Apple entered the Chinese smartphone market in 2010, and its sales soared over 20 times within five years. It peaked at $58.7 billion in 2015….reports Asian Lite News
China has propelled Apple’s growth with a remarkable 128 per cent surge in net sales in the last 9 years, a new report said on Tuesday.
According to StockApps.com financial analyst Edith, “China has been a vital market for Apple, contributing significantly to the company’s global sales. The Chinese market has seen remarkable growth and challenges for Apple in the past decade”.
Apple entered the Chinese smartphone market in 2010, and its sales soared over 20 times within five years. It peaked at $58.7 billion in 2015.
However, economic headwinds and increased competition led to a gradual decline in sales, which dropped to $40.3 billion in 2020, exacerbated by the Covid-19 pandemic, the report said.
Nonetheless, China has once again become Apple’s growth engine in the last two years.
Moreover, the report mentioned that the ban on iPhones for Chinese government officials is concerning for Apple as China accounts for 20 per cent of its sales, but this situation is not Apple’s first challenge in the country.
The ban comes from Huawei’s Mate 60 Pro flagship smartphone launch, which introduces a Chinese-made 7-nanometer processor.
This move raised eyebrows internationally given the US export ban on advanced semiconductors to China.
Despite these obstacles, Apple’s ability to navigate the Chinese market is noteworthy. The company has demonstrated resilience by constantly evolving its strategies, the report stated.
Apple has customised its products and services to suit local preferences by incorporating features like dual SIM card support, better selfie cameras, and region-specific content on services such as Apple Music and the App Store.
Furthermore, the company has extended its retail footprint in China, opening stores in major cities to offer customers a physical space to experience its products and obtain assistance, according to the report.