According to an analysis by Stocklytics.com, Apple captured a market share of 17.3% in China last year, marking a record-high for the company in the world’s second-largest economy. Although Apple experienced a more than 2% decline in overall smartphone shipments in 2023, claiming the top spot amidst stiff competition from Huawei and subdued consumer spending represents a substantial success for Apple.
Stocklytics Financial analyst Edith Reads commented on the data:
Apple’s ascendancy to the top of China’s smartphone market underscores the company’s strategic prowess and adaptability in navigating challenging landscapes. Amidst shifting market dynamics and intensified competition, their record market share reflects product appeal and astute pricing strategies.
Over 270 million smartphone shipments were recorded in 2023, highlighting the dynamism and fierce competition within the Chinese mobile phone market. Homegrown giants such as Huawei, Xiaomi, Oppo, and Vivo have solidified their positions through brand recognition, expansive distribution networks, and competitive pricing strategies.