Xiaomi's revenue explodes in 2024, smartphone market share soars

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 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 US$26.54 billion, while revenue from smart electric vehicles and new technology products reached US$4.54 billion, far exceeding the set target. Revenue from IoT and lifestyle products also increased by 30% year-on-year to US$14.4 billion, with sales 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 its predecessor model in the same period. Meanwhile, the number of pre-orders for Xiaomi SU7 Ultra exceeded 10,000 units, completing the annual target ahead of schedule. Both products recorded impressive sales, affirming Xiaomi's strong growth momentum.

In 2024, Xiaomi's smartphone revenue reached $26.54 billion, up 21.8% year-on-year. Global smartphone shipments reached 168.5 million units, up 15.7%, making it the brand with the largest contribution to the overall growth of the industry. According to market research firm Canalys, Xiaomi has maintained 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 great strides in its premiumization strategy. According to third-party data, Xiaomi's market share in the smartphone segment priced at $415.06 or 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 by investing heavily 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 intelligent 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