Samsung beats Apple: South Korean tech giant Samsung has dethroned Apple as the leading phone manufacturer, as the latter's iPhone shipments witnessed a notable decline in the first quarter of 2024. As per data released by research firm IDC on Sunday, Apple's smartphone shipments experienced a decline of approximately 10 per cent during this period, attributing the drop to heightened competition from Android smartphone manufacturers vying for the top position.

During the January-March period, global smartphone shipments surged by 7.8 per cent to reach 289.4 million units. Samsung, boasting a market share of 20.8 per cent, secured the top spot, displacing Apple from its long-held position. Apple, with a market share of 17.3 per cent, relinquished its lead after a robust performance in the preceding quarter, when it surpassed Samsung to become the world's leading phone maker. The resurgence of Chinese brands such as Huawei contributed to Apple's displacement from the top spot.

Chinese smartphone manufacturer Xiaomi clinched the third position with a market share of 14.1 per cent during the first quarter, further reflecting the intensifying competition in the smartphone industry.

Samsung's ascendancy was fuelled by the successful launch of its latest flagship smartphone lineup, the Galaxy S24 series, at the beginning of the year. The company shipped over 60 million phones during the period, with global sales of the Galaxy S24 smartphones witnessing an impressive 8 per cent increase compared to the previous year's Galaxy S23 series, according to data provider Counterpoint.

Contrastingly, Apple's iPhone shipments dwindled to 50.1 million units in the first quarter, down from 55.4 million units during the same period last year, as reported by IDC. The decline in iPhone shipments was particularly pronounced in China, where they shrunk by 2.1 per cent in the final quarter of 2023, reflecting the challenges faced by the U.S. tech giant in one of its key markets. Restrictions imposed by Chinese companies and government agencies on the use of Apple devices among employees have further compounded Apple's struggles in the region.

Looking ahead, investors are eagerly anticipating updates from Apple's upcoming Worldwide Developers Conference (WWDC) scheduled for June. The event is expected to showcase advancements in the software powering iPhones, iPads, and other Apple devices. Of particular interest to investors is Apple's stance on artificial intelligence (AI) development, an area where the company has been relatively silent. Earlier this year, Apple conceded its title as the world's most valuable company to Microsoft, highlighting the growing competition and challenges confronting the tech giant.

(With Reuters inputs.)