Xiaomi continues to make a name not just in China – its home country – but also in the global market. In fact, in just four years, the Chinese tech giant has entered 80 new markets, selling cost-effective electronic gadgets.
Often called the “Apple of China”, Xiaomi’s mission is to provide premium smartphones and sell them at a low price.
Founded in 2010
A group of 8 engineers and designers founded Xiaomi in April 2010 with a mission to build affordable high-quality electronic products. Right now, the Beijing-based company makes and invests in smartphones, laptops, mobile apps, earphones, fitness bands, and many other products.
80 New Markets in Four years
Xiaomi took its first big step out of Asia when it entered the Brazilian market in 2015. Since then, the company has expanded and boosted its presence in more than 80 markets.
Today, outside China, India is Xiaomi’s most important market where it has held the top smartphone vendor for eight straight quarters. Moreover, the explosive growth of the Chinese company in the international scene is evident in a number of ways. It maintains more than 1,000 retails stores including in key cities such as Mexico City, Dubai, and London. Furthermore, about 40% of its total revenue now comes from outside mainland China.
The U.S. market is also part of Xiaomi’s expansion plan. Last year, the company said it would enter the U.S. market in 2019. However, it might have to put it off due to the trade dispute between the U.S. and China.
“The U.S. market, I think, is no doubt the most important market, for everyone,” Xiang Wang, Xiaomi’s global senior vice president and head of international business, said in an interview with CNBC. “We are still very, very young. Our challenge — one of the biggest challenges: the resources. U.S. market is very, very different. So far we are working very hard trying to design a product for the U.S. market but still, resources is the big issue,” he added.