Xiaomi Establishes A Foothold in the High-end Smartphone Market Initially
On April 9th, at the 2023 Xiaomi Fan Festival, CEO Lei Jun stated that Xiaomi‘s most important strategy in the past three years has been a high-end strategy.
In the recent three waves of new products, Xiaomi‘s user satisfaction rates have reached 99% and 98%. This indicates that Xiaomi now has the ability to produce high-end flagship products that satisfy everyone.
Previously, Xiaomi released its 2022 financial report which showed that the revenue of its smartphone business in 2022 was RMB 167.2 billion (about USD 24.3 billion), a year-on-year decrease of 19.9%. The global shipment volume of smartphones was 150.5 million units and the average selling price of smartphones throughout the year reached RMB 1,111, setting a new historical high.
In the fourth quarter of 2022, Xiaomi‘s smartphone business revenue was RMB 36.7 billion (about USD 5.3 billion), with a global shipment volume of 32.7 million units.
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In 2020, Xiaomi proposed a high-end strategy. Starting from the Xiaomi 12 series of smartphones in 2022, Xiaomi officially defined high-end as a group strategy and put forward comprehensive benchmarking against Apple’s phones. The progress of Xiaomi‘s layout of high-end products, market performance and comparison with Apple have become hot topics in the industry.