In a landmark shift that industry analysts had been predicting for several quarters, Xiaomi Corporation announced on Thursday that its global smartphone shipments have officially surpassed those of both Samsung Electronics and Apple Inc. for the first time in history. The Chinese tech giant reported shipping 89 million devices in the first quarter of 2024, capturing 22.4 percent of the worldwide market.
The company's meteoric rise has been fueled by an aggressive expansion into emerging markets across Southeast Asia, Latin America, and Sub-Saharan Africa, where its competitively priced handsets — offering flagship-grade specifications at mid-range price points — have found enormous appeal among first-time smartphone buyers and budget-conscious consumers alike. Market research firm IDC confirmed the figures in an independent report released alongside Xiaomi's quarterly earnings call.
"This is not just a milestone for Xiaomi — it signals a fundamental restructuring of the global smartphone industry and the growing influence of Chinese hardware manufacturers on world consumers."
Samsung, which had held the top position for over a decade, slipped to second place with 21.8 percent market share, while Apple maintained its premium position at 18.2 percent. However, analysts were quick to note that profitability metrics still favor Apple, whose average selling price remains nearly four times higher than Xiaomi's. The Cupertino company declined to comment directly on the rankings.
Xiaomi's chief executive Lei Jun addressed investors in a video conference from the company's Beijing headquarters, describing the achievement as "a dream we have worked toward since our founding in 2010." The executive emphasized that the company's strategy going forward would focus on strengthening its ecosystem of connected devices — including smart home appliances, wearables, and electric vehicles — rather than competing solely on handset volume.
The announcement sent Xiaomi's Hong Kong-listed shares up 6.3 percent in morning trading, while Samsung's Seoul-listed shares fell 1.4 percent amid broader market uncertainty. Shares of Apple, which had already been under pressure following its earnings guidance revision last month, showed little movement in after-hours trading in New York.
