Income from IoT and consumer products of Xiaomi 2017-2023

As of the end of 2023, Xiaomi generated almost 80 billion yuan in revenue from their Internet of Things and consumer products. Within seven years, from 2017 to 2023, the company was able to more than triple the revenue from this segment from 23 billion yuan to 80 billion yuan.

A rising tech star

Xiaomi was founded in 2010 in Beijing and since then has developed from a smartphone producer to a holistic consumer electronics producer. Among steadily growing revenue and profits, the company became one of the world’s most valuable tech brands. One aspect of the company’s growth strategy was to not only focus on smartphones, but also expand towards broader consumer electronics. Xiaomi is now established as an industry leader, especially in the smart home market.

Digitalizing the Chinese household

In the Chinese smart home industry, Xiaomi is one of the leading consumer electronics companies. Around one-fourth of the company’s revenue is generated from Internet of Things or consumer products. The app which connects all of Xiaomi’s smart home devices had the largest active user base among all major smart home applications in China. Thereby, the company is leading other Chinese household appliance and consumer electronic enterprises Midea and Haier.