ByXiaomi reported a blockbuster year in 2024, with annual revenue soaring 35% to RMB365.9 billion ($51 billion USD) and a standout fourth quarter that topped RMB100 billion ($14 billion USD) for the first time.
The company’s adjusted net profit also climbed 41.3% to RMB27.2 billion, driven by significant growth across its smartphone, electric vehicle (EV), and smart home appliance sectors.
Announced on March 18, 2025, these results signal Xiaomi’s bold push into premium markets and its “Human x Car x Home” ecosystem is paying off.
Growth at a Glance
Here’s a simple table showing how much Xiaomi grew in 2024 compared to 2023 across its main areas:
| Category | 2024 Revenue (RMB) | Growth from 2023 | Key Stat |
|---|---|---|---|
| Smartphones | 191.8 billion | Up 21.8% | 168.5 million phones sold |
| Electric Vehicles (EVs) | 32.8 billion | New in 2024 | 136,854 cars delivered |
| Smart Home Appliances | 104.1 billion | Up 30% | 6.8 million air conditioners |
| Internet Services | 34.1 billion | Up 13.3% | 700 million monthly users |
| Total Revenue | 365.9 billion | Up 35% | – |
Note: RMB is Chinese Yuan; 1 RMB ≈ $0.14 USD.
These record-breaking numbers highlight Xiaomi’s rapid growth in multiple sectors. Let’s dive deeper into what fueled this success.
Xiaomi’s Multi-Sector Growth in 2024
1. A Banner Year for Smartphones
Xiaomi’s phone sales are its biggest money-maker, bringing in 191.8 billion Yuan ($27 billion USD) in 2024—up 21.8% from 2023. It sold 168.5 million phones worldwide, a 15.7% increase, making it a leader in the global phone market, says research firm Canalys.
It’s been in the top three phone brands for over four years and grabbed a 13.8% share of all phones sold. In China, its share hit 15.8% in the last quarter, up 3 points.
Xiaomi’s also selling fancier phones now. In the $560-$700 USD range, it’s the top seller in China with a 24.3% share. Its priciest phones ($700-$840 USD) grew to 9.7% of that market, boosted by the Xiaomi 15 Ultra, launched in March 2025.
That phone sold 50% more on its first day than the last model—proof people like the upgrade.
2. EVs Charge Ahead
Xiaomi jumped into electric cars—vehicles that run on batteries instead of gas—with the SU7 Series in 2024. It delivered 136,854 cars in nine months, earning 32.8 billion Yuan ($4.6 billion USD).
In the last quarter alone, it sold nearly 70,000, beating its yearly goal early. The SU7 Ultra, a slicker version launched in February 2025, got 10,000 orders in three days, hitting its 2025 target already.
Xiaomi’s opened 200 car stores across 58 Chinese cities and plans to sell 350,000 EVs in 2025.
These cars are “smart,” linking to your phone, and they’re pulling in new buyers—like more women and even Apple fans—making Xiaomi seem more high-end.
3. Smart Homes Surge
Xiaomi’s home gadgets, like air conditioners you can control with an app, hit a milestone, earning 104.1 billion Yuan ($14.5 billion USD)—up 30%.
Big appliances led the way: 6.8 million air conditioners sold (up 50%), 2.7 million refrigerators (up 30%), and 1.9 million washing machines (up 45%).
A new top-tier air conditioner, the Mijia Central Air Conditioner Pro, launched in 2025 to keep the momentum going.
Its tablets also jumped 73.1% in sales worldwide, ranking fifth globally, while wearable bands and earbuds stayed strong in China.
4. Ecosystem Powered by AI
Underpinning this growth is Xiaomi’s “Human x Car x Home” vision, turbocharged by AI. The HyperOS 2 system, rolled out in October 2024, integrates smartphones, EVs, and home devices with features like HyperConnect and HyperAI.
R&D spending jumped 25.9% to RMB24.1 billion, supporting over 42,000 patents, including 1,000+ in EV tech. With 21,190 R&D staff, Xiaomi is betting big on innovation.
5. Internet Services and User Growth
Xiaomi’s internet services brought in RMB34.1 billion, a 13.3% increase, with a hefty 76.6% gross profit margin.
Its global monthly active users (MAU) crossed 700 million in December 2024, up 9.5%, while China’s MAU hit 172.9 million, an 11.1% rise. This growing base bolsters its ad and subscription revenue.
What’s Next?
Xiaomi’s 2024 performance underscores its evolution from a budget smartphone maker to a premium tech titan.
With ultra-premium launches like the Xiaomi 15 Ultra, SU7 Ultra, and Mijia Central Air Conditioner Pro, 2025 could see it challenge giants like Apple and Samsung more directly. For consumers, this means more cutting-edge options—whether it’s a high-end phone, a sleek EV, or a smarter home.
Will Xiaomi’s bold expansion strategy help it dominate the ultra-premium market? Only time will tell, but the numbers suggest it’s well on its way.
Xiaomi has also shown that future growth will include a continued focus on sustainable practices, integrating environmental and social responsibility into its expanding ecosystem.
To see Xiaomi’s detailed sustainability plans, you can read their last Environmental, Social, and Governance (ESG) report, unveiled on April 26, 2024, which provides a comprehensive overview of their commitment to sustainability and technological innovation.
