Tim Cook highlighted that Apple faces "a headwind that we've been reporting for a period of time" regarding sales in China, suggesting market saturation is becoming evident as competition from local brands increases.
Apple's net sales in Greater China have dropped from $72.5 billion in FY23 to $66.9 billion in FY24, marking a significant year-on-year decline of around 7.7%. While quarterly sales showed only a minor drop, a downward trend has been established.
Despite claiming to have the top two selling smartphones in urban China, the overall market is seeing domestic competitors like Huawei and Xiaomi gaining ground, pushing Apple products further down in sales rankings.
As Apple shifts its manufacturing focus from China to alternative locations like India, it signals a broader strategy to adapt to changing market dynamics and competitive pressures.
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