From Nasdaq:

Apple’s iPhone sales in China dropped by 30% in the first week of 2024, according to Jefferies analysts, amidst increasing competition from domestic rivals like Huawei. Chinese smartphone shipments overall experienced a double-digit decrease, despite significant discounts on multiple iPhone models through major online marketplaces.

The 30% drop in Apple’s sales represents a sharp acceleration from the 3% decline seen in 2023 and equated to a 0.4% decrease in the company’s market share. This drop occurred despite aggressive discounting of iPhone models through major Chinese online marketplaces.

Apple’s decline in sales is largely attributed to competitive pressures from Chinese rivals, particularly Huawei. The launch of Huawei’s Mate 60 series is seen as marking its comeback to the high-end smartphone market after years of U.S. sanctions that previously hampered its progress.

Huawei’s share in the Chinese smartphone market rose by about 6% for the final quarter of 2023. Analysts predict Apple will continue to face competitive pressure from domestic rivals in 2024, and Huawei is expected to continue gaining market share.

The Chinese smartphone market is forecasted to rebound, with research firm IDC predicting year-on-year sales growth in the fourth quarter of 2023 after ten consecutive quarters of falling shipments.



Read more: Apple iPhone sales in China fall 30% in first week of 2024 – Jefferies