Xiaomi's annual revenue 2018-2023, by segment

The smartphone segment is the Chinese electronics company Xiaomi's largest business segment, generating more than 157 billion yuan in 2023. However, the IoT and lifestyle products already generated almost half of the income, which is an indication of the company’s strategic focus for the coming year.

My home is Mi Jia

According to the company’s statement, Xiaomi operates the world’s largest consumer artificial intelligence of things (AIoT) network globally. The company claims that 618 million smart devices made were connected to the Mi Jia app which is Xiaomi’s smart home management software platform. In recent years, the enterprise’s strategy has been to diversify from the smartphone segment and pivot toward consumer and AI product segments.

Smartphone to smart home to smart car

In 2021, Xiaomi unveiled a new venture to enter the smart vehicle segment. It was the first development phase which was supported by an R&D budget of 19 billion yuan. Xiaomi’s goal was to be an industry leader in the smart EV industry by 2024. To do this, it hired over 500 people for its autonomous driving department and purchased Shendong Technology – an autonomous driving startup.