According to Canalys research, Xiaomi had a 17% share of global smartphone shipments during the second quarter 2021. Samsung had a 19% share. Apple came third with a 14% market share.
“Xiaomi’s overseas business is growing rapidly,” Canalys Research manager Ben Stanton said in a press release. He noted that Xiaomi shipments in Latin America have increased by 300% and Western Europe has seen shipments rise by 50% compared to last year.
Shares of the Chinese company rose 4.1% in Friday trading. The recent 83% increase in Xiaomi’s smartphone sales year-over-year is a major factor in its market share gain. This compares to a 15% increase by Samsung and a mere 1% for Apple.
Xiaomi launched two flagship smartphones this year in its push to the premium smartphone market. Its Mi 11 Ultra has one of the most powerful camera sensors ever fitted in a smartphone. The average selling price for Xiaomi smartphones is still significantly lower than Apple and Samsung, making them more attractive to consumers.
Xiaomi is testing new markets in addition to smartphones. The company announced plans to invest $10 billion over the next ten years in electric cars.