Consumer electronics giant Apple’s (AAPL) new iPhone 17 series isn’t yet on the market, but Chinese rival Xiaomi (XIACF) is already making moves to take on the premium smartphones. Apple, at its annual event last week, unwrapped the iPhone 17 series alongside the ultra-thin iPhone Air model.
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The event marked Apple’s first major iPhone redesign in almost a decade. The new models are to hit stores this Friday, with the same timeline for pre-ordered deliveries. However, Xiaomi is already gearing up to bring the heat to the competition.
The Chinese consumer electronics firm has disclosed its intention to speed up the regular launch timeline for its devices; this time jumping from the Xiaomi 15 to the newer Xiaomi 17 Pro and Pro Max models. Xiaomi intends to release these premium smartphones this month as part of its plans to upgrade its brand.
The company’s founder and chief executive, Lei Jun, on Monday, noted that the company is “highly confident” and can “face the challenge” of matching Apple’s latest generation of smart devices.
Xiaomi Takes on Apple
Xiaomi’s challenge to Apple comes as buyers rush to snap up the iPhone 17 models across the US, Europe, and China. Early delivery estimates for the new series, especially the base model, indicate a stronger demand compared to orders for the iPhone 16 series last year. However, Apple has delayed the launch of the iPhone Air in China.
Globally, Apple is the biggest smartphone maker in the premium device market. According to Counterpoint Research, the tech company’s market share in this section grew 3% year-over-year to more than 62% as of the first half of this year. This was driven by gains in emerging markets such as India.
However, Xiaomi comes in third in this market after Samsung Electronics (SSNLF). The Beijing-based company’s market share grew 55% year-over-year during H1 2025, with the largest growth emerging from the company’s home base: China.
Xiaomi’s growth in the market comes as its smartphone business continues to benefit from the momentum trailing its new electric vehicle (EV) business, which is building up to be a rival to Tesla (TSLA). By contrast, Apple abandoned its EV project last year to redirect more resources into its generative artificial intelligence efforts.
Is XIACF a Good Stock to Buy?
Turning to Wall Street, Xiaomi’s shares have a Strong Buy consensus recommendation on TipRanks, based on 12 Buys and two Holds assigned by 14 Wall Street analysts over the last three months. The average XIACF price target of $8.62 indicates a 23% growth potential from its current level.
See more XIACF analyst ratings here.