According to data from research firm IDC, Apple experienced a decline of approximately 10% in smartphone shipments during the first quarter of 2024. This drop can be attributed to heightened competition from Android smartphone manufacturers vying for the top position. In the same period, global smartphone shipments rose by 7.8% to 289.4 million units. Samsung emerged as the leading phonemaker with a market share of 20.8%, surpassing Apple. This shift follows Apple's brief stint as the world's No.1 phone maker in the previous quarter. However, with a market share of 17.3%, Apple now ranks second as Chinese brands like Huawei gain ground.
During the first quarter, Xiaomi secured the third position with a market share of 14.1%. Samsung's success can be attributed in part to the launch of its latest flagship smartphone series, the Galaxy S24, which saw global sales exceeding 60 million units. Conversely, Apple shipped 50.1 million iPhones during the same period, down from 55.4 million units in the previous year.
Apple also faced challenges in the Chinese market, with smartphone shipments declining by 2.1% in the final quarter of 2023. This decline underscores the obstacles Apple encounters in its third-largest market, including restrictions imposed by Chinese companies and government agencies on the use of Apple devices.
Looking ahead, Apple is gearing up for its Worldwide Developers Conference (WWDC) in June, where updates to the software powering iPhones, iPads, and other devices will be highlighted. Investors are particularly interested in advancements in artificial intelligence (AI) technology at Apple, an area the company has not extensively addressed. Earlier this year, Apple conceded its title as the world's most valuable company to Microsoft.
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