Samsung dethrones Apple in global smartphone market
Recent data from IDC reveals a significant shift in the global smartphone market, with Samsung surpassing Apple as the leading manufacturer. The first quarter of 2024 saw a 10% drop in Apple's shipments, largely due to intense competition from Android smartphone manufacturers. Despite outperforming Samsung in the December quarter, Apple now holds second place with a market share of 17.3%.
Samsung's Galaxy S24 series fuels market dominance
Samsung's rise to the top is largely attributed to its latest flagship smartphone lineup, the Galaxy S24 series. Launched at the start of 2024, it shipped over 60 million phones during Q1 alone. This contributed to Samsung securing a market share of 20.8%. Counterpoint reported an 8% increase in global sales of Galaxy S24 smartphones compared to last year's Galaxy S23 series during their first three weeks on the market.
Chinese brands gain ground, Apple struggles in China
Chinese brands are also making significant strides on the global stage. Xiaomi secured third place with a 14.1% market share during Q1 of 2024. Apple's struggles are particularly evident in China, its third largest market, where smartphone shipments decreased by 2.1% in Q4 of 2023 compared to the previous year. This decline is partly due to restrictions imposed by some Chinese companies and government agencies on employees' use of Apple devices.
Apple's future hinges on AI development
In terms of volume, Apple shipped 50.1 million iPhones in Q1 2024, down from 55.4 million units during the same period last year. As the tech world looks ahead, all eyes are on Apple's Worldwide Developers Conference (WWDC) scheduled for June. Investors are eagerly awaiting updates on artificial intelligence development at the event. The company, which lost its title as the world's most valuable company to Microsoft earlier this year, has been notably quiet about incorporating AI into its devices.