Xiaomi is presently at the number 3 position in the top smartphone vendor chart, thanks to a strong showing in the last couple of years. The company has now announced its projections for the next five years. Lu Weibing, Xiaomi Group president and Redmi GM, is reported to have disclosed that the company expects to become the world’s number one smartphone vendor within the next three to five years, hoping to displace Samsung which has held the crown for several years now.

Lu Weibing stated this at the 2021 Xiaomi school enrollment intensive training held on May 24. Weibing also disclosed that Xiaomi’s mobile phone business still ranks at the third spot globally after emerging at the spot in the third quarter of last year. However, he disclosed that the company expects to surpass Apple and become the world’s number 2 smartphone vendor this year.

The latest data released by market research firm Canalys in April this year shows that global smartphone shipments reached 347 million in the first quarter of 2021. Among them, Samsung ranked first with a 22% share and shipped 76.5 million units. Apple followed closely with shipments of 52.4 million units, with a share of 15%. Xiaomi ranked at the third spot but it created the best single-quarter performance ever, with a year-on-year growth of 62%. The happens to be the world’s fastest growth rate yet for the industry with 49 million units shipped. The Chinese company also raked in up to 14% share of the market with the difference between Apple and Xiaomi standing at a little more than 3 million units.

Xiaomi’s latest flagship Mi 11 Ultra, Mi MIX Fold foldable smartphone, and other premium models will help the company achieve an impressive sales margin in the high-end market. The Chinese company has over the years earned a decent reputation for launching affordable premium smartphones. The company made an entry into the premium flagship market which has further enhanced its market share. Apple won’t be launching a new model any time soon so it is not impossible for Xiaomi to sell more units than Apple in Q2 but that will be short-lived. Apple will likely move back into the number two spot in the third or fourth quarter when it launches its 2021 flagship models.  In addition, Apple will continue to dominate the top spot in terms of revenue.

RELATED:

• Xiaomi FlipBuds Pro’s first firmware update brings optimized wear detection & updated notification sound
• Xiaomi has officially been removed from the US trade blacklist
• Xiaomi patents foldable smartphone that offers nearly 100% screen to body ratio

(via)

The post Xiaomi hopes to overtake Apple in Q2 & to emerge world’s no. 1 phone maker in 3-5 years’ time appeared first on Gizmochina.