The global smartphone market is doing quite well in 2024, but Apple was barely able to benefit from this with the iPhone 16. This is evident from an analysis by market researcher IDC.
According to the market researcher, global smartphone sales are expected to rise by 6.2 percent this year to 1.24 billion devices. However, iPhone growth remains stuck at just 0.4 percent.
Apple is having a hard time, especially in China. Local brands such as Xiaomi and Huawei are gaining market share there with competitive prices. Technological innovation also plays a role. The rise of foldable phones is playing tricks on Apple in the Asian country. Although Apple is developing a foldable iPhone, it is not yet known when it will be released.
Android phones are three times cheaper
Competition is also doing well in emerging markets such as Latin America and Africa. Their strategy? Offer affordable devices. The average price for an Android phone is around $300. You can easily pay more than triple for a new iPhone.
Despite disappointing sales, Apple remains profitable thanks to high margins. IDC expected furthermore, that the iPhone market will pick up slightly next year, with an expected growth of 3.1 percent. Yet consumers do not seem to be flocking to new gadgets such as Apple Intelligence, which could also depress sales next year.
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Source: www.bright.nl
