for Samsung and 1% for Apple.
Stanton noted, however, that Xiaomi phones are still geared towards the mass market with the average selling price of its handsets 75% cheaper than Apple’s.
This price bracket pits Xiaomi against Apple and Samsung in the premium segment. But its domestic rivals Oppo and Vivo are also trying to break into the high-end market.
“It will be an uphill battle, with Oppo and Vivo sharing the same goal, and both willing to spend a lot of money in above-the-line marketing to build their brands in a different way than Xiaomi,” said Stanton.
“All suppliers are fighting hard to secure component supplies in a context of global scarcity, but Xiaomi is already aiming for the next price: replacing Samsung to become the largest supplier in the world. “
While smartphones still represent the majority of Xiaomi’s revenue, it is looking to break into new areas of business. In March, the tech company announced plans to start an electric vehicle business and invest $ 10 billion over the next 10 years.