We plan to double shipments to 700 million in India in 10 years: Xiaomi president

Xiaomi, the Chinese smartphone maker, has ambitious plans for its operations in India. According to the company's President, Mr. Muralikrishnan B, Xiaomi expects to double its device shipments in India to 700 million over the next ten years. The company has shipped 250 million smartphones in the last ten years and 350 million units across all product categories. Muralikrishnan stated that the company is committed to broadening and deepening its competence localization in India. It plans to start manufacturing artificial intelligence-based Internet of Things (IoT) devices and explore opportunities to make its tablets in the country. Xiaomi has partnered with manufacturers such as Dixon Technologies, Foxconn, Optiemus, and BYD to produce devices in India.

He said that the local non-semiconductor accounts for 35% of the total bill of material (BOM), and they expect this number to increase to 55% in the next two years. In terms of domestic value addition, the net value addition was 18% in the financial year 2023, and the company expects to take this number to 22% by 2025. Despite facing some challenges during the COVID-19 pandemic, Xiaomi has regained its growth momentum in the second half of 2023 and is now growing substantially faster than the market. According to leading research firms, the company remains one of India's top four smartphone brands.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.