(Yicai Global) Feb. 9 -- Xiaomi intends to compete with Apple in China’s high-end smartphone market and become the country’s No. 1 seller in the segment within three years, according to founder Lei Jun.
To capture the top spot, China’s biggest handset maker will benchmark its products and experience against the iPhone, Lei, who is also chief executive, said via Weibo yesterday. The Beijing-based company also set up a working group yesterday to oversee its game plan.
Xiaomi faces stiff competition from Apple. The US tech giant’s share of the Chinese market soared to an all-time high of 20.6 percent in the fourth quarter of last year, while Xiaomi ranked fifth with 15.8 percent, according to market research firms IDC and Counterpoint.
At the end of December, Lei told reporters that Xiaomi planned to double spending on research and development to CNY100 billion (USD15.7 billion) over the coming five years to vie with Apple for the global top spot within three years.
The iPhone had a 22 percent global market share in the fourth quarter of 2021, followed by Samsung and Xiaomi with 20 percent and 12 percent, according to market researcher Canalys.
Editor: Futura Costaglione