Apple Dethrones Samsung as top Global Smartphone Vendor: A-Level Business in the News
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What's the story?
Apple has overtaken Samsung to become the top smartphone vendor in the world for the first time in 12 years – selling around 234 million phones last year.
Samsung dropped to second place with 19.4% market share, followed by Chinese companies Xiaomi, OPPO and Transsion.
Total smartphone sales declined over 3% to 1.2 billion units in 2022, the lowest level in a decade, as consumers cut back spending amid economic challenges.
Apple was the only top vendor with positive annual growth despite regulatory hurdles and competition from Huawei in China. Interest-free financing plans as well as offers to trade in older models, have fuelled the demand for Apple phones.
Samsung recently warned profits would fall more than expected as global electronics demand remains weak.
Samsung faces growing competition from cheaper Android models like Transsion and Xiaomi, especially in emerging markets. The smartphone market is also shifting towards foldable devices and AI capabilities.