New Delhi: Apple Inc. has asserted its dominance in the global smartphone market, securing a staggering 43 percent share of smartphone market revenues during the third quarter of this year. This achievement marks Apple's highest-ever share in this sector for a September-ending quarter, a remarkable feat even though the latest iPhone 15 series had one less week of availability during this period compared to its predecessor from the previous year.
The data, revealed in a comprehensive report by Counterpoint Research, underscores the resilient strength of the Cupertino tech giant, despite market challenges and supply chain disruptions. The report also emphasizes that this robust performance by Apple is all the more remarkable, given that the global smartphone market revenues remained relatively flat on a year-on-year basis. Nevertheless, on a quarterly basis, the market did witness a notable 15 percent surge, with total revenues surpassing the $100 billion mark in Q3.
The iPhone 15 series received an additional boost from the Pro Max variant, which emerged as the best-selling choice, contributing significantly to Apple's record Q3 operating profit. This impressive performance, however, did not translate into a higher share of global smartphone operating profit for Apple. The resurgence of Chinese manufacturers such as Huawei and HONOR, coupled with the increased focus on profitability by other major Chinese OEMs like Xiaomi and OPPO, thwarted Apple's ambitions in this regard.
Nonetheless, the overall global smartphone operating profit reached an all-time high, illustrating the adaptability of the smartphone market to the post-pandemic landscape characterised by lower shipment volumes.
Apple's financial results for the September quarter showed revenues of $89.5 billion, reinforcing its position as a powerhouse in the industry. Samsung, another tech behemoth, reported growth in its average selling price (ASP) by 4 percent year-on-year, thanks to the successful launch of the Fold 5, sustained momentum in S23 series sales, and a higher market share for flagship products. However, an 8 percent decline in shipments during the same period offset these gains, causing Samsung's revenue to drop by 4 percent annually.
In contrast, Xiaomi emerged as the only top five smartphone brand to experience increases in shipments both on a quarter-on-quarter (QoQ) and year-on-year (YoY) basis during Q3. This surge in shipments can be attributed to Xiaomi's strengthened foothold in key markets like China and India.
Looking ahead, the full impact of the iPhone 15 series is yet to be seen as the global holiday season approaches. It is expected that upgrades from iPhone 11 and 12 users will further bolster Apple's performance during this period. In India, the festive season is anticipated to stimulate shipments and revenues in the world's second-largest smartphone market. Here, pent-up demand and the transition to 5G technology are poised to be significant growth drivers. These factors, as highlighted in the report, will likely contribute to the sector's continued dynamism as it navigates the ever-evolving landscape of consumer preferences and global challenges.
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