Xiaomi plans to ship over 700 million smartphones in the next decade in India, said the newly on-boarded Chief Operating Officer at Xiaomi India, Sudhin Mathur and company’s Chief Marketing Officer, Anuj Sharma, while interacting with media during the launch event of Redmi Note 14 5G series in New Delhi on Monday. In its first decade of operations in India (2014 till July 2024), Xiaomi claims to ship over 250 million smartphones and 100 million IoT devices.

The Chinese smartphone maker wants to grow on the omni-channel presence in the country. Simultaneously, it wants to be a holistic brand where it can help users in their premiumisation journey and offer product and services, including AIoT products, under one roof.

The year 2024 went good for the brand with sales coming in from rural and urban areas. Sudhin said that nearly 16 million rural users migrated to smartphone ecosystem in 2024.

Xiaomi said that upgrade cycles have gone up in India and people are holding on to their devices for three to four years and because of that volumes are flattening. But it admits that users are leapfrogging as well from one segment to next and that is fueling the premiumisation trend in the country.

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Sudhin said that ₹15-20K smartphone segment is growing faster year-on-year and also the ₹35K and onwards price bracket, but 70% of the overall Indian smartphone market still remains below ₹20K. He said that India’s smartphone market is growing between 4-5%, annually. Revenue shifts are happening due to rising average selling price (ASP) in India which is around ₹23,000, he added.

Xiaomi’s India business is dominated by smartphone business, followed by smart TVs and other IoT products. It also sells tablets in India. Xiaomi’s smartphones and TVs are being manufactured in India by contract manufacturers like Foxconn and Dixon. It also partnered with Optiemus to make accessories like earbuds in the country. However, Xiaomi sources the tablets to India.

Xiaomi does not have any plan to launch foldable phone in India yet. But, it does have foldable phones in its home market China.

Xiaomi believes that growing 5G penetration will further boost their business as well as of whole Indian smartphone industry.