Business

Xiaomi fastest growing smartphone vendor in SL: Counterpoint Research

Xiaomi has become the fastest growing and third largest smartphone brand in Sri Lanka as per Counterpoint Research Market Monitor 2019, Q1 2019. Xiaomi is the only brand to have witnessed phenomenal growth of over 100% Year-on-Year growth and enjoy a 10% market share in Q1 2019.

All smartphone brands in Sri Lanka witnessed either negative growth or no growth YoY, whereas Xiaomi was the only brand to grow exponentially and achieve a 100% YoY growth and a 34% QoQ growth.

Xiaomi India General Manager – Sri Lanka Vidya Sagar said: “When we entered the market, we made four promises – delivering innovative products, ensuring honest pricing, ensuring a robust after sales network, and building a local team. We have worked really hard on all these aspects, and I am very grateful to all our Mi-fans who showed their faith in the brand and helped us become the fastest growing smartphone brand in the island. Product is at the core of Xiaomi’s strategy, and a strong lineup of products with distinctive technological innovations has played a critical role for us in this market. We are committed to sustaining the momentum and will continue to launch amazing products here in Sri Lanka.”

Sri Lanka’s smartphone market grew by 11% YoY and Xiaomi’s growth this quarter had a significant contribution in the same. Xiaomi entered Sri Lanka in November 2018 and has since disrupted the smartphone industry with its high-quality devices. The company recorded over 100 million smartphone shipments globally last year, upholding its commitment to provide innovative technology at an honest pricing.

Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on 9 July 2018 (1810.HK).