Apple Becomes World’s Largest Smartphone Seller in 2023

January 18, 2024 | Investopaper

Apple has secured its position as the world’s largest smartphone vendor, a milestone it hasn’t achieved since 2010. The American tech giant surpassed Samsung, which had dominated the smartphone market for the past thirteen years. According to the International Data Corporation (IDC), Apple’s smartphone sales in 2023 reached 234.6 million units, surpassing Samsung’s 226.6 million. With a 20.1 percent market share, Apple currently leads the smartphone market.

The surge in Apple’s market share is attributed to the increasing trend of users opting for high-end phones. Notably, Apple’s strategy of facilitating the exchange of old phones for new ones has contributed to this growth. The company’s initiatives, such as interest-free installments and exchange offers, have received praise. In the IDC report, Samsung holds the second position with a 19.4 percent market share, followed by Chinese manufacturers Xiaomi, Oppo, and Transsion.

Global smartphone sales in 2023 totaled 1.2 billion units, marking a 3 percent decline from 2022 and representing the lowest figure in the last decade. The smartphone market was impacted by economic recession, leading consumers to be more cautious with their spending. While the overall smartphone market experienced a slowdown in 2023, there are expectations for improvement in 2024.

Despite facing regulatory challenges and heightened competition from Huawei in China, Apple has managed to maintain its top position in phone sales. The ban on Huawei from purchasing American technology prompted the Chinese company to make strides in manufacturing its own semiconductor chips.

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