Xiaomi reported 64 percent increase in revenue in the second-quarter of 2021 from a year earlier as the company grew its share of the global smartphone market and expanded its IoT product footprint.
Sales of Xiaomi reached 87.8 billion yuan or $13.56 billion, up from 53.54 billion a year earlier.
U.S. government sanctions against Xiaomi’s rival Huawei Technologies effectively crippled Huawei’s smartphone division, and has allowed Xiaomi, along with Chinese Android makers Oppo and Vivo, to grow their market shares.
Xiaomi’s share of the global smartphone market grew 83 percent in the second quarter, ended in June, according to research firm Canalys. Xiaomi shipped 52.8 million phones, making it the world’s second top-selling brand for the first time in its history, behind Samsung and ahead of Apple.
Xiaomi smartphone business
Xiaomi’s smartphone revenue amounted to RMB59.1 billion in the second quarter of 2021, representing an increase of 86.8 percent year-over-year.
Xiaomi smartphone shipments reached 52.9 million units, representing an increase of 86.8 percent year-over-year.
According to Canalys, Xiaomi smartphone shipments ranked No. 2 for the first time, with a market share of 16.7 percent in the second quarter of 2021. Xiaomi smartphone shipments in China rose to 16.8 percent, ranking third with 35.1 percent year-over-year increase in smartphone shipments, the highest growth rate among major players in the market.
Xiaomi’s IoT and lifestyle products revenue increased 35.9 percent to RMB20.7 billion in the second quarter of 2021. Shipments of smart TVs surpassed 2.5 million units.
Xiaomi’s revenue from overseas markets increased 81.6 percent to RMB43.6 billion, accounting for 49.7 percent of total revenue.
Xiaomi sold nearly 12 million smartphones via carrier channels in overseas markets, excluding India, in the first half of 2021 — representing an increase of over 300 percent.
Canalys said Xiaomi’s market share ranked among the top five in 65 markets and No. 1 in 22 markets in the second quarter.
Xiaomi ranked No. 1 in Europe with a market share of 28.5 percent. In Western Europe, the smartphone market share reached 22.2 percent and ranked among the top three; and in Central and Eastern Europe, it has 36.4 percent market share ranked No. 1 for the 3rd consecutive quarter.
Xiaomi ranked No. 1 in Spain for the 6th consecutive quarter with market share of 41.2 percent. In Italy and France, Xiaomi ranked No. 1 for the first time, with a market share of 35.0 percent and 29.7 percent, respectively.
Xiaomi also remained among the top three in Germany with a market share of 15.2 percent. According to Canalys, Xiaomi has been ranked No. 1 in India for the 15th consecutive quarter in the second quarter of 2021.