News Brief
After Tesla, Apple Becomes Victim Of Local Competition In China; iPhone Sales Drop By 19.1 Per Cent In First Quarter
Surveillance cameras are seen near an iPhone advertisement at an Apple store in Beijing, China (REUTERS/Florence Lo)
After Tesla, another US giant is facing troubles in selling its products in China due to intensified local competition. Apple's sales dropped by 19.1 per cent in the first quarter of 2024.
While Apple was the top smartphone seller in the last quarter of last year, it is now third behind Vivo and Honor with its market share shrunk to 15.7 per cent from 19.7 per cent last year.
Huawei's comeback is considered to have "directly impacted Apple in the premium segment" as per analysts. Huawei is just a little behind Apple in fourth position with 15.5 per cent market share.
The successful launch of the 5G-capable Mate 60 series helped Huawei achieve a sales growth of around 70 per cent. Huawei’s new Pura 70 series is set to give tough competition to iPhones.
Meanwhile, iPhone sales in India have increased and surpassed any single European Union country in 2023. Apple's revenue in India surge by 42 per cent over 2022, as per Morgan Stanley.
India is now the fifth-largest smartphone market for Apple. "If India continues its trajectory while China stays flat, India could overtake China to become Apple's largest iPhone market by 2027," the report added.
Apple is not alone in facing declining sales in China. In the first quarter of 2024, Tesla sales in China dropped by 4 per cent in comparison to the previous year's same period.
Tesla is now second behind BYD in its sales in China. Moreover, other Chinese EV brands Nio and Li Auto are increasing their market share. Subsequently, Tesla had to announce price cuts to stay relevant.
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