Having invested and developed the consumer IoT sector for over seven years, Xiaomi has successfully created an IoT ecosystem with over 2,000 product SKUs. In 2019, the IoT and lifestyle product sector grew 41.7% YoY to reach RMB 62.1 bn and accounted for over 30% of Xiaomi’s total revenue. In 2019, the number of connected IoT devices (excluding smartphones and laptops) on Xiaomi’s IoT platform reached 234.8 million units. Xiaomi cooperates with most ecosystem companies under an “investment + incubation” model. In this report, we deep dive into Xiaomi’s IoT ecosystem, analyzing the development roadmap, investment logic, evolution vision, success factors and future challenges.
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