Captures ~14% market share in the 20K-45K segment
Bengaluru, NFAPost: Mi India, country’s number one smartphone and smart TV player, announced that it has recorded strong and speedy growth in the premium smartphone segment.
As per the May 2021 tracker by CounterPoint, the company captured ~14% market share in the 20K-45K category, thereby emerging as one of the fastest-growing and leading premium smartphone brands. A strong and clear portfolio of smartphones such as Mi 10i, Mi 11X, and Mi 11X Pro led to the growth of the Mi brand in India.
Mi India’s market share growth in the premium segment comes as a testimony of the trust that Mi fans and consumers have shown towards the brand. In a span of a year, the company’s market share has reached from 3 percent in October 2020 to ~14 percent in May 2021.
Commenting on the success of the Mi smartphones in India, Mi India Managing Director Manu Kumar Jain said Mi has focused on bringing breakthrough technologies and setting newer benchmarks for mobile innovation.
“With the launch of Mi 10 and Mi 11 series in the market, we have empowered our users with premium experience, on the back of superior design, best in class features and functionality. It is because of the trust of our consumers and Mi Fans that we have been able to reduce the gap with one of the leading premium smartphone brands,” said Manu Kumar Jain.
While these are early growth numbers, Manu Kumar Jain said the company is overwhelmed to see consumers upgrading to premium devices under the Mi portfolio. “As we continue to grow in the market, we will look at bringing more powerful devices, and work towards making Mi a premium aspirational brand in India,” he said.
With Mi India continuously striving to empower its consumers with cutting-edge technology, minimalistic design and premium experience, the company has witnessed a twofold growth in the premium smartphones’ category. Catering to the requirements of all consumers and Mi Fans, more in the digitally equipped framework, each smartphone launched in 2021, from the house of Mi, was designed to cater to different consumers’ preferences and requirements.
Starting from Mi 10i, the company’s best selling 5G device under 25K to Mi 11X series registering business worth INR 300 crore in just 45 days of launch, the company has explored different facets of technology.
Pushing the boundaries of what a smartphone can do, Mi 11 Ultra, the ultimate 2023 flagship, will be available for purchase on 7th July 2021, exclusively on Mi.com and Mi homes.
Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.
With an equal emphasis on innovation and quality, Xiaomi continuously pursues a high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.
Xiaomi ranked 3rd globally in terms of smartphone shipments in the fourth quarter of 2020. The company has also established the world’s leading consumer AIoT (AI+IoT) platform, with 324.8 million smart devices connected to its platform, excluding smartphones and laptops.
Xiaomi products are present in more than 100 countries and regions around the world. In August 2020, the company made the Fortune Global 500 list for the second time, ranking 422nd, up 46 places compared to 2019. It also ranked 7th among internet companies.
Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and Hang Seng China 50 Index. Mi India is the number 1 smartphone player since Q3 2017 as per IDC Worldwide Quarterly Mobile Phone Tracker, February 2021 release.
Mi India is the number 1 smartphone player since Q3 2017 IDC Quarterly Mobile Phone Tracker report. MI India is the number 1 Smart TV brand since Q2 2018 IDC Worldwide Quarterly Tracker report.