Over the last ten years, Xiaomi has gradually expanded to create its brand in the international market. This Beijing-based consumer electronics corporation is already a household brand in many regions throughout the world, be it for smartphones, tablets, earbuds, dashcams, or even weighing scales. The brand has surpassed Apple to become the second-most popular smartphone brand in Europe, according to a company report on its financials and market share for Q2 2022.
According to a report from the company’s global newsroom, Xiaomi has been rapidly expanding over the past few years. As of Q2 2022, it currently represents 21.7 percent of all smartphone shipments in Europe. This places it second, overtaking Apple in third place, and trailing Samsung in the first place. Additionally, the company currently ranks in the top three smartphone brands in around 55 nations, including the Middle East, Europe, Latin America, Southeast Asia, and Africa.
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According to Xiaomi, 48.4 percent of the company’s total income is now generated outside of China, reducing its dependency on the Chinese domestic market. This means that almost half of the company’s entire revenue is now generated by its foreign operations. In Q2 2022, the company brought in 34 billion RMB (4.95 billion USD) from overseas alone.
Xiaomi is significantly increasing R&D spending in order to position itself as a premium brand in the market. With the announcement of the Xiaomi Mix Fold 2 and the Leica-branded Xiaomi 12S Ultra, the company is also aiming to dominate the premium smartphone market.