Income from IoT and consumer products of Xiaomi 2017-H1 2020

As of June 2020, Xiaomi generated over 15 billion yuan in revenue from their Internet of Things and consumer products. Within three years, from 2017 to 2019, the company was able to almost triple the revenue from this segment from 23 billion yuan to 62 billion yuan. In 2020, however, the revenue was significantly lower due to the impact of COVID-19.

A rising tech star

Xiaomi was founded in 2010 in Beijing and since then has developed from a smartphone producer to a holistic consumer electronics producer. Among steadily growing revenue and profits, the company became one of the world’s most valuable tech brands. One aspect of the company’s growth strategy was to not only focus on smartphones, but also expand towards broader consumer electronics. Xiaomi is now established as an industry leader, especially in the smart home market.

Digitalizing the Chinese household

In the Chinese smart home industry, Xiaomi is one of the leading consumer electronics companies. Nearly a third of the company’s revenue is generated from Internet of Things or consumer products. The app which connects all of Xiaomi’s smart home devices had the largest active user base among all major smart home applications in China. Thereby, the company is leading other Chinese household appliance and consumer electronic enterprises Midea and Haier.