Xiaomi's revenue will explode in 2024, smartphone market share will skyrocket

Accordingly, in 2024, Xiaomi's total revenue reached 50.62 billion USD, up 35% year-on-year, while adjusted net profit increased 41.3%, reaching 3.76 billion USD. In the fourth quarter of 2024 alone, revenue reached 15.08 billion USD, up sharply 48.8% year-on-year, adjusted net profit reached 1.15 billion USD, up 69.4%, far exceeding expectations.

Xiaomi's global smartphone shipments increased 15.7% year-on-year, becoming the industry's biggest growth driver

In 2024, all of Xiaomi's business segments will grow strongly thanks to the synergy of the "People × Car × Home" smart ecosystem. This will help Xiaomi achieve impressive results in the fields of smartphones, electric vehicles, and large-scale smart home appliances. Revenue from smartphones increased by 21.8% to 26.54 billion USD, while revenue from smart electric vehicles and new technology products reached 4.54 billion USD, far exceeding the set target. Revenue from IoT and lifestyle products also increased by 30% year-on-year to 14.4 billion USD, with the consumption of air conditioners, refrigerators, and washing machines reaching a record high.

Entering 2025, Xiaomi marked an important step into the high-end segment with the Xiaomi 15 Ultra phone series, Xiaomi SU7 Ultra electric scooter and Mijia Central Air Conditioner Pro air conditioner. On the opening day, sales of Xiaomi 15 Ultra increased by more than 50% compared to the previous model in the same period. Meanwhile, the number of pre-orders for Xiaomi SU7 Ultra exceeded 10,000 units, completing the yearly target ahead of schedule. Both products recorded impressive sales, affirming Xiaomi's strong growth momentum.

In 2024, Xiaomi's smartphone revenue will reach $26.54 billion, up 21.8% year-on-year. Global smartphone shipments will reach 168.5 million units, up 15.7%, making it the largest contributor to the overall industry growth. According to market research firm Canalys, Xiaomi will maintain its position in the top 3 global smartphone brands for 18 consecutive quarters, with a market share of 13.8% in 2024.

Xiaomi also made significant progress in its premiumization strategy. According to third-party data, Xiaomi's market share in the smartphone segment priced at $415.06 and above reached 23.3%. In the $553.42 - $691.77 segment, Xiaomi led the market with a 24.3% market share. In the $691.77 - $830.13 segment, its market share increased to 9.7%, up 1.3 percentage points from the previous year.

In addition, Xiaomi continues to promote its product upgrade strategy thanks to strong investment in research and development (R&D). In 2024, R&D expenses increased by 25.9% year-on-year to $3.33 billion, while the R&D team expanded to 21,190 employees. By the end of the year, Xiaomi owned more than 42,000 patents globally, including more than 1,000 patents related to electric vehicle technology.

Not only investing in hardware, Xiaomi also focuses on developing artificial intelligence (AI) - one of the group's core technologies. In October 2024, Xiaomi launched Xiaomi HyperOS 2, a new operating system that integrates three core technologies: HyperCore, HyperConnect and HyperAI, providing a multi-device smart connection experience and advanced AI features.

Source: https://thanhnien.vn/xiaomi-bung-no-doanh-thu-nam-2024-thi-phan-mang-smartphone-tang-vot-18525032014290513.htm