Xiaomi has revealed its financial performance for Q4 2024 and the entire year, with a remarkable revenue of $50.5 billion, representing a 35% year-over-year growth. The company credits this outstanding increase to strong performances across its key business segments, including smartphones, electric vehicles (EVs), Internet of Things (IoT) products, and internet services.
Stellar Performance in the Smartphone Market
Xiaomi’s smartphone division was a significant contributor to the company’s growth, accounting for $26.5 billion in revenue, or 52% of the overall sales. The company sold 169 million smartphones in 2024, securing a position among the top three smartphone manufacturers in 56 countries and within the top five in an additional 13 countries.
Additionally, Xiaomi saw a rise in the demand for premium smartphones, achieving a 24.3% market share in the $550–$700 price range and a 9.7% share in the $700–$850 segment, signaling the brand’s growing presence in the high-end smartphone market.
Xiaomi’s Global Ecosystem Expands
Xiaomi’s diverse product ecosystem has continued to thrive globally, reaching 700 million monthly active users (MAU), with 170 million based in China. This extensive user base spans a wide array of Xiaomi’s products, including smartphones, smart home devices, wearable products, and electric vehicles. The growth of this ecosystem demonstrates Xiaomi’s commitment to delivering a comprehensive, connected experience to users around the world.
Electric Vehicle (EV) Growth and Future Projections
Xiaomi’s expansion into the electric vehicle market has proven successful. In 2024, the company sold 136,854 EVs, with a consistent increase in sales each quarter. The company has already exceeded 200,000 cumulative EV sales, leading to an upward revision of its 2025 delivery target, which now aims to deliver 350,000 EV units.
Significant Investment in Research & Development
Xiaomi continues to prioritize innovation, as seen in its $3.3 billion investment in research and development (R&D) in 2024. The company now employs 21,190 people in its R&D division, a clear indication of its commitment to driving technological advancement. Xiaomi plans to boost its R&D investment by 25% in 2025, with a target of $4.15 billion to accelerate the development of new products and features.
Looking Ahead: A Bright Future for Xiaomi
Looking forward, Xiaomi is set to experience continued growth. The company has a robust pipeline of products scheduled for release, including the global launch of Poco and Redmi smartphones. With its expanding product portfolio, growing global ecosystem, and increased focus on R&D, Xiaomi is well-positioned to continue its momentum in the tech industry in the years ahead.
