Xiaomi's annual revenue 2015-2023

In 2023, the Chinese consumer electronics company Xiaomi generated a revenue of more than 271 billion yuan. Compared to five years prior, the enterprise was able to more than quadruple its annual revenue and develop from a mobile phone manufacturer to a consumer goods company with a broad product range.

More than cheap phones

Most consumers outside of China associate Xiaomi with budget smartphones, but in reality, the company has expanded its business scope much beyond that. In China, the company is already an established household and consumer electronics manufacturer. In the IoT and smart product segment, Xiaomi had the largest market share, exceeding Haier and Midea. According to recent development, it attempts to bring its consumer goods and household appliances to the overseas market as well.

Taking on the giants

While the big players in the smartphone industry focused on defending their market position, Xiaomi was able to shoehorn its way into the upper echelons. Apple and Samsung were not able to make increase their global market share over the past years. However, over the same period, Xiaomi with its strategy to focus on cheap but stylish mobile phones managed to increase its market share from 2.7 percent in 2015 to 13 percent in 2022. Especially in the Asia-Pacific region, Xiaomi smartphones were very popular, in some countries even exceeding the company’s domestic market share.