In the first half of 2024, Redmi emerged as the most popular smartphone brand in Russia, according to data from "Marvel-Distribution" reported by Lenta.
Shift in Market Dynamics
Joining Redmi in the top five by sales volume were Tecno, realme, Infinix, and Samsung. This shift has pushed the American corporation Apple out of the top five, which had held a 9.3 percent market share in Russia in 2023. Samsung, the South Korean tech giant, also saw its ranking drop from third to fifth, making way for Chinese manufacturers to dominate the market.
Despite this shift, Apple still leads in terms of revenue share, holding 34.5 percent of the market value. Samsung follows with 16.4 percent. Additionally, Apple managed to secure a place in the top five for laptop sales by volume. However, due to the cessation of official sales in the country, Apple had fallen from its leadership position in 2023.
Increase in Private Label Brands
In the first six months of 2024, the Russian market saw the sale of 14.3 million smartphones worth 343.4 billion rubles and 1.4 million laptops worth 91.5 billion rubles.
In the home appliance category, analysts noted an increase in the popularity of private label brands among Russian consumers. These private labels accounted for every fourth television and every third microwave sold in the first half of the year.
In July, Apple became the first company in history to reach a market capitalization of $3.5 trillion. The primary driver behind this record valuation was the company's announcement a month prior about incorporating artificial intelligence (AI) into its products.
