Apple iPhone sales in China decline by 30% in first week of 2024
According to a report from Jefferies economists. Apple’s sales of the iPhone in China fell by 30% in the first week of 2024. This is another indication that the US tech company is under increasing competitive pressure from local competitors like Huawei.
Based on a report from the brokerage released on Sunday. The entire a double-digit reduction in China shipments of smartphones for the start of the week was mostly caused by the decline in sales of Apple devices. Throughout this time, other Android companies like Huawei had comparatively flat growth compared to the previous year.
The study’s report indicates that despite aggressively lowering many iPhone models on well-known Chinese internet marketplaces, sales of Apple products decreased. For instance, in the initial week of 2024, the retail cost of the iPhone 15 Pro and iPhone 15 Pro Max was lowered by 16% on the online store Pinduoduo.
The thirty percent decrease, which the brokerage predicted from its personal market observation. It is an acceleration from the 3% year-over-year fall the U.S. corporation witnessed for the entire year of 2023 for its third-biggest market. More specifically, the market share of Apple fell by 0.4% in 2023 as a result of the 3% fall.
Huawei Sale
Experts of Jefferies claimed that Chinese competitors, particularly Huawei. Which introduced its Mate 60 range of smartphones in August of the previous year, are mostly the reason for Apple’s downturn.
Many people believe that Huawei’s return to the premium smartphone markets with the Mate 60 series comes after several years of US restrictions which earlier impeded its growth.
The memo claims that during the last quarter of 2023. Huawei’s share of the market for smartphones in China increased by almost 6%.
As Jefferies experts predict that during 2024, Apple will probably see more competition from domestic competitors. According to their estimate, Huawei is anticipated to maintain its market share growth. Whereas Apple’s shipments quantities are predicted to decline by double-digit levels by 2024.
In particular, they predict that Huawei will sell 64 million phones globally in 2024. A significant increase above the projected 35 million delivered in 2023.
The Chinese smartphone industry is set for a recovery after years of decline, according to some experts. Data company IDC predicts an undetermined year-over-year gain in sales in the final quarter of the year following 10 straight quarters of declining shipments.
