Xiaomi has indeed been producing one of the most attractive phones with amazing specifications and has been providing it to the customers at an affordable price.
Xiaomi showed its dominance in the global market for the first time in 2014 when, according to IDC, it was the third highest smartphone maker in the world and sold over 60 million smartphones around the globe.
That year it had shown a sales growth of over 320 per cent compared to the preceding year. It managed to sell approximately, 70 million units in 2015 but went through a slump in 2016. They have learned from their previous errors and looked to bounce back this year through some of its new flagship phones which have dominated the market so far. They have targeted a revenue of $14.5 billion for this year.
Xiaomi slowly expanded to many countries and is currently serving the markets in India, Taiwan, Malaysia, Indonesia, Bangladesh, Middle East, Mexico, Russia, Egypt, Thailand, etc.
They have been very popular in the South Asian market. According to The Indian Express, Xiaomi was the second largest smartphone vendor in 2016, having a market share of approximately 10-11 per cent throughout the year.
From the Bangladeshi perspective, the sales of Xiaomi boosted from the beginning of 2016. Phones like Redmi Note 3, Redmi Note 4, Mi5, etc. have become fan favourites. A manager of smartphone selling shop in Bashundhara city revealed that this year his store had sold more of units of Xiaomi compared to other brands like Lenovo, Symphony, Asus, Walton, Samsung, etc. He further told that more or less, the situation of most stores are similar. Now, this is an excellent turn around especially because Symphony had a market share of more than 50 per cent two years back (calculated based on users of Dhaka), according to LightCastle Partners.
With more advanced products expected to hit the market soon, it can be safely predicted that Xiaomi has the potential to be the market leaders soon. Xiaomi, founded in 2010, is a Chinese privately owned electronics and software company.
