Key Points:
- Apple’s smartphone shipments dropped by around 10% in the first quarter of 2024, impacted by increased competition from Android smartphone makers.
- Samsung emerged as the top phone maker with a market share of 20.8%, surpassing Apple, which fell to the second spot with a market share of 17.3%.
- Chinese brands like Huawei and Xiaomi gained market share. Samsung’s success was fueled by the launch of its Galaxy S24 series.
- Apple’s upcoming WWDC in June is expected to showcase software updates, with investors keen on artificial intelligence (AI) developments.
In the first quarter of 2024, Apple experienced a significant setback as its smartphone shipments dropped by approximately 10%, according to data from research firm IDC. This decline was attributed to intensifying competition from Android smartphone makers vying for the top spot in the market.
While global smartphone shipments increased by 7.8% to reach 289.4 million units during January-March, Samsung emerged as the top phone maker with a market share of 20.8%, surpassing Apple. This marked a reversal of fortunes for Apple, which had overtaken Samsung as the world’s No.1 phone maker in the previous quarter.
The decline in Apple’s smartphone sales came as Chinese brands like Huawei gained market share, pushing Apple back to the second spot with a market share of 17.3%. Xiaomi, another Chinese smartphone giant, secured the third position with a market share of 14.1% during the first quarter.
Samsung’s success was attributed to the launch of its latest flagship smartphone lineup, the Galaxy S24 series, which saw global sales exceeding 60 million units during the period. The Galaxy S24 smartphones witnessed an 8% increase in sales compared to the previous year’s Galaxy S23 series.
Despite facing challenges in China, where its smartphone shipments declined by 2.1% in the final quarter of 2023, Apple remains focused on innovation. The company is set to host its Worldwide Developers Conference (WWDC) in June, where it will unveil updates to the software powering iPhones, iPads, and other Apple devices.
Investors eagerly anticipate updates on Apple’s artificial intelligence (AI) development efforts, as the company has been relatively quiet. Earlier this year, Apple lost its position as the world’s most valuable company to Microsoft, signaling the need for continued innovation and adaptation in a competitive market landscape.
