Apple’s Iphone overtakes Samsung to become the world’s bestselling company in 2023, breaking Samsung’s record for the first time in 12 years.
In 2023, Apple dominated the smartphone market with 234.6 million iPhone shipments, securing a substantial 20.1% global market share and experiencing a 3.7% annual growth, as revealed by the latest preliminary data from the IDC (International Data Corporation). Meanwhile Samsung faced a 13.6% decline in smartphone shipments, totalling 2226.6 million units and claiming a 19.4% market share, according to IDC’s Worldwide Quarterly Mobile Phone Tracker.
Factors behind Apple’s growth
Apple’s sustained prosperity and durability can be attributed significantly to the growing popularity of high-end devices, constituting more than 20% of the market. The surge is bolstered by compelling trade-in incentives and convenient interest-free financing options. Apple’s ascent to dominance in the largest consumer electronics market marked by its unprecedented market share, securing the No.1 position for the first time each year.
Apple’s year- long supremacy over Samsung in the smartphone market suggests that the Cupertino-based company is more adept at navigating the industry wide downturn experienced over the past two years compared to its competitors.
IDC data reveals a 3.2% year-on-year decline in global smartphone shipments , reaching 1.17 billion units in 2023- the lowest volume in a decade. The downturn was primarily influenced by macroeconomic hurdles and heightened inventory in the early part of the year. Nevertheless, the robust growth observed in the latter half of the previous year has solidified expectations for a recovery in 2024.
Dynamic shifts in the Smartphone market and Apple’s Triumph
China’s Xiaomi secured the third position in smartphone shipments with 145.9 million units, holding a 12.5 % market share, as reported by IDC. Notably, Huawei’s resurgence in China, coupled with competitive devices from brands like OnePlus, Honor and Google in the mid-range, signals an intriguing phase in the smartphone industry. Meanwhile, Apple’s strategic moves have propelled it to become the world’s most valuable brand at $516.6 billion, experiencing a remarkable 74% yearly increase in brand value, according to Brand Finance.