Xiaomi’s global smartphone shipment went down -25% YoY in Q2 2022, hitting 39.5 million units. It was the biggest drop for Xiaomi since 2017. The bright spot however is that Xiaomi’s wholesale smartphone ASP continued to increase and hit record high this quarter, thanks to the greater portion of 5G devices into its portfolio.

Behind the soft performance, Xiaomi is suffering from covid-related disruptions in home market and the geopolitical tension / weakened consumer demand in overseas markets. Other than Central Latin America where the vendor posted mild annual growth, Xiaomi posted massive decline in Western Europe, Asia Pacific, Central Eastern Europe, and Africa Middle East. But still, Xiaomi managed to remain in the top 3 list in all the regions with its operation.

Facing strong headwinds, Xiaomi has slowed down product launch cycle of Mi series and tightened inventory management. Other than that, Xiaomi is more aggressive than its peers. It continued brand uplift efforts. Xiaomi formed the partnership with Leica and introduced new devices targeting higher price segment. Moreover, Xiaomi continued its efforts on in-house chipset development with four self-developed chips embedded in its latest flagship device Mi 12s Ultra.

Our latest report on Xiaomi Q2 ‘22: Xiaomi: Product Mix Delivered Record High ASP. WSS clients could access the report via this link.

Meanwhile, we have employed SA Lens to evaluate vendors and compare them with their peers. Below is the evaluation on Xiaomi’s performance in Q2 2022.