Huawei overtakes Apple as China's No. 1 smartphone brand
Huawei has replaced Apple as the best-selling brand in the Chinese smartphone market in the past week, thanks to its popular Mate 60 Pro models, researchers said.
Huawei's smartphone market share in China hit 19.4 percent in W40 (the 40th week) between October 2 and 8, dethroning Apple, according to researcher BCI.
Since the release of the Chinese tech giant's Mate 60 Series models in September, Huawei has been the fastest-growing smartphone brand in China. In W40, its annual sales growth reached 95 percent, compared with a 3 percent of decline for the whole market.
Huawei's sales growth rate over the previous three weeks reached 91 percent, 46 percent, and 83 percent, respectively, BCI revealed.
People flocked to a Huawei store in Shanghai following the release of the Chinese tech giant's Mate60 models in September.
In China, Android sales led by Huawei, Xiaomi and Honor grew while Apple's iPhone has seen a significant, double-digit decline. As a result, Huawei overtook iPhone to take the No. 1 spot for market share, according to a Jefferies report published on Monday.
"The trend suggests iPhone would lose to Huawei in 2024," wrote Jefferies analysts.
Huawei's new phone release, and its warm market response, may mark a return of the former smartphone market leader and a meaningful breakthrough in China's chip-making technology, industry insiders suggested.
For the rest of the year, Huawei's Mate60 sales will continue to grow. Investors should pay attention to companies involved in Huawei's supply chain, China Securities Journal said in a report on Tuesday.
