Chinese tech giant Xiaomi is now the second-largest phone brand in the world. This is according to a new report shared by research outfit Canalys, which revealed that Xiaomi has captured 17 percent of the world’s smartphone market share, placing it above competitors such as Apple (14 percent), Oppo (10 percent), and Vivo (10 percent). While it remains to be seen whether Xiaomi can topple Samsung’s 19 percent market share and take the smartphone crown, the company has demonstrated a remarkable growth rate of over 80 percent in the latest quarter. The popularity and explosive adoption of Xiaomi likely lies in its pricing, as the company’s average selling price is around 40 percent and 75 percent cheaper than Samsung and Apple, respectively.
[…] a major priority for Xiaomi this year is to grow sales of its high-end devices, such as the Mi 11 Ultra. But it will be a tough battle, with Oppo and Vivo sharing the same objective, and both willing to spend big on above-the-line marketing to build their brands in a way that Xiaomi is not. All vendors are fighting hard to secure component supply amid global shortages, but Xiaomi already has its sights set on the next prize: displacing Samsung to become the world’s largest vendor.”