Apple dethrones Samsung to become smartphone market king of 2023
In an unexpected turn of events, Apple has toppled Samsung from its long-held position as the leader of the smartphone market. This marks the first time since 2010 that a company other than Samsung has clinched the top spot. The 2023 landscape of consumer electronics saw Apple reaching an unprecedented market share, signaling a significant power shift in the industry.
Despite global smartphone shipments falling by 3.2% to 1.17 billion units in 2023, Apple's rise to prominence is a clear indicator of the market's rapid evolution. This decline, the most considerable in a decade, is attributed to macroeconomic challenges and high inventory levels at the year's start. However, a rebound is on the horizon, with the latter half of 2023 showing promising growth and setting the stage for a potential recovery in 2024. The fourth quarter of 2023 alone witnessed an 8.5% year-over-year growth, surpassing the forecasted 7.3%.