Apple's iPhone toppled Samsung's devices to become the world's best-selling smartphone in 2023, marking the first time that the South Korean company has lost the top spot since 2010.
Apple recorded 234.6 million iPhone shipments in 2023, accounting for 20.1 per cent of the global market, with an annual growth of 3.7 per cent, according to the latest preliminary data from research company International Data Corporation.
Samsung's smartphone shipments slumped 13.6 per cent to 226.6 million, a market share of 19.4 per cent, IDC's Worldwide Quarterly Mobile Phone Tracker showed.
China's Xiaomi was third with 145.9 million shipments, accounting for a market share of 12.5 per cent, according to the Massachusetts-based IDC.
Rounding off the top five are Chinese smartphone makers Oppo and Transsion.
“While we saw some strong growth from low-end Android players like Transsion and Xiaomi in the second half of 2023, stemming from rapid growth in emerging markets, the biggest winner is clearly Apple,” said Nabila Popal, research director with IDC's Worldwide Tracker team.
“All this despite facing increased regulatory challenges and renewed competition from Huawei in China, its largest market.
“Apple’s continuing success and resilience is in large part due to the increasing trend of premium devices, which now represent over 20 per cent of the market, fuelled by aggressive trade-in offers and interest-free financing plans.”
The power shift at the top of the largest consumer electronics market was driven by an all-time high market share for Apple and bagging the No 1 spot annually for the first time. Apple is the only global player among the top three to register positive growth.
Apple's dethroning of Samsung in the smartphones market over a full year indicates that the Cupertino-based company is coping better than its competitors with an industrywide decline over the past two years.
Global smartphone shipments declined 3.2 per cent year-on-year to 1.17 billion units in 2023, according to the IDC data. This marks the lowest full-year volume in a decade, driven largely by macroeconomic challenges and elevated inventory early in the year, it said.
However, growth in the second half of last year has cemented the expected recovery for 2024.
In the fourth quarter of 2023, worldwide smartphone shipments grew 8.5 per cent year-on-year to 326.1 million units, higher than the 7.3 per cent growth forecast.
“Overall, the global smartphone market remains challenged, but momentum is moving quickly towards recovery,” IDC said.
The upturn in 2024 is fuelled by the growth of emerging market economies, a resurgence in consumer spending, an increase in average selling prices, and the swift integration of generative artificial intelligence devices, industry analysts said.
They said the recovery will be evident in two main ways. First, there is a chance for the markets that faced supply shortages due to coronavirus-induced import controls to bounce back.
Second, companies have overcome the difficulties of having too much inventory, which was a problem in the past one to two years. Now, they are back to their regular schedules for releasing products and shipping them.
“The overall shift in ranking at the top of the market further highlights the intensity of competition within the smartphone market,” Ryan Reith, group vice president with IDC's Worldwide Mobility and Consumer Device Trackers, said.
While Apple certainly played a part in Samsung's drop in rank, the overall Android market is diversifying within itself, he said.
Apple is also facing renewed competition from Huawei in China, its largest market.
“Huawei is back and making inroads quickly within China. Brands like OnePlus, Honor, Google and others are launching very competitive devices in the lower price range of the high end. And foldables and increased discussions around AI capabilities on the smartphone are gaining traction,” Mr Reith said.
“Overall, the smartphone space is headed towards a very interesting time.”
Apple has also surpassed Amazon to claim the title of the world's most valuable brand, worth $516.6 billion, according to a report released on Wednesday by consultancy Brand Finance.
Apple achieved a 74 per cent yearly increase in brand value, thanks to its strategy of finding new markets, expanding its ecosystem and encouraging upgrades to higher-value iPhones, the report said.
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
More coverage from the Future Forum
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5