The global smartphone market has seen major ups and downs recently. Chinese smartphone company Xiaomi has overtaken Apple in terms of sales to become the world's second largest company. This is the first time since August 2021 that Xiaomi has overtaken Apple. Although Xiaomi's sales have not increased much, Xiaomi has benefited from the decline in Apple's sales.

Xiaomi's rapid growth: According to the report, Xiaomi has become the fastest growing smartphone brand in the year 2024. Xiaomi has performed well in the month of August, which has benefited the company a lot. The major smartphone markets have seen a decline in the last few years, but Xiaomi has made a strong comeback by changing its strategies. The company's growth had declined in 2022 and the first half of 2023, but after that Xiaomi has regained its hold in the market.

Benefit from economic recovery: Xiaomi has made some important changes in its products and strategies, due to which the company is now benefiting. Xiaomi's financial condition has improved in the last few quarters. Especially due to the company's low price band 5G smartphones, their demand has increased in the market. Xiaomi is continuously getting benefits due to Redmi 13 and Note 13 series phones, and it has established its dominance in the market.

Apple's possible return: However, Apple can also make a comeback in this ranking. After the launch of the iPhone 16 series, Apple will have a good chance to regain its place. Samsung still remains the world's number one smartphone brand, but this competition between Xiaomi and Apple has become quite interesting.

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