On Sunday, Xiaomi unveiled its flagship smartphone globally to compete with Apple and Samsung in the high-end market.
The Xiaomi 13 and 13 Pro were initially released in China in December, but the Beijing-based business is now introducing the gadgets to international countries.
Xiaomi Releases New Model
The Xiaomi 13 Pro features a 6.73-inch display and Qualcomm’s most recent Snapdragon 8 Gen 2 CPU. It has a triple-lens camera and additional premium features, such as ultra-fast charging. The corporation boasted about the capabilities of the camera it co-engineered with the German manufacturer Leica.
IDC reports that Xiaomi’s smartphone shipments decreased by 26% year-over-year in 2022, the largest decline among the top five largest handset manufacturers. The company posted a loss in the September quarter, the most recent period for which financial data is available.
Considering a macroeconomic situation that is more difficult and a Chinese economy that is contracting The IDC predicts that 1.21 billion smartphones will be supplied globally in 2022, which would be the lowest annual shipping total since 2013.
In China, Xiaomi faces various headwinds from the ever-popular Apple iPhone, the surprisingly powerful Honor, and fickle Chinese consumers who frequently move between Android hardware makers says TechInsights analyst Neil Mawston. Honor is a smartphone brand split from Huawei in China.
Xiaomi has become one of the largest smartphone manufacturers throughout the years by releasing high-spec handsets at relatively cheap prices. Almost seven years ago, it began expanding into international markets using a similar technique.
But, it is now seeking to expand into the premium market segment, where margins are better and the industry is still expanding.
Read more: Supreme Court refuses to unblock student loan forgiveness; Are there possibilities for relief?
Competing With Samsung, Apple
The market share of high-end smartphones, those that cost more than $800, increased from 11% in 2020 to 18% in 2022, according to statistics from Canalys. Xiaomi’s entry into the luxury segment will place it against Apple and Samsung, posing a challenge for the Chinese competitor.
According to Canalys, Samsung and Apple smartphones accounted for 92% of the premium market in 2022.
Competing with Apple and Samsung is extraordinarily challenging. Not only competing with market-leading products, but also massive corporations with excellent brand awareness, high-end perceptions, experience-focused solutions, and product ecosystems with high user-stickiness, said Runar Bjrhovde, the research analyst at Canalys.
Xiaomi is the most recent Chinese smartphone manufacturer attempting to penetrate the premium segment of the market. This month, Oppo released its first foldable phone with a price tag above $1,000 for the international market.
Read more: Pixel 7’s Magic Eraser is now available on iPhone for those who subscribe to Google One