In the latest report released by the International Data Corporation (IDC) on Monday, Apple's iPhone global shipments took a severe hit in the first quarter of 2024, plummeting nearly 10% year-on-year under intense competition from Chinese rivals Xiaomi and Transsion Holdings. This decline cost Apple its position as the top smartphone shipper, as Samsung reclaimed its dominance in the global smartphone market.
Samsung secures the top spot, Apple slips to second, while Xiaomi ranks third with impressive growth, and Transsion shows the most rapid increase.
According to the IDC report, Apple shipped 50.1 million units in the first quarter, down 9.6% from 55.4 million units in the same period last year. Among the top five smartphone brands mentioned in the report, Apple saw the largest year-on-year decline. Its market share also fell from 20.7% a year ago to 17.3%, sliding from first to second place globally.
Samsung regained the top spot in the first quarter of this year with a market share of 20.8%, up from the previous quarter's loss, shipping 60.1 million units, nearly matching last year's figures.
"While IDC expects these two companies to continue dominating the high-end smartphone market, strong growth from Xiaomi, Transsion, OPPO/OnePlus, and Vivo may prompt the two original equipment manufacturers to seek expansion and diversification," said Ryan Reith, Vice President of IDC's Global Mobile and Consumer Device Trackers.
According to IDC data, Xiaomi saw a staggering 33.8% increase in shipments in the first quarter, reaching 40.8 million units, while Transsion Holdings skyrocketed by 84.9%, reaching 28.5 million units.
Transsion Holdings emerged as the fastest-growing among all smartphone manufacturers. With brands like Tecno, Itel, and Infinix under its umbrella, it has quietly become Africa's largest and the world's fifth-largest smartphone manufacturer. Transsion is expanding into the Southeast Asian market and attempting to enter the high-end market by launching foldable smartphones.
Compared to Xiaomi and Transsion Holdings, OPPO's performance was lackluster, with a 8.5% decrease in shipments to 25.2 million units in the first quarter.
According to the IDC report, Xiaomi (14.1%), Transsion Holdings (9.9%), and OPPO (8.7%) ranked third, fourth, and fifth globally in terms of market share based on shipments in the first quarter.
"There is a shifting of power among the top five companies, a trend that may continue," said Nabila Popal, Research Director of IDC's Global Tracker team. "After experiencing a significant decline over the past two years, Xiaomi is making a strong comeback, while Transsion Holdings is steadily maintaining its position among the top five brands, driven by its active growth in international markets."
The global smartphone market is steadily recovering, with Apple falling behind.
The report also shows that global smartphone shipments increased by 7.8% year-on-year in the first quarter of 2024, reaching 289.4 million units. IDC stated that despite facing macroeconomic challenges, this marks the third consecutive quarter of shipment growth, "a strong indicator of ongoing recovery."
Unfortunately, amidst the overall resurgence in the global smartphone industry, Apple seems to have missed the boat. While most tech giants have seen their stock prices soar by double-digit percentages this year, Apple's stock has bucked the trend, falling by approximately 7%.
Despite consumers increasingly favoring higher-priced, longer-lasting premium devices, Apple's iPhone sales continue to plummet sharply in its largest overseas market, China.
According to media reports, iPhone shipments in China plummeted by 33% year-on-year to 2.4 million units in February this year, continuing the downward trend in shipments that began earlier this year. In January, iPhone shipments in China decreased by 39% year-on-year to 5.5 million units.
