Weeks out from the launch of the Samsung Galaxy S24 we can reveal that the current model has been a smash hit for Samsung with sales up22% on the prior S22 range of Galaxy smartphones, the news comes as Apple’s global iPhone sales falter.
According to a report from Hana Securities, 22.89 million units of the Galaxy S23 were sold in the first eight months of 2023 up 22%, however Samsung is not having the same success with their latest foldables.
When it comes to model breakdown Samsung sold 10.69 million Galaxy S23 Ultra smartphones, 8.09 million Galaxy S23s, and 4.11 million Plus models.
As for foldables, research reveals that in the first two months of the devices going on sale this year, the Galaxy Z Fold5 and Z Flip5 only reached 3.51 million units sold, this was below, the Galaxy Z4 series which sold 3.63 million in the same period.
Recently Gary McGregor the Vice President of Samsung’s mobile division in Australia quit with the Company refusing to reveal local market share figures for the new foldables.
Recently global executives were talking up their forward strategy, claiming that they have ambitious goals for 2024.
The business claims that they plan to sell a staggering 250 million smartphones in the upcoming year with the bulk being their popular A Series.
They also plan to ramp up their flagship models with a cheaper version of the Flip tipped in 2024.
In an ambitious move the South Korean company has already increased the production of its foldable smartphones by an additional two million units.
Currently Samsung has 20% market share of the global market ahead of Apple with 17%.
The smartphone industry has seen a gradual downturn since 2019, further accentuated by the COVID-19 pandemic. While most brands, including Samsung, witnessing revenue declines, the premium segment has been an exception with the Australian market seen as having the highest penetration in the world of premium smartphones per capita.
Samsung’s strategy for 2024 revolves around boosting the sales of its premium Galaxy smartphones, particularly the Galaxy S series and its foldable models, however several analysts are questioning the Companies strategy based on inflation pressures and rising costs.
With the Galaxy S24 series set to debut in the first quarter of the year, Samsung has a head start over Apple who are facing a downturn in demand for their new iPhone 15.
According to IDC the iPhone 15 series saw a 6% decline in sales following its launch last month compared with the prior year.
IDC estimates Apple’s shipments were down 4% in the third quarter, with the research Company identifying Huawei’s return to the mobile arena in China as impacting sales in what is seen as a key market for Apple.
Huawei’s Mate 60 series recorded sales of close to 1.5 million in its launch month, more than double from a year ago, GfK said, despite facing supply constraints.
“Against the backdrop of the strong growth of Huawei, Apple iPhone 15 series registered a 6% decline in sales,” said Hayden Hou, China senior analyst at GfK.
“Huawei Mate 60 series will continue to maintain its strong sales momentum going forward.” he claimed.
There is also an expectation that the new Huawei smartphones could impact Samsung in 2024.
Shenzhen-based Huawei abruptly released its Mate 60 and 60 Pro smartphones in the weeks leading up to the latest iPhone’s launch, drawing buyers and attention with it made-in-China Kirin processor, an apparent breakthrough in its fight to overcome US trade sanctions claims Bloomberg.
Both Counterpoint Research and Jefferies analysts released preliminary sales figures for China earlier this month, indicating the slump for Apple could be as big as a double-digit percentage as the country’s economic challenges hit consumer demand.
With the iPhone 15, Apple upgraded several key features of its lineup, but has not been able to stir growth in the world’s biggest mobile market.
Apple gets about 20% of its revenue from China.
In the latest IDC China report, local brands Honor who are currently pitching retailers and carriers in Australia was among the most popular brands in China this year.
Honor, which was spun off as an independent business from Huawei in 2020, introduced several foldable models in recent weeks, focusing on the segment of the smartphone market that is still showing robust growth with the business setting up an office in Chatswood NSW this year.
