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Samsung becomes world's number 1 phone maker as Apple iPhone shipments drop about 10% in Q1 of 2024
Apple (NASDAQ:AAPL) saw a roughly 10% drop in iPhone shipments in the first quarter of 2024 while the overall smartphone market saw a bounce.
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Apple’s smartphone shipments took a hit by about 10% in the first quarter of 2024
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Samsung reportedly captured 20.8% of the market share, clinching the top smartphonemaker position
According to an IDC report, Samsung overtook Apple as the leading smartphone brand globally, ending Apple's dominance. The first quarter of 2024 saw a 10% decline in Apple's smartphone shipments, according to Reuters. Between January and March, shipments of smartphones worldwide rose 7.8% to 289.4 million devices, with Samsung overtaking Apple as the leading phonemaker with a 20.8% market share.
The sharp drop in sales for the iPhone manufacturer follows a stellar quarter in which it surpassed Samsung to become the world's top phone manufacturer. With a 17.3% market share, it has returned to the second position as Chinese companies like Huawei increase their market share.
Xiaomi claims the third spot in the first quarter
One of the leading smartphone manufacturers in China, Xiaomi, came in third place in the first quarter with a 14.1% market share. Over 60 million phones were supplied by South Korean company Samsung during the period after the company unveiled its most recent flagship smartphone lineup, the Galaxy S24 series, at the beginning of the year.
In the first three weeks of their release, sales of Galaxy S24 smartphones worldwide increased by 8% when compared to the Galaxy S23 series of the previous year, according to data source Counterpoint. IDC reports that Apple shipped 50.1 million iPhones in the first quarter, compared to 55.4 million units during the same period last year. In comparison to a year earlier, Apple's smartphone shipments to China decreased by 2.1% in the last quarter of 2023.
The decline highlights the difficulties the American company faces in its third-largest market, where several Chinese businesses and government organizations ban staff access to Apple devices. This practice is similar to the American government's prohibitions on Chinese software due to security concerns. The Cupertino, California-based corporation will showcase upgrades to the software that powers iPhones, iPads, and other Apple products at its Worldwide Developers Conference (WWDC) in June
Investors are keeping a tight eye on Apple's artificial intelligence development efforts, as the company has not disclosed many details about how it plans to integrate AI technology into its products. Earlier this year, Microsoft overtook the corporation to become the most valuable company in the world.
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