Hello Mi Fans,|
The global smartphone market declined 4% YoY but grew 32% QoQ to reach 366 million units in Q3 2020, according to the latest research from Counterpoint’s Market Monitor Service. This recovery was driven by all key markets, like the US, India and Latin America, returning slowly to normal due to eased lockdown conditions. The smartphone market has shown resilience to the ill effects of COVID-19 both from the supply and demand side.
Commenting on the overall market dynamics, Associate Director Tarun Pathak said,
“Eased lockdown conditions in all key markets made way for exports and imports, thus streamlining the supply chain again. Also, the pent-up demand due to lockdowns helped the smartphone market take a recovery trajectory. The supply issues are getting resolved as the manufacturing units in China and Vietnam have started operating at their normal levels, while in India, they are operating at 80% of the pre-COVID levels. In markets like the US and Europe, a modest ‘back to school’ bump in the quarter helped the market to recover.”
Xiaomi grew 75% QoQ to grab 13% share for the quarter. Notably, this was also the first time when Xiaomi surpassed Apple to capture the third spot. Research Analyst Abhilash Kumar said, “Xiaomi reached its highest-ever shipments at 46.2 million units in Q3 2020. In China, Xiaomi’s struggle for growth ended and shipments were up 28% YoY and 35% QoQ. This impressive show by Xiaomi in China was driven by a series of campaigns and promotions during the brand’s decennial celebrations in August. Also, in new markets like LATAM, Europe and the MEA, Xiaomi’s share expanded rapidly at the expense of Huawei amid US-China trade sanctions. The brand is also performing well in Southeast Asian markets like Indonesia, Philippines and Vietnam.”
Talking about the 5G share, Research Analyst Aman Chaudhary said,
“5G shipments continued to grow (82% QoQ). Interestingly, 5G shipments in Q3 exceeded the overall H1 2020 shipments. The growth was driven by 5G devices quickly proliferating into the sub-$300 price band, with offerings from Huawei, vivo, OPPO, Xiaomi and OnePlus. Affordable 5G devices will drive this segment, especially in China, in the coming quarters. Also, with the launch of the iPhone 12 series in Q4, Apple will be the key to driving 5G volumes in markets like the US, Canada and Western Europe.”
Other Key Takeaways:
Apart from the report of Counterpoint, the reports of Canalys and IDC have also come. Xiaomi has become the 3rd largest company with 13.5% market share and the fastest growing in the last quarter. This is an amazing milestone that couldn't have been achieved without our Mi fans and partners around the world. we will continue to bring amazing products at honest pricing!
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