According to the latest data, Apple's 2024 iPhone 16 series has significantly exceeded sales expectations in the Chinese market. Media reports indicate that sales of the iPhone 16 series in China during the first three weeks increased by 20% compared to the iPhone 15 series released in 2023. Data from Counterpoint Research provided to Bloomberg shows that the iPhone 16 series, launched in September, has outperformed its predecessor. Consumers continue to shift towards higher-end models, with sales of the Pro and Pro Max models increasing by 44% compared to the same models last year.

Apple officially unveiled the iPhone 16 series on September 10, and it was released on September 20.

Previously, many analysts did not have high expectations for the performance of the iPhone 16 series in the Chinese market. For example, one agency predicted that this year’s iPhone sales would be roughly the same as last year’s, but it also noted that high-end models in Apple’s overall product lineup were more popular, and remained optimistic about the boost to Apple’s suppliers’ performance from the start of Apple’s three-year innovation cycle.

Thus, based on the sales performance of the first three weeks alone, the iPhone 16 series is performing better than last year’s model, exceeding certain expectations. Bloomberg believes that in the world's largest smartphone market, despite facing competition from brands like Huawei, the iPhone 16 series has still achieved better results than its predecessor. This showcases Apple’s continued appeal in the high-end smartphone market, marking a positive signal for Apple’s presence in China.

However, Counterpoint Research analyst Ivan Lam pointed out that production issues hindered the progress of the iPhone 15 series in its early stages, which may have limited its initial sales. Additionally, the iPhone 15 series faced stiff competition from Huawei's Mate 60 series, which gained favor with Chinese consumers due to its use of domestically-produced chips.

In recent years, the smartphone and consumer electronics market has been sluggish, with a lack of groundbreaking technological innovation. However, with the arrival of the AI era, global smartphone shipments are expected to see a recovery and growth in 2024.

According to BOC Securities, October 2024 will see a wave of releases of SoCs (systems on a chip), operating systems (OS), large models, and new smartphone models. BOC Securities has analyzed the release schedules and upgrade directions, stating that the trend towards AI at the edge will drive smartphone hardware and software upgrades, potentially boosting sales and driving a new round of growth for consumer electronics companies, particularly those focused on the smartphone supply chain.

IDC’s quarterly smartphone tracking report forecasts a 4.0% year-over-year growth in global smartphone shipments in 2024, reaching 1.21 billion units. Consumer demand is slowly rebounding from the slump of recent years, fueling recovery momentum for 2024. By 2025, the market is expected to continue its recovery with a growth rate of 2.3%, followed by low single-digit growth for the remainder of the forecast period, with a five-year compound annual growth rate of 2.3%. Additionally, first-quarter 2024 data shows a 7.8% year-over-year increase in global smartphone shipments, reaching 289.4 million units. This marks three consecutive quarters of growth, indicating a strong recovery in global smartphone shipments.

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