Apple’s AAPL According to an IDC report, smartphone sales in the third quarter decreased by 0.3% year-on-year, but demand for the iPhone 16 series, which was launched in September, remained strong compared to the previous generation.
With this performance, Apple regained the second place in China’s smartphone market, with a market share of 15.6%, a close second. Vivoled the market with an 18.6% share, driven by a 21.5% increase in shipments.
With a strong comeback, Huawei Technologies Co., Ltd. increased its shipments by 42% annually and captured 15.3% of the market, marking its fourth consecutive quarter of double-digit growth.
Also read: Apple’s AI-powered future: Analysts say new iPhone 17 with AI integration will skyrocket iPhone growth by 2026
Huawei’s advanced Chinese processors, which have garnered patriotic support in a tense geopolitical context, have driven the success of the brand’s premium segment despite US sanctions.
Xiaomi Co., Ltd. XIACF Siasi also saw growth, with shipments increasing by 12.8%, driven by growth in both the low-end and luxury segments, ranking 4th with a 14.8% market share.
Honor, a former Huawei sub-brand, ranked fifth with a 14.6% share, despite a 22.5% decline in unit shipments during the quarter.
The entire smartphone market in China, the world’s largest, increased by 3.2% year-on-year to 68.8 million units in the third quarter, marking the fourth consecutive quarter of growth. IDC analyst Arthur Guo attributed the increase to a “huge wave of device upgrades” fueling China’s smartphone recovery.
The performance coincides with China’s economic stimulus package and the upcoming holiday season.
Meanwhile, Apple offered notable promotions for iPhone 16 in China, with pre-release discounts on platforms such as: PDD Holdings Co., Ltd. P.D.D. Pinduoduo and alibaba group holding Baba Taobao. Ahead of Singles’ Day, Apple added further price cuts to attract more buyers.
Apple CEO Tim Cook recently met with China’s Minister of Industry and Information Technology Jin Zhuanglong. The minister reportedly expressed hope that Apple will increase its presence in China and cooperate with local companies.
This is Cook’s second trip to China in 2024. He shared that he visited organic farms and historic areas during his travels.
needham Analyst Laura Martin expects iPhone sales to account for 89% to 96% of Apple’s revenue in 2025.
Apple stock has risen 35% in the past 12 months. Investors can gain exposure to stocks through: iShares Global Tech ETF IXN and Vanguard Information Tech ETF VGT.
Price action: AAPL stock was up 0.85% at $232.52 at last check on Friday.
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