Barely seven months after Xiaomi made its official debut in Russia, Counterpoint research has revealed that the Chinese tech company is now the fifth largest smartphone brand in Russia. The Mi brand achieved this feat in the third quarter (Q3) 2017 according to the latest research finding by Counterpoint’s Market Monitor service.
In a statement made available to the press, Counterpoint’s Associate Director, Tarun Pathak disclosed that Xiaomi grew by 325 percent YoY and was the fastest growing smartphone brand in Russia in both online as well as offline sales. Counterpoint also revealed that smartphone shipments in Russia grew by 7 percent annually and 38 percent sequentially during Q3 2017. The growth of the handset market in Russia during the third quarter is fingered to have been driven by aggressive marketing campaigns by new Chinese brands and subsequent price cuts from all the leading retail chains as a response to the high consumer spending precipitated by the new academic year and a ‘back-to-school’ season.
Xiaomi and Apple emerged as the leading smartphone brands in online sales during the quarter. Online sales channel also saw an increase from 12% to 15% YoY in Russia. Overall, Samsung led the smartphone push with market shares of 20 percent and 29 percent respectively during Q3 2017. Other global brands, including Samsung, raked in almost 58 percent of the smartphone market, closely followed by Chinese brands with 32 percent market share. Xiaomi with a growth of 325 percent, Bright and Quick (177 percent) and Huawei (140 percent) were the fastest growing Chinese brands YoY. Local Russian brands also grew in the quarter as well.
No doubt, results such as this and the strong outing in India would spur Xiaomi to venture more and more into other regions where fans are anxiously waiting to get their products directly.