Xiaomi Eyes 700 Million Device Shipments in India by 2033

Xiaomi plans to double its device shipments in India to 700 million over the next decade, from the 350 million units already shipped. The firm aims to boost local production, including AI-based IoT products, amidst competition and market fluctuations.

Chinese smartphone giant Xiaomi aims to double its device shipments in India to 700 million units over the next ten years, as stated by a top executive on Monday. This ambitious plan marks a sharp increase from the 350 million devices the company has already shipped over the past decade.

On the occasion of Xiaomi's 10th anniversary in India, President Muralikrishnan B revealed the company's success in shipping 250 million smartphones and a total of 350 million devices across various categories from 2014 to 2024. Muralikrishnan highlighted the company's intent to not only continue this momentum but accelerate it.

In addition to smartphones, Xiaomi is considering manufacturing AI-based Internet of Things (IoT) devices and tablets locally. This move is part of a broader strategy to increase local production and component sourcing, which currently accounts for 35% of their material bill. The company aims to raise this number to 55% within the next two years.

Despite challenges such as electronic component shortages, Muralikrishnan emphasized Xiaomi's commitment to broadening and deepening localization in the Indian market. Analysts have mixed estimates of Xiaomi's market share in India but agree that it remains one of the top four smartphone brands.

During the COVID-19 pandemic, Xiaomi faced setbacks but managed to regain growth momentum in 2023. The company partners with various local manufacturing firms, including Dixon Technologies and Foxconn, to produce its devices in India.

(With inputs from agencies.)