W20463

XIAOMI: COULD IT DISRUPT INDIA’S CONSUMER ELECTRONICS

MARKET?1

Boishampayan Chatterjee and Anindo Bhattacharjee wrote this case solely to provide material for class discussion. The authors do
not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names
and other identifying information to protect confidentiality.

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Copyright © 2020, Ivey Business School Foundation Version: 2020-05-29

In India, Xiaomi Corporation (Xiaomi) introduced smartphones that offered competitive product
specifications at affordable prices to the price-sensitive segment.2 With a 27 per cent market share, Xiaomi
overtook Samsung India Electronics Ltd. (Samsung) to become the number one player in India’s
smartphone market.3 Xiaomi was able to achieve this market leadership position in India without any
conventional advertising spends and by focusing only on online distribution4 through its online channel
partner, Flipkart Private Limited (Flipkart). Xiaomi then extended itself into other product categories, such
as smart televisions (TVs) and wearables. As a player in the price-sensitive segment, would Xiaomi be able
to sustain itself in the electronics market over the long run? And, if so, would Xiaomi’s primarily online
presence and “marketing without advertising” strategy be able to support successful brand extensions into
other product categories? How would Xiaomi establish its brand image of product reliability by selling at
low price points? And, looking ahead to 2020, would Xiaomi be able to extend itself into a higher-priced
segment and reposition its brand image?

INDIA’S CONSUMER ELECTRONICS MARKET

In the latter half of the 2010s, India saw some major policy changes in its regulatory and business
environment. In particular, the government stimulated the appliance and consumer electronics sector, as
envisioned in the country’s National Policy of Electronics.5 India had been one of the fastest-growing
electronics markets in the world, and the country’s market was expected to reach $400 billion6 by 2020,
growing at a 41 per cent compound annual growth rate (CAGR).7 In particular, between 2017 and 2022,
India’s smartphone market segments were expected to grow at a CAGR of 9 per cent, while the TV segment
in India grew at a CAGR of 9.8 per cent between 2017 and 2020.8 The share of mobile phone users with
smartphones in India was estimated to be 29 per cent in 2019, and it was expected to grow to about 36 per
cent by 2022 (see Exhibit 1).9

Similarly, overall TV sales in India increased by 15 per cent in 2018, with smart TVs contributing to much
of this growth.10 Exhibit 2 shows the growth of the TV market in India. In 2018, India’s total TV market
size was approximately 50 million households, of which 40 per cent had smart TVs.11 In the three years
from 2016 to 2019, India’s smart TV market share increased from 12 per cent to 43 per cent (see Exhibit
3). According to Goldstein Research, India’s smart TV market was expected to grow at a CAGR of 4.7 per

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cent to reach $20.4 billion by 2024.12 Samsung, LG Electronics India (LG), and Sony India Private Limited
(Sony) were the leaders in the consumer electronics market in India, while Xiaomi was a new entrant,
particularly in the smartphone and smart TV spaces.

MAJOR PLAYERS IN THE INDIAN ELECTRONICS MARKET

Samsung

Samsung India Electronics Ltd. (Samsung), a subsidiary of Samsung Electronics Company Ltd. of South
Korea, started its Indian operations in 1995, manufacturing high-tech consumer electronics, information
technology (IT) products, home appliances, and telecommunications products.13 Samsung was one of the
top players in India’s consumer durables market, particularly in the TV and mobile phone segments.14
Along with LG and Sony, Samsung led the TV market in India.15 However, new brands such as Xiaomi,
Thomson Corporation (Thomson), and TCL Corporation (TCL) represented tough competition for
Samsung and the other market leaders, particularly in the smart TV segment. 16 As of April 2019, Samsung
stood at number 4, with a 13.3 per cent market share, while Xiaomi topped the list with a 33.5 per cent
share in the smart TV segment.17 However, Samsung was targeting a market share of 34 per cent in the
overall TV market in India, focusing particularly on the premium TV segment.18 Nonetheless, the
aggressive entry into the market of the new Chinese brands Xiaomi, TCL, Thomson, and Vu Technologies
(Vu) put pressure on Samsung, LG, and Sony—the top three brands in India. 19

In terms of smartphones, since Samsung entered the Indian market in 1995, it had been the go-to mobile
phone brand for many buyers.20 Samsung had dethroned Nokia Corporation (Nokia) as India’s top mobile
handset maker in 2011, with sales of 86.6 million units21; that same year, when Samsung smartphones
accounted for more than 11 per cent of all mobile phones sold in India, the company launched its Galaxy
Note. The Galaxy Note was a commercial success, selling approximately ten million units in nine months. 22
Samsung carved out a comfortable space for itself in this profitable category and reported a share of about
43 per cent of the smartphone market in sales volume.23 Samsung dethroned Nokia in 2012 and secured
itself the top position by shipments in the smartphone market.24 From 2013 to 2017, Samsung maintained
its number one position in the smartphone market. Then, in the fourth quarter (Q4) of 2017, Xiaomi
overtook Samsung25 (see Exhibit 4).

LG

LG Electronics India (LG), a wholly owned subsidiary of LG Electronics in South Korea, was established
in India in 1997. It was one of the leading consumer electronics companies in India, with a turnover of
almost $1 billion, and its sales increased at a CAGR of 40 per cent from 2000 to 2005.26 In fiscal year (FY)
2019, LG reported a net profit of $213.9 million,27 a 5.52 per cent growth over the previous fiscal.28

According to Ki Wan Kim, managing director of LG, 2019 was the right time to pursue the premium
segment of India’s TV market.29 According to Kim,

in TV, a major portion of demand was for 24 or 32 inch [61 or 81 centimetres]; now the demand
for the 24 inch [61 centimetres] has declined. The consumer has become very value conscious,
Indians are smart, they are not making decisions because something is only 1,000–2,000 [Indian
rupees; $14–28]30 cheaper. Earlier, it was about the lowest price but not anymore.31

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He also saw tremendous potential in connected device technology in India and said, “Instead of competing
on just cost and price, we would like to offer a high-value proposition based on consumer insights and our
technology.”32

LG also looked ahead to competing against Xiaomi and Samsung in the Indian smartphone market by
bringing its global portfolio to Indian markets.33 The company brought its W series smartphones to the
hyper-competitive Indian smartphone market, aiming to grab a double-digit share,34 and LG partnered with
Amazon.in to offer the W series online, with the aim of selling one million units by the end of 2019.35

Sony

Sony India Private Limited (Sony) was established in 1995 as a 100 per cent–owned subsidiary of the Sony
Corporation in Japan. Sony had a strong network of distribution in India, with more than 20,000 dealers
and distributors, more than 300 exclusive Sony outlets, and 365 service outlets across all the major cities
and towns.36

Sony was a leading consumer electronics company in India, having a presence in both the smartphone and
smart TV markets. Sony focused on the premium segment of the TV market, which generated higher
margins.37 However, Sony’s revenue from operations fell in the FY ending March 2019, and its net profit
took a beating because of competition faced in the entry-level TV market from Chinese brands and those
selling exclusively online.38 Per the registrar of companies, Sony’s revenue from operations in FY 2018–
19 fell by 8.3 per cent from the prior year, to $900 million.39 Sony’s sales peaked at $1.54 billion40 in FY
2014–15, but revenues started falling in FY 2016.41 Net profit from Indian markets dipped 5.9 per cent in
FY 2019 to $14 million.42 Sunil Nayyar, managing director of Sony, said, “We are not going to focus on
the 32-inch [81-centimetre] screen size and HD [high-definition] TV segment due to intense price war[s]
from online and Chinese brands. The new entrants are unlikely to eat into our share in the large screen and
4K.”43 He added that Sony had decided to focus on the premium 4K TV set segment and on screen sizes
ranging from 55–75 inches (140–190 centimetres), where the company’s unit sales had grown by more than
100 per cent.44

Xiaomi

Xiaomi, a Chinese electronics company founded in 2010 and headquartered in Beijing, manufactured
smartphones and other consumer electronics such as TVs. The company had a presence in 74 markets
around the globe, with more than 300 million people using its products or services. 45 In eight years, it had
become the fourth-largest smartphone maker and the biggest Internet of Things platform in the world.46

Xiaomi entered the Indian market in 2014, amid a wave of anti-China sentiments over social media urging
the boycott of Chinese-made goods.47 Xiaomi was also banned from selling and importing its phones in
India in 2014.48 However, “spurred on by Prime Minister Narendra Modi’s ‘Make in India’ initiative, the
company opened its first Indian factory in 2015 and started production within a matter of months.”49 Making
smartphones in India allowed Xiaomi to lower its prices drastically, which gave it a huge competitive
advantage over importers. While referring to Xiaomi’s “honest pricing,” Manu Jain, Xiaomi India’s vice
president and managing director, said, “What Xiaomi made people understand was that for you to have a
quality product, you don’t need to pay a lot of money.”50

In 2015, Xiaomi’s market share in terms of smartphone shipments was 3 per cent. By the end of September
2016, its share had increased to 6.4 per cent, and by the end of 2017, it had jumped to a 22.3 per cent market

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share.51 At the beginning of Q1 of 2018, the company registered a market share of 31 per cent, beating
Samsung, which had been leading the market for several years (see Exhibit 5).52 Xiaomi retained its
dominance as the largest smartphone maker in India in Q1 of 2019.53 It took just four years for Xiaomi to
dethrone Samsung in the smartphone segment in India.

Jain claimed to be a maverick challenging the status quo, saying, “I have done exactly the opposite of what
other mobile brands in India have been doing,”54 Unlike its competitors, Xiaomi introduced its products
only online55 when it entered India’s consumer electronics market in 2014 with the launch of the Mi 3
handset. Unlike the other smartphone companies, Xiaomi offered its products online through Flipkart, a
major e-commerce company in India, and on the first day of sales in July 2014, half a million people went
online to buy a Mi 3 handset.56

Xiaomi’s rise to the top happened with a minimal outlay for marketing. Instead of spending millions on
traditional advertising, Xiaomi, which believed in marketing without advertising, effectively used social
media, the Mi online community, and various Mi fan forums for its marketing purposes.57 From its launch,
the Redmi Note 7 series gained, in a relatively short period of time, immense popularity among Mi fans
and consumers in India. Furthermore, being a quality phone at an affordable price, the Redmi Note 7 series
brought to life Xiaomi’s core philosophy—innovation for everyone.58

Xiaomi’s smartphones were, in fact, cheaper than those of its major competitors. For instance, as of March
2018, Xiaomi’s smartphone was priced, on average, 43 per cent lower than that of Samsung, its major
competitor.59 Again, comparable handsets from LG and Sony were nearly 50 per cent costlier than
Xiaomi’s. For example, in the affordable segment, Sony’s Xperia XA1 was priced at $292, while Xiaomi’s
comparable handset, the Redmi Note 4, cost nearly $153.60 Similarly, in the premium segment, the Xiaomi
Mi 9 was expected to launch at a price of $442, compared with the LG V50 ThinQ, priced at $1,015. 61

The company “focused on cultivating loyal fans who then help to promote Xiaomi to their friends, family,
classmates, colleagues, and fellow netizens.”62 Xiaomi marketed its products through active participation
in social media with Mi fans and across Mi community platforms, which helped spread the word about its
products. The company continued to develop Mi forums, community forums, fan clubs, and a strong social
media following.63 For Xiaomi, the product was the key, and marketing was not about advertising.64 With
a market share of 50 per cent, Xiaomi had saturated the online segment and had few growth opportunities.
However, it had room to grow in retail, where it had just a 20 per cent share in 2019.65 According to Jain,
“About 50 per cent of our smartphone sales [are] expected to come from the offline market by the end of
this year.”66

Xiaomi’s Product Extensions

India was now Xiaomi’s biggest market after China.67 Xiaomi had thus far ventured only into the price-
sensitive product segment in the Indian smartphone market.68 But then, Xiaomi introduced a sub-brand,
Poco, for its higher-priced Snapdragon product range.69 The introductory product in this range, the Poco
F1, which was priced comparatively higher than earlier products, was the cheapest smartphone with a
Qualcomm Snapdragon 845 processor.70 Similarly, the Redmi subsidiary of Xiaomi offered the K20 series
of smartphones, which were also in a higher price range.71

Samsung also launched a new online-only M series and undertook a refreshment of the A-series product
line during Q4 of 2018. These new launches quickly contributed to 60 per cent of Samsung’s total
smartphone shipments in Q1 of calendar year 2019.72 In the same quarter, Realme, a new offering by

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Guangdong OPPO Mobile Telecommunications Corp., Ltd. (Oppo) in 2018, was the biggest mover in this
category, with a 7 per cent market share.73 However, in the premium smartphone segment, Samsung
dethroned OnePlus Technology Co., Ltd. (OnePlus) and Apple Inc. (Apple) to gain the top position in Q1
of 2019,74 meaning that Samsung, Apple, and OnePlus were the top three brands in the premium smartphone
category, holding 90 per cent of the market share.75

Amid the intense competition, it remained to be seen how Xiaomi would maintain its number one position
in the smartphone market.76 Exhibit 6 shows the top five players in the Indian smartphone market in the
first three quarters of 2018.

Overall, the company’s net profit margin became stagnant between 2017 and 2018 (see Exhibit 7).The
company had started to expand offline, which led to an increase in offline market share by nearly 20 per
cent between Q1 of 2017 and Q4 of 2018.77 However, offline distribution could cost the company more,
due to lower efficiencies, big store margins, and high promotional costs, potentially increasing the price of
the product.78 Revenue growth declined in the first half of 2019.79 In Q1 of 2019, Xiaomi’s market share in
the smartphone segment was 29 per cent, which represented a 2 per cent decline year-on-year, as it had a
31 per cent market share in Q1 of 2018.80 Xiaomi’s online smartphone shipment share in India declined
from 55 per cent in Q2 of 2018 to 46 per cent in Q2 of 2019.81

Xiaomi had also ventured into the Indian TV market, which saw massive growth in 2018, particularly in
the smart TV segment.82 As of June 2019, smart TV offline sales had grown 38 per cent, while online sales
had grown 164 per cent.83 Much of this growth was attributed to Xiaomi, whose shipments of Mi TVs had
increased threefold in Q2 of 2018.84 Within the first nine months of its launch in February 2018, Xiaomi
shipped more than one million Mi light-emitting diode (LED) TVs.85 Before Xiaomi, the leading brands in
the TV market were Sony, LG, Samsung, and Panasonic Corporation, but Xiaomi overtook them to become
the leader in the smart TV segment by offering TVs at affordable prices. For instance, Xiaomi’s 32-inch
(81-centimetre) smart TV was $140 to $17086 cheaper than those offered by other brands.87 As of July 2019,
Xiaomi’s market share in India was 39 per cent.88

However, Xiaomi’s competition (other giants such as Samsung and Sony) were also positioning to capture
the lion’s share of the Indian TV market by selling at all price points.89 Samsung launched a new series of
TVs through its online channel, and it reduced the price difference between its products and those of brands
such as Xiaomi, TCL, and Thomson.90 At the same time, it also introduced quantum LED (QLED) 8K TVs
in the price range of $15,462 to $23,90491 to consolidate its position in the premium segment.92 Sony also
did not want to join the Chinese companies in the price war, focusing instead on profits.93 Exhibit 8 provides
the market share of leading brands in the Indian smart TV market as of Q3 in 2019.94

Apart from smart TVs, Xiaomi had offerings in other smart product categories such as wearables, electric
scooters, home security cameras, smart sensors, smart bulbs, and smart air and water purifiers. Data from
prior years showed that during the Diwali season of 2018, Xiaomi sold more than 6 million smartphones,
more than 400,000 Mi TVs, and more than 2.1 million ecosystem products and accessories. 95 At the Smart
Living 2020 event, Xiaomi promoted its recently introduced range of smart products.96 Putting it all
together, Xiaomi entered into the consumer electronics market in India and created its own space. But here,
too, Xiaomi would need to compete with industry giants Samsung, LG, and Sony.

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THE WAY AHEAD

After entering the electronics market in India with smartphones, Xiaomi extended its offerings into other
product categories and was on a path to create an ecosystem of connected devices, which it saw as the future
of the consumer electronics market.97 Even OnePlus, one of the leading players in the premium smartphone
segment, launched its first smart TV in September 2019.98 According to Tarun Pathak, associate director at
Counterpoint Research, Inc., “TV is a natural extension for smartphone brands, which aim to grab the
maximum share of the user’s viewing time. Content is going to be a major play, and presence in the TV
segment will enable smartphone makers to forge better partnerships with content players.”99

Xiaomi and the leading players in consumer electronics (namely, Samsung, LG, and Sony) were betting
high on smart and connected devices. In addition to Xiaomi’s range of smart devices, Samsung and LG
offered smart devices such as refrigerators, washing machines, air purifiers, and smart watches that were
connected to smartphones. Thus, to gain a competitive edge in the electronics market, product and brand
extensions were inevitable. In the past, Xiaomi had penetrated the Indian smartphone market using only
online distribution, minimal advertising, and comparable product features at affordable prices. Xiaomi also
disrupted the TV market in India by making smart TVs affordable.100 However, for Xiaomi, the way ahead
would be entering the premium segment across product categories. Looking forward, Xiaomi needed to
consider whether the strategies that made the company the number one player in India would also help it to
target the premium segment across all of its smart product categories to be sustainable in the long run.

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EXHIBIT 1: PERCENTAGE OF MOBILE USERS IN INDIA WHO USE SMARTPHONES, 2014–2019

45 39
40 36
33.4

users in India who use

Percentage of mobile 35 29.8
30 26.3
smartphones 25 21.2
20
15
10
5
0
2014 2015 2016 2017 2018 2019
Year

Source: Created by authors using “Share of Mobile Phone Users That Use a Smartphone in India from 2014 to 2022,” Statista,
September 23, 2019, accessed August 29, 2019, www.statista.com/statistics/257048/smartphone-user-penetration-in-india/.

EXHIBIT 2: THE TELEVISION MARKET IN INDIA, 2016–2020 (IN US$ BILLIONS)

14
12
10
8
6
4
2
0
2016 2017 2018 2020

Source: Created by the authors using India Brand Equity Foundation, Consumer Durables, January 2019, accessed May 8,
2019, www.ibef.org/download/consumer-durables-jan-2019.pdf.

EXHIBIT 3: CONTRIBUTION OF SMART TELEVISIONS TO TOTAL TELEVISION SALES IN INDIA, 2016–2019

50
43%
40

30
18% 20%
20
12%
10

0
2016 2017 2018 2019

Source: Indo Asian News Service, “Demand for Smart TVs Has Increased in India as Disposable Incomes Increases,” FirstPost, May
17, 2017, accessed April 21, 2020, www.firstpost.com/tech/news-analysis/demand-for-smart-tvs-has-increased-in-india-as-disposable-
incomes-increases-3702891.html; Bismah Malik, “Xiaomi Launches Its Biggest Smart TV for India Market,” Indian Express, September
18, 2019, accessed April 21, 2020, www.newindianexpress.com/business/2019/sep/18/xiaomi-launches-its-biggest-smart-tv-for-india-
market-2035397.html.

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EXHIBIT 4: INDIA SMARTPHONE ESTIMATES BY VENDOR, Q1 2015 – Q4 2017

10
9
8
7
Units (Millions)

6
5
4
3
2
1
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017

Samsung Xiaomi

Source: “Xiaomi Beats Samsung to Become Top Smartphone Vendor in India,” Canalys, press release, January 24, 2018,
accessed April 21, 2020, www.canalys.com/newsroom/xiaomi-beats-samsung-become-top-smartphone-vendor-india.

EXHIBIT 5: GROWTH IN MARKET SHARE FOR SMARTPHONE COMPANIES IN INDIA, 2016–2019

45
40
35
30
Market Share

25
20
15
10
5
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019

Samsung Xiaomi Vivo Lenovo OPPO Intex Reliance Jio Realme Others

Source: “Smartphone Market Share Held by Vendors in India from Q1 2016 to Q1 2019,” Statista, accessed April 29, 2020,
www.statista.com/statistics/269487/top-5-india-smartphone-vendors/.

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EXHIBIT 6: MARKET SHARE OF TOP FIVE SMARTPHONE COMPANIES IN INDIA, Q1 2018 – Q3 2018
Company Q1 2018 Q2 2018 Q3 2018
Xiaomi 31% 28% 27%
Samsung 26% 28% 22%
Vivo 6% 12% 10%
Micromax 3% 1% 9%
Oppo 6% 9% 8%
Others 29% 22% 24%
Source: Counterpoint Research, “India Smartphone Market Share: By Quarter,” International Data Corporation, August 29,
2019, accessed November 15, 2019, www.counterpointresearch.com/india-smartphone-share/.

EXHIBIT 7: NET PROFIT MARGIN OF XIAOMI, 2015–2018

30000 12
10
Net Sales Revenue (10 million INR)

25000

Net Profit Margin (per cent)

8
20000 6
4
15000
2
10000 0
-2
5000
-4
0 -6
2015Y 2016Y 2017Y 2018Y

Note: X-axis represents the year under consideration (2016–2018); left Y-axis represents net sales revenue (data represented
in bars); right Y-axis is net profit margin (data represented by line graph).
Source: Created by the authors using data from ISI Emerging Markets Group, “Xiaomi Technology India Private Limited
(India),” EMIS Company Database, January 7, 2019, accessed November 18, 2019, www.emis.com/php/company-
profile/IN/Xiaomi_Technology_India_Private_Limited_en_5445226.html.

EXHIBIT 8: MARKET SHARE OF SMART TELEVISIONS BY VENDOR (PERCENTAGE)

35

30

25

20

15

10

0
Xiaomi Samsung LG Sony

Source: Amritanshu Mukherjee, “Xiaomi Leads Smart TV Market in India Once More, Mi TV Dominates with 33 Per Cent
Market Share,” India Today, December 11, 2019, accessed April 22, 2020, www.indiatoday.in/technology/news/story/xiaomi-
leads-smart-tv-market-in-india-once-more-mi-tv-dominates-33-per-cent-of-whole-market-1627399-2019-12-11.

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ENDNOTES
1
This case has been written on the basis of published sources only. Consequently, the interpretation and perspectives
presented in the case are not necessarily those of Xiaomi Corporation or any of its employees.
2
Rajiv Singh, “How China’s Handset Maker Xiaomi came first in India,” The Economic Times, November 26, 2017,
accessed April 22, 2020, https://economictimes.indiatimes.com/tech/hardware/how-chinas-handset-maker-xiaomi-came-
first-in-india/articleshow/61798368.cms
3
Indo Asian News Service, “Xiaomi Continues to Lead Indian Smartphone Market with a 27% Marketshare: Counterpoint
Report,” Hindustan Times, January 25, 2019, accessed April 26, 2019, www.hindustantimes.com/tech/xiaomi-continues-to-
lead-indian-smartphone-market-with-27-marketshare-counterpoint-report/story-ujdJp2C2sXWswK5zno5hfO.html.
4
David Kline, “Behind the Fall and Rise of China’s Xiaomi,” Wired, December 22, 2017, accessed September 25, 2019,
www.wired.com/story/behind-the-fall-and-rise-of-china-xiaomi/.
5
“Future of Consumer Durables and Electronics in India: The Changing Landscape,” PwC India, November 19, 2018,
accessed August 24, 2019, www.pwc.in/research-insights/2018/future-of-consumer-durables-and-electronics-in-india.html.
6
All currency amounts are in US$ unless otherwise specified.
7
“Future of Consumer Durables and Electronics in India: The Changing Landscape,” op. cit.
8
India Brand Equity Foundation, Consumer Durables, January 2019, accessed May 8, 2019,
www.ibef.org/download/consumer-durables-jan-2019.pdf.
9
“Share of Mobile Phone Users That Use a Smartphone in India from 2014 to 2022,” Statista, September 23, 2019, accessed
August 29, 2019, www.statista.com/statistics/257048/smartphone-user-penetration-in-india/.
10
Jinoy Jose P., “Good Times Are Here for Smart TVs,” Hindu Business Line, December 5, 2018, accessed August 29, 2019,
www.thehindubusinessline.com/specials/technophile/smart-tv-market-boom-in-india-xiaomi-sony-samsung-
panasonic/article25673048.ece.
11
Avneet Singh Marwah, “Smart TVs Industry,” BusinessWorld, July 8, 2018, accessed August 30, 2019,
www.businessworld.in/article/Smart-TVs-Industry/08-07-2018-154134/.
12
Goldstein Research, India Smart TV Market 2017–2025: Industry Size, Share, Trends, Regional Outlook, Revenue,
Demand, Key Players, Growth Drivers, Opportunity Assessment, & Forecast, August 19, 2019, accessed September 3, 2019,
www.goldsteinresearch.com/report/india-smart-tv-market.
13
“Samsung India Electronics Limited,” in Success Stories: Fortune 500 Companies in India (New Delhi: India Brand Equity
Foundation, September 27, 2005), 148–153, accessed May 8, 2019, www.ibef.org/download/Samsung.pdf.
14
India Brand Equity Foundation, op. cit.
15
Writankar Mukherjee, “Indian Television Market Heads for a Price War,” The Economic Times, August 18, 2018, accessed
September 10, 2019, https://economictimes.indiatimes.com/industry/cons-products/electronics/indian-television-market-
heads-for-a-price-war/articleshow/65446969.cms?from=mdr.
16
Ibid.
17
Amritanshu Mukherjee, “Xiaomi Leads Smart TV Market in India Once More, Mi TV Dominates with 33 Per Cent Market
Share,” India Today, December 11, 2019, accessed April 28, 2020, www.indiatoday.in/technology/news/story/xiaomi-leads-
smart-tv-market-in-india-once-more-mi-tv-dominates-33-per-cent-of-whole-market-1627399-2019-12-11.
18
Mirza Mohammed Ali Khan, “Samsung Targets 34% Market Share in TVs; to Focus on Premium Segment,” Hindu
BusinessLine, June 4, 2019, accessed September 10, 2019, www.thehindubusinessline.com/info-tech/samsung-india-targets-
34-per-cent-market-share-in-tv/article27455579.ece.
19
Writankar Mukherjee, “Samsung Plans New Strategy to Take on Chinese Rivals,” The Economic Times, April 9, 2019,
accessed September 10, 2019, https://economictimes.indiatimes.com/news/company/corporate-trends/samsung-plans-new-
strategy-to-take-on-chinese-rivals/articleshow/68782599.cms?from=mdr.
20
Saurabh Singh, “Samsung Opens World’s Largest Mobile Factory in India: The Inside Story,” India Today, July 11, 2018,
accessed May 8, 2019, www.indiatoday.in/technology/features/story/samsung-opens-world-s-largest-mobile-factory-in-india-
the-inside-story-1281504-2018-07-10.
21
BT Online Bureau, “How Samsung Overtook Nokia in Mobile Handset Market,” India Today, May 17, 2012, accessed May
8, 2019, www.indiatoday.in/business/story/samsung-overtaking-nokia-as-top-mobile-handset-maker-102416-2012-05-17.
22
Roger Cheng, “Samsung: 10M Galaxy Notes Sold in Nine Months,” CNET, August 15, 2012, accessed May 8, 2019,
www.cnet.com/news/samsung-10m-galaxy-notes-sold-in-nine-months/.
23
Kalyan Parbat, “ Samsung Garbs 40 Percent of Total July Smartphone Sales: GfK,” The Economic Times, September 1,
2017, accessed April 28, 2020, https://economictimes.indiatimes.com/tech/hardware/samsung-grabs-40-per-cent-of-total-
july-smartphone-sales-gfk/articleshow/60330507.cms?from=mdr.
24 Counterpoint Research, “India Smartphone Market Share: By Quarter,” International Data Corporation, February 17,
2020, accessed April 28, 2020, www.counterpointresearch.com/india-smartphone-share/.
25
Abhishek Baxi, “China’s Xiaomi vs. Samsung: The Battle for India’s Smartphone Market Heats Up,” Forbes, February 16,
2018, accessed May 8, 2019, www.forbes.com/sites/baxiabhishek/2018/02/16/chinas-xiaomi-vs-samsung-the-battle-for-
indias-smartphone-market-heats-up/#68a742733de1.
26
“LG Electronics India,” in Success Stories: Fortune 500 Companies in India (New Delhi: India Brand Equity Foundation,
September 27, 2005), 112–113, accessed September 18, 2019, www.ibef.org/download/lg.pdf.
27
The original source indicated “1534.5 crore,” Indian rupees (₹) were converted to US dollars using the exchange rate ₹1 =
US$0.01 on December 1, 2019.

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28
Meenakshi Verma Ambwani, “LG Electronics India posts 1,534 crore profit in FY19”, The Hindu Business Line, December
01, 2019, accessed April 28, 2020, www.thehindubusinessline.com/companies/lg-electronics-india-posts-1534-crore-profit-
in-fy19/article30131089.ece.
29
Arnika Thakur, “LG India Wants to Make Life Better,” Fortune India, March 20, 2019, accessed September 18, 2019,
www.fortuneindia.com/enterprise/lg-india-wants-to-make-life-better/103059.
30
The original text stated, “because something is only 1,000–2,000 cheaper.” Indian rupees were converted to US dollars
using the exchange rate ₹1 = US$0.01 on September 20, 2019.
31
Thakur, op. cit.
32
Ibid.
33
Press Trust of India, “LG Aims to Sell 1 Million Units of Its W Smartphone Series in India by December,” FirstPost, June 26,
2019, accessed September 18, 2019, www.firstpost.com/tech/news-analysis/lg-aims-to-sell-1-million-units-of-its-w-
smartphone-series-in-india-by-december-6884781.html.
34
Ibid.
35
Ibid.
36
“Sony in India,” Sony India Private Limited, accessed April 21, 2020, https://www.sony.co.in/microsite/overview/.
37
Press Trust of India, “Sony India Expects up to 15 pc Sales Growth This Year,” Economic Times Retail, June 24, 2019,
accessed September 18, 2019, https://retail.economictimes.indiatimes.com/news/consumer-durables-and-information-
technology/consumer-electronics/sony-india-expects-up-to-15-pc-sales-growth-this-year/69924297.
38
Writankar Mukherjee, “Sony India’s Revenue Falls for Fourth Year in a Row,” The Economic Times, September 16, 2019,
accessed September 18, 2019, https://economictimes.indiatimes.com/industry/cons-products/electronics/sony-indias-
revenue-falls-for-fourth-year-in-a-row/articleshow/71142649.cms.
39
Ibid.
40
The original text showed “6,417.52 crore” and “11,010 crore”; Indian rupees were converted to US dollars using the
exchange rate ₹1 = US$0.01 on November 18, 2019.
41
Mukherjee, “Sony India’s Revenue Falls for Fourth Year in a Row,” op. cit.
42
Ibid.; The original text showed “101.15 crore”; Indian rupees were converted to US dollars using the exchange rate ₹1 =
US$0.01 on November 18, 2019.
43
Writankar Mukherjee, “Premium TVs Hold Fort for Sony India; Volume Drop May Continue,” The Economic Times,
September 6, 2019, accessed September 18, 2019, https://economictimes.indiatimes.com/industry/cons-
products/electronics/premium-tvs-hold-fort-for-sony-india-volume-drop-may-continue/articleshow/71004387.cms.
44
Ibid.
45
“What Is Xiaomi? | CNBC Explains,” YouTube Video, 4:14, posted by “CNBC International,” June 28, 2018, accessed May
12, 2019, www.youtube.com/watch?v=hjSklLM3SpM.
46
“Manu Kumar Jain, VP, and Managing Director, Xiaomi India, at VISTA 2018 in IIMB,” YouTube Video, 56:03, posted by
“IIM Bangalore,” October 8, 2018, accessed May 12, 2019, www.youtube.com/watch?v=V_k00d9zWaM&t=359s.
47
Saurabh Sharma, “Ban Chinese Goods: Can India Do to China What China Does to Other Countries?,” Business Today,
July 11, 2017, accessed November 15, 2019, www.businesstoday.in/current/economy-politics/ban-chinese-goods-can-india-
do-to-china-what-china-does-to-other-countries/story/256282.html.
48
Neeraj Saxena, “Xiaomi Banned from Selling, Importing Phones in India,” Times of India, December 11, 2014, accessed
April 21, 2020, https://timesofindia.indiatimes.com/tech-news/Xiaomi-banned-from-selling-importing-phones-in-India-
Report/articleshow/45457541.cms.
49
Rishi Iyengar, “How China’s Xiaomi Took India’s Smartphone Market by Storm,” CNN Business, May 1, 2018, accessed
November 15, 2019, https://money.cnn.com/2018/04/30/technology/xiaomi-india-smartphone-manu-jain/index.html.
50
Ibid.
51
Gulveen Aulakh, “Samsung India’s Mobile Business Revenue Up 27 Per Cent,” The Economic Times, December 21, 2017,
accessed May 12, 2019, https://economictimes.indiatimes.com/tech/hardware/samsung-indias-mobile-business-revenue-up-
27-per-cent/articleshow/62186298.cms
52
Counterpoint Research, op. cit.
53
Sumant Banerji, “Xiaomi Retains Top Spot in India, but Suffers First Ever Decline in Shipments,” Business Today, April 26,
2019, accessed May 12, 2019, www.businesstoday.in/technology/news/xiaomi-retains-no1-position-in-smartphones-but-
suffers-first-ever-decline-in-shipments-in-a-quarter/story/340688.html.
54
Singh, op. cit.
55
Ibid.
56
Ibid.
57
Danish Khan, “Xiaomi India Ropes in Former Lenovo Executive as Head of Marketing ahead of the Festive Season,” ET
Telecom, September 3, 2018, accessed May 12, 2019, https://telecom.economictimes.indiatimes.com/news/xiaomi-india-
ropes-in-former-lenovo-executive-as-head-of-marketing-ahead-of-the-festive-season/65657221.
58
Ankita Srivastava, “Xiaomi India Surpasses 1 Million Units of Redmi Note 7 Series Sale,” BusinessWorld, April 11, 2019,
accessed May 12, 2019, www.businessworld.in/article/Xiaomi-India-Surpasses-1-Million-Units-Of-Redmi-Note-7-Series-
Sale/11-04-2019-169060/.
59
“Smartphone Market in India,” Statista, 2019, accessed November 11, 2019, www.statista.com/study/54553/smartphone-
market-in-india/.

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60
Gadgets Now, “Compare Sony Xperia XA1 vs Xiaomi Redmi Note 4,” November 19, 2019, accessed November 19, 2019,
www.gadgetsnow.com/compare-mobile-phones/Sony-Xperia-XA1-vs-Xiaomi-Redmi-Note-4; The original text showed “₹20,990” and
“₹10,999,” respectively; Indian rupees were converted to US dollars using the exchange rate ₹1 = US$0.01 on November 11, 2019.
61
Gadgets Now, “Compare LG V50 ThinQ vs Xiaomi Mi 9” November 19, 2019, accessed November 19, 2019,
www.gadgetsnow.com/compare-mobile-phones/LG-V50-ThinQ-vs-Xiaomi-Mi-9. The original text showed “₹31,790” and “₹72,990,”
respectively; Indian rupees were converted to US dollars using the exchange rate ₹1 = US$0.01 on November 11, 2019.
62
Anushruti Singh, “‘MI Fans Are the Core of Our Marketing Primarily Driven by Social Media’: Manu Jain, MD, Xiaomi India,”
PCQuest, October 4, 2017, accessed May 12, 2019, www.pcquest.com/mi-fans-core-marketing-primarily-driven-social-media-
manu-jain-md-xiaomi-india/.
63
For examples, see “General,” Mi Community, accessed September 13, 2019, https://c.mi.com/global/forum-1898-1.html;
“We Are Mi Community, a Must-Have for Xiaomi Users,” Mi Community, accessed September 13, 2019,
https://c.mi.com/oc/aboutus/index#section-03.
64
“Manu Kumar Jain, VP, and Managing Director, Xiaomi India, at VISTA 2018 in IIMB,” op. cit.
65
Banerji, op. cit.
66
Ibid.
67
Singh, op. cit.
68
Gulveen Aulakh, “Xiaomi, Samsung Are Fighting It Out in the Rs 10,000 & Rs 25,000 Smartphones Range,” The Economic
Times, June 4, 2018, accessed April 26, 2019, https://economictimes.indiatimes.com/tech/hardware/xiaomi-samsung-are-
fighting-it-out-in-the-rs-10000-rs-25000-smartphones-range/articleshow/64442506.cms?from=mdr.
69
BS Web Team, “Xiaomi Poco F1 Launched in India at Rs 20,999, to Go on Sale on August 29,” Business Standard, August
22, 2018, accessed April 26, 2019, www.business-standard.com/article/technology/xiaomi-poco-f1-launched-in-india-at-rs-19-
999-to-go-on-sale-on-august-29-118082200908_1.html.
70
Sneha Saha, “If This Is the Next Xiaomi Poco, Then These Are Poco F2 Key Specs and Top Features,” India Today, April
27, 2019, accessed September 12, 2019, www.indiatoday.in/technology/features/story/xiaomi-poco-f2-snapdragon855-
android-miui-48mp-1511370-2019-04-27.
71
“Xiaomi Says Android 10 Update Coming to All Redmi K20 Pro Users in October,” India Today, September 13, 2019,
accessed September 26, 2019, www.indiatoday.in/technology/android-os/story/xiaomi-says-android-10-update-coming-to-all-
redmi-k20-pro-users-in-october-1598767-2019-09-13.
72
Banerji, op. cit.
73
Ibid.
74
Indo-Asian News Service, “Samsung Pips OnePlus, Leads Premium Segment in India,” Business Standard, May 8, 2019,
accessed September 12, 2019, www.business-standard.com/article/news-ians/samsung-pips-oneplus-leads-premium-
segment-in-india-119050800456_1.html.
75
Ibid.
76
Press Trust of India, “Samsung Confident of Regaining Top Spot in Volume Terms in India,” Livemint, March 6, 2019,
accessed May 12, 2019, www.livemint.com/companies/news/samsung-confident-of-regaining-top-spot-in-volume-terms-in-
india-1551879218723.html.
77
Vinay Umarji, “Xiaomi’s Offline Market Share Jumps to 20%; Forays into Rs 25K Category,” July 25, 2019, accessed
November 15, 2019, www.business-standard.com/article/companies/xiaomi-s-offline-market-share-jumps-to-20-forays-into-
rs-25k-category-119072501340_1.html.
78
Alnoor Peermohamed, “BIGGEST Challenge Xiaomi Is Facing in India,” Rediff.com, March 31, 2017, accessed November
15, 2019, www.rediff.com/business/report/tech-biggest-challenge-xiaomi-is-facing-in-india/20170331.htm.
79
Felix Richter, “Is Xiaomi's Growth Stalling?,” Statista, August 29, 2019, accessed November 15, 2019,
www.statista.com/chart/15179/xiaomi-revenue-and-smartphone-market-share/.
80
Indo-Asian News Service, “Xiaomi Slips but Retains Top Spot in Indian Market,” Business Standard, April 26, 2019,
accessed November 18, 2019, www.business-standard.com/article/news-ians/xiaomi-slips-but-retains-top-spot-in-indian-
market-119042600368_1.html.
81
Prateek Mishra, “Online Smartphone Market India Q2 2019: Xiaomi Losing Grip!,” Dazeinfo, September 14, 2019, accessed
November 15, 2019, https://dazeinfo.com/2019/09/14/online-smartphone-market-india-q2-2019-xiaomi-losing-grip/.
82
Jose P., op. cit.
83
Writankar Mukherjee, “Sales of televisions above 32-inch has grown by 10% in offline market January to April,” The
Economic Times, June 28, 2019, accessed April 22, 2020, https://economictimes.indiatimes.com/industry/cons-
products/electronics/sales-of-televisions-above-32-inch-has-grown-by-10-in-offline-market-january-to-
april/articleshow/69994440.cms?from=mdr.
84
Nandana James, “Xiaomi Emerges Market Leader in Smart TVs,” Hindu Business Line, November 15, 2018, accessed May
4, 2019, www.thehindubusinessline.com/info-tech/other-gadgets/xiaomi-emerges-market-leader-in-smart-
tvs/article25509054.ece.
85
Ibid.
86
The original text showed “₹10,000–₹12,000”; Indian rupees were converted to US dollars using the exchange rate ₹1 =
US$0.01 on September 20, 2019.
87
James, op. cit.
88
Cyrus Lee, “Xiaomi Takes the Lead as Indian Smart TV Market Share Rises to 39%,” ZDNet, July 17, 2019, accessed
September 26, 2019, www.zdnet.com/article/xiaomi-takes-the-lead-in-india-increasing-smart-tv-market-share-to-39/.
89
Mukherjee, “Samsung Plans New Strategy to Take on Chinese Rivals,” op. cit.

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90
Ibid.
91
The original text showed “Rs 10.99 lakh” and “Rs 16.99 lakh”; Indian rupees were converted to US dollars using the
exchange rate ₹1 = US$0.01 on September 20, 2019.
92
Press Trust of India, “Samsung India Targets 34% Market Share in TV,” Money Control, June 4, 2019, accessed September
18, 2019, www.moneycontrol.com/news/business/companies/samsung-india-targets-34-market-share-in-tv-4063591.html.
93
Writankar Mukherjee, “Focused on Profits, Sony to Stay Away from Pricing War,” The Economic Times, April 30, 2019,
accessed September 18, 2019, https://economictimes.indiatimes.com/industry/cons-products/electronics/focused-on-profits-
sony-to-stay-away-from-pricing-war/articleshow/69106059.cms?from=mdr.
94
Mukherjee, “Xiaomi Leads Smart TV Market in India Once More, Mi TV Dominates with 33 Per Cent Market Share,” op. cit.
95
ZeeBiz WebTeam, “Cracker of a Diwali! Unbelievable, Xiaomi Alone Sold 6 mn Smartphones in This Festival,” Zee Business,
November 12, 2018, accessed May 18, 2019, www.zeebiz.com/technology/news-cracker-of-a-diwali-unbelievable-xiaomi-
alone-sold-6-mn-smartphones-in-this-festival-71143.
96
“Xiaomi Smarter Living Event: Here’s Everything That Was Launched,” Livemint, September 17, 2019, accessed September 26, 2019,
www.livemint.com/technology/tech-news/xiaomi-smarter-living-event-here-s-everything-that-was-launched-1568705614349.html.
97
Prasid Banerjee, “Xiaomi Has World’s Largest IoT Platform: Manu Jain,” Livemint, April 3, 2019, accessed September 12,
2019, www.livemint.com/industry/telecom/xiaomi-has-world-s-largest-iot-platform-manu-jain-1554305616765.html; “Future of
Consumer Durables and Electronics in India: The Changing Landscape,” op. cit.
98
Press Trust of India, “OnePlus to Launch Smart TVs in September, to Be Available in India First,” The Economic Times,
August 21, 2019, accessed September 12, 2019, https://economictimes.indiatimes.com/tech/hardware/oneplus-to-launch-
smart-tvs-in-september-to-be-available-in-india-first/articleshow/70773256.cms?from=mdr.
99
Navadha Pandey, “Phone Brands Make a Beeline to Grab a Share of Smart TV,” LiveMint, August 20, 2019, accessed
April 21, 2020, www.livemint.com/industry/infotech/phone-brands-make-a-beeline-to-grab-a-share-of-smart-tv-market-
1566317703286.html.
100
Jose P., op. cit.

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