Bengaluru, Chinese smartphone maker Xiaomi expects to double its device shipments in India to 700 million in the next 10 years, a top company official said on Monday.
Speaking on the 10th anniversary of Xiaomi's operations in India, company president Muralikrishnan B said that the company has shipped 250 million smartphones in the last 10 years and a total of 350 million units across categories of products.
"I am very happy to report that in the last 10 years of Xiaomi's existence in India, we have shipped 25 crore smartphones, 250 million smartphones and 35 crore devices overall across categories. This is between 2014 and 2024. Now that we are “Talking about 10 years of tomorrow, we want to double our shipment to 700 million devices in India,” Muralikrishnan said in an interview.
He said the company is considering starting manufacturing AI-based Internet of Things devices in India, and there are talks to manufacture its tablet in the country.
"We have smartphones, we have smart TVs, we have audio products made in India. We are also exploring opportunities to localize various other AI IoT products. We are also committed to broadening and deepening localization of competencies in India. We have discussed this in In the past, simpler products or just cables for battery chargers were already available in India," said Muralikrishnan.
Xiaomi has partnered with Dixon Technologies, Foxconn, Optiemus, BYD, etc. to manufacture devices in India.
"In terms of component localization, we will go further and deeper. In our total bill of materials (BOM), local non-semiconductor products account for 35 percent, which is sourced locally. We expect that figure to increase to 55 percent in the next two years," Muralikrishnan said.
Achieving greater local value addition in electronics manufacturing is one of the biggest challenges in India due to the absence of electronic components.
"In terms of internal value addition, net value addition was 18 percent in fiscal year (FY) 2023 and with our focus on deepening and broadening the component ecosystem, we expect to take that figure to 22 percent by fiscal year 25", Muralikrishnan. saying.
Research analysts differed in their estimate of Xiaomi's smartphone market share in India in the March 2024 quarter. Cybermedia Research estimates that it is marginally behind Samsung at 18.6 percent, Counterpoint Research projected it at 10 percent, while IDC puts it at around 13 percent.
However, all three major research companies estimate that Xiaomi is among the top four smartphone brands in the country.
Counterpoint estimates that Xiaomi was replaced by Samsung as the leader in the smart TV segment in the March quarter. It is estimated that Samsung's share is around 16 percent, LG's 15 percent and Xiaomi's 12 percent.
Muralikrishnan said the company faced difficult times during COVID-19 when its market share declined.
"We view 2023 as the year of reset, refresh and recharge. We recalibrated our strategy and regained growth momentum in the second half of 2023, when we returned to the growth path. We have grown substantially faster than the market," he said.
Speaking on the 10th anniversary of Xiaomi's operations in India, company president Muralikrishnan B said that the company has shipped 250 million smartphones in the last 10 years and a total of 350 million units across categories of products.
"I am very happy to report that in the last 10 years of Xiaomi's existence in India, we have shipped 25 crore smartphones, 250 million smartphones and 35 crore devices overall across categories. This is between 2014 and 2024. Now that we are “Talking about 10 years of tomorrow, we want to double our shipment to 700 million devices in India,” Muralikrishnan said in an interview.
He said the company is considering starting manufacturing AI-based Internet of Things devices in India, and there are talks to manufacture its tablet in the country.
"We have smartphones, we have smart TVs, we have audio products made in India. We are also exploring opportunities to localize various other AI IoT products. We are also committed to broadening and deepening localization of competencies in India. We have discussed this in In the past, simpler products or just cables for battery chargers were already available in India," said Muralikrishnan.
Xiaomi has partnered with Dixon Technologies, Foxconn, Optiemus, BYD, etc. to manufacture devices in India.
"In terms of component localization, we will go further and deeper. In our total bill of materials (BOM), local non-semiconductor products account for 35 percent, which is sourced locally. We expect that figure to increase to 55 percent in the next two years," Muralikrishnan said.
Achieving greater local value addition in electronics manufacturing is one of the biggest challenges in India due to the absence of electronic components.
"In terms of internal value addition, net value addition was 18 percent in fiscal year (FY) 2023 and with our focus on deepening and broadening the component ecosystem, we expect to take that figure to 22 percent by fiscal year 25", Muralikrishnan. saying.
Research analysts differed in their estimate of Xiaomi's smartphone market share in India in the March 2024 quarter. Cybermedia Research estimates that it is marginally behind Samsung at 18.6 percent, Counterpoint Research projected it at 10 percent, while IDC puts it at around 13 percent.
However, all three major research companies estimate that Xiaomi is among the top four smartphone brands in the country.
Counterpoint estimates that Xiaomi was replaced by Samsung as the leader in the smart TV segment in the March quarter. It is estimated that Samsung's share is around 16 percent, LG's 15 percent and Xiaomi's 12 percent.
Muralikrishnan said the company faced difficult times during COVID-19 when its market share declined.
"We view 2023 as the year of reset, refresh and recharge. We recalibrated our strategy and regained growth momentum in the second half of 2023, when we returned to the growth path. We have grown substantially faster than the market," he said.
