Apple loses spot as world's top smartphone seller as iPhone sales drop 10%

By Louis Goss

Apple saw its share of the global smartphone market fall almost 10% in the first quarter of 2024, in a shift that saw Samsung re-take the lead as the world's top smartphone seller.

The world's top five smartphone companies -- Samsung, Apple, Xioami, Transsion, and Oppo -- sold a combined 289.4 million phones in the first quarter, up 7.8% year-on-year, according to data from International Data Corp.

This increase was, however, driven by double-digit boosts made by Chinese manufacturers Xiaomi and Transsion - Africa's top smartphone seller - as Apple, Samsung, and Oppo all saw their sales fall.

Apple (AAPL) sales fell 9.6% year-on-year, to 50.1 million units, compared to 55.4 million in the first quarter of 2023, as it captured a 17.3% share of the global market, compared to the 20.7% share it held at the start of 2023, IDC said.

Apple shares slipped 1% in premarket trade. The stock has dropped 8% this year.

Samsung's (KR:005930) sales fell by just 0.7% by comparison, from 60.5 million in the first quarter of 2023 to 60.1 million in the first three months of 2024, making it the world's top smartphone seller.

   Company                                                     1Q24 Market Share  1Q23 Market Share  Year-Over-Year Change 
   1. Samsung                                                  20.80%             22.50%             -0.70% 
   2. Apple                                                    17.30%             20.70%             -9.60% 
   3. Xiaomi                                                   14.10%             11.40%             33.80% 
   4. Transsion                                                9.90%              5.70%              84.90% 
   5. OPPO                                                     8.70%              10.30%             -8.50% 
   Others                                                      29.30%             29.40%             7.20% 
   Total                                                       100.00%            100.00%            7.80% 
   Source: IDC Quarterly Mobile Phone Tracker, April 15, 2024 

The Korean firm's strong sales saw it hold onto a 20.8% share of the global market, compared to the 22.5% share it held in the first quarter of 2023, as it faced stiff competition from fast-growing Chinese rivals.

Shenzhen company Transsion (CN:688036) took the top spot as the world's fast-growing smartphone seller, posting an 84.9% increase in its sales, from 15.4 million in the first quarter of 2023 to 28.5 million in the first quarter of 2024.

Started in Hong Kong in 2006, Transsion has had major success in selling phones in Africa, having held its position as the continent's top smartphone seller since 2017.

-Louis Goss

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04-15-24 0425ET

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