American tech giant Apple’s (AAPL) iPhone sales in China jumped 22% year-over-year in the month following the launch of iPhone 17 series, according to research firm Counterpoint. The surge came despite an overall contraction in China’s smartphone market, highlighting Apple’s strong brand resilience in the world’s largest mobile market.
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Conversely, the iPhone 16 series experienced a 5% decline in sales during its first month on the market after its September 2024 release. Counterpoint data shows that China’s overall smartphone sales dropped 2.7% year-over-year in the third quarter, making Apple’s double-digit growth particularly notable.
iPhone 17 Drives Growth Amid Market Slowdown
Apple launched the iPhone 17 lineup on September 19, drawing large crowds to its Beijing flagship store on release day. The new series accounted for nearly 80% of all iPhone sales in China since its debut, reflecting strong brand loyalty amid intense competition from domestic rivals such as Xiaomi and Huawei.
The iPhone 17 has become an instant hit globally, as the base iPhone 17 offered several upgrades while keeping the same price as last year’s model. It has a faster chip, better screen, more storage, and an improved selfie camera, all adding to its value.
According to preliminary Counterpoint data, iPhone 17 sales in China and the U.S. during the first 10 days of the launch were 14% higher than those of the iPhone 16 during its debut period. The standard iPhone 17 model nearly doubled its early sales in China and achieved a combined 31% increase in both markets.
With strong momentum in its key markets, Apple appears well-positioned to maintain its premium smartphone dominance, even as competition in China’s high-end segment continues to intensify.
Is AAPL a Good Stock to Buy?
Analysts remain divided about Apple’s long-term prospects. On TipRanks, AAPL stock has a Moderate Buy consensus rating based on 21 Buys, 12 Holds, and two Sell ratings. The average Apple price target of $289.80 implies 6.2% upside potential from current levels. Year-to-date, AAPL stock has gained 9.5%.
