China's smartphone industry is growing as the new Xiaomi model is selling like crazy
The largest smartphone market in the world has seen a long-term fall in demand as consumers choose to postpone replacing their phones due to the COVID-19 outbreak and a shaky economic recovery.
China's smartphone industry is growing as the new Xiaomi model is selling like crazy.
Analysts claimed that Xiaomi's newest flagship smartphone sales of over a million units in the week after its introduction is a new indication that the downturn in China's phone industry may be coming to an end.
The largest smartphone market in the world has seen a long-term fall in demand as consumers choose to postpone replacing their phones due to the COVID-19 outbreak and a shaky economic recovery.
"Sales of the Mi 14 series have exceeded one million units and there is still a severe shortage of the phones," Lei Jun, the Chief Executive Officer of Xiaomi, said this week on Weibo.
On October 31, the model was put on sale in China. It makes use of the state-of-the-art Snapdragon 8 Gen 3 CPU from Qualcomm and the exclusive HyperOS software from Xiaomi.
Strong launch "reinforces signs of the market bottoming out," according to Will Wong, an analyst with IDC, an industry research group.
It follows a sharp increase in Huawei's sales as customers snatched up its Mate 60 series phones, marking the company's resurgence after export restrictions imposed by the United States in 2019.
After 10 straight quarters of loss, IDC estimates the Chinese market is on pace to achieve year-over-year sales increase in the fourth quarter. It didn't say how much growth there was.
The American chipmaker Qualcomm also said this week that smartphone manufacturers, particularly in China, are placing a high priority on its products.
With the Mi 14 series, which ranges in price from 3,999 to 6,499 yuan ($550 to $890), Xiaomi is attempting to compete with Apple and Huawei in the luxury smartphone market.
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