Apple Loses Top Spot in China's Smartphone Market

Apple Inc. (NASDAQ:AAPL) has ceded its top spot in China's smartphone market for the first quarter of 2024, falling to third place with a 15.6% market share. The tech giant's shipments dropped by 6.6% year-over-year amid fierce competition from local brands. Honor now leads with a 17.1% share, closely followed by Huawei at 17%, as reported by IDC.

This minimal gap indicates a statistical tie, highlighting the intense rivalry within the market. Despite aggressive pricing strategies, Apple struggled to counteract the robust challenge from Android manufacturers. The overall Chinese smartphone market saw a healthy increase, with shipments rising 6.5% to 69.3 million units. This development marks Apple’s most significant decline in the region since 2020, a stark contrast to its previous dominance.