Powered by iPhones, Apple Inc. AAPL has defied a global slowdown in smartphone shipments, increasing its market share in Q2. While global smartphone shipments declined 8% in the June 2023 quarter, Apple reported a decline of just 2%, outperforming the broader market by a huge margin.
What Happened: Apple has increased its market share in global smartphone shipments to 17% in the June 2023 quarter, increasing from 16% a year ago, according to a Counterpoint Research report seen by Apple Insider.
Apple is the only company in the top five to have increased its market share, while its rivals Samsung, Xiaomi, and others witnessed a decline during the June quarter.
Apple retained its position as the second largest smartphone maker globally, only behind Samsung. While economic headwinds played spoilsport across industries, the smartphone industry is also witnessing a decline in shipments due to longer smartphone replacement cycles and better options in the refurbished market.
While global smartphone shipments fell 8%, market leader Samsung reported a 12% decline. The third-ranked Xiaomi also reported a 12% decline, while Vivo's shipments fell by 17%.
Apple's shipments were far more resilient in comparison, falling only 2%. This also improved its overall market share to 17%.
Premium Resilience: One major factor that helped Apple post a strong performance in the June quarter is the fact that iPhones are premium. The report notes that the premium segment was relatively immune to the slowdown.
The premium segment consists of smartphones that cost $600 or more in the wholesale market.
According to Counterpoint, the premium segment reported a 1% increase in shipments in 2022, and that trend has continued in the June quarter as well. Apple specifically benefited from gains in markets like India where its shipments registered a 50% year-on-year growth.
Image Credit – Shutterstock
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next: Gamer Scores Lifetime Xbox Game Pass Ultimate For Free After Microsoft Ends Xbox Live Gold
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
