According to Counterpoint data, iPhone sales in China declined 24% year on year in the first six weeks of 2024, as the US corporation faced heightened competition from domestic rivals like as Huawei.
Huawei, the US tech giant’s main competitor in China for luxury handsets, saw unit sales increase by 64% during the period, according to the study.
This could raise concerns about a slowdown in demand for the US corporation, whose revenue forecast for the current quarter was $6 billion lower than Wall Street expected.
Shares of the iPhone maker fell 2.2% in premarket trade on Tuesday and have lost around 10% of their value this year, trailing their big tech peers in the United States.
According to Counterpoint’s analysis, Apple’s share of the Chinese smartphone market fell to 15.7%, putting it in fourth place, down from second place the previous year when it had 19%.
Huawei climbed to second position, increasing its market share to 16.5% from 9.4% a year ago. The whole smartphone market in China dropped by 7%, according to the research.
Samsung “faced stiff competition at the high end from a resurgent Huawei while getting squeezed in the middle on aggressive pricing from the likes of OPPO, Vivo and Xiaomi,”
