Apple’s lead on the global smartphone market was lost at the beginning of 2024. iPhone sales fell by 10% as Chinese competitors such as Xiaomi grew rapidly.
According to International Data Corporation’s market research, Samsung has regained the position of the world’s largest smartphone manufacturer by volume in the first three months of this year. This is just three month after Apple had claimed the top spot.
IDC estimated global iPhone shipments fell 10 percent to 50,1mn in 2024’s first three months compared to the same period of 2023. This gives it a market share of 21 per cent.
Samsung launched its flagship Galaxy S24 in January and had a share of 23 percent after sales fell by just over 1 percent year-on-year to 60,1 million.
Apple is struggling to compete in the largest smartphone market in the world.
Xiaomi’s sales soared by 34 percent to reach a market share of 14 percent, thanks to a media frenzy surrounding the launch of its electric vehicle.
Transsion is the Shenzhen based company behind the Tecno Itel and Infinix brand.
Transsion’s affordable handsets helped it become Africa’s top smartphone manufacturer. Its shipments grew by 85 percent to 25.2mn, placing it fourth in terms of volume ahead of Oppo, its more established Chinese competitor. Transsion is pushing south-east Asia, and trying to move upmarket by offering a foldable smartphone.
Nabila Popal is the research director for IDC. She said that there was a change in power between the top five companies. This shift will likely continue. “Xiaomi has recovered from the steep declines it experienced in the last two years, and Transsion has become a stable presence among the top five companies with aggressive growth on international markets.”
According to IDC preliminary data, global smartphone shipments have increased by 8 percent year-over-year, marking the third consecutive quarter of growth.
Apple is, however, missing out on a large part of the broader industry recovery. ‘s share price has fallen by about 5 percent this year, while most of Apple’s Big Tech competitors have seen double-digit percentage gains.
Apple’s iPhone sales have dropped in China despite consumers opting for higher-priced devices they hope will last longer. The US giant is facing a resurgent competition by rival Huawei in its premium segment, as well as a crackdown from the state on government employees using Apple devices.
Apple is also diversifying away from China. Tim Cook, Apple’s CEO, will visit Vietnam this week to expand the iPhone maker’s supply chain. Apple suppliers such as Foxconn and Quanta have increased production in Vietnam.
Post Disclaimer
The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.
This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.
The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.