Chinese smartphone brand Xiaomi is expected to lose its crown in the India market to South Korean rival Samsung Electronics, the first time since 2018, according to the latest prediction by Counterpoint Research, a consultancy.
Xiaomi’s share of shipping volume in the world’s second-largest smartphone market is estimated to drop to 15 per cent this year, down 5 percentage points from last year. It is expected to be overtaken by not just its biggest international rival, but also Chinese peer Vivo, according to the market tracker.
Samsung and Vivo are expected to secure 18 and 17 per cent of the India market, respectively.
Chinese phone brand Vivo vows support for executives arrested in India
Chinese phone brand Vivo vows support for executives arrested in India
Samsung had led the market for six years until the last quarter of 2017, when it was overtaken by Xiaomi. Chinese brands, known for their budget handsets, have dominated the market for years, but recent geopolitical tensions are putting them on more shaky footing.
The Indian government has also hit big Chinese brands with raids and tax penalties amid intensified scrutiny of business from its northern neighbour.
In April this year, an Indian High Court rejected a plea from Xiaomi to return funds worth more than US$676 million, which were seized in April 2022 after India’s federal financial crimes agency alleged the company’s local unit made illegal remittances to foreign entities by passing them off as royalty payments. Xiaomi has denied the accusations and is set to continue the legal fight, the South China Morning Post reported in June.
Last year, Indian authorities raided the offices of Xiaomi and Vivo over tax evasion and money laundering allegations. Xiaomi had already closed its financial services business in India, pulling its mobile payment and digital lending apps from local app stores.
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